15 April 2019 / #56
- Bitcoin’sdominance is up by 2.4% (51.9%), the total market cap is down by 4.4% ($175bn)‚ and overall volume is down by 36% ($39.4bn) on the previous week. Bitcoin is down by 1.2%, Ethereum is down by 6.8%, XRP is down by 8.3%, and EOS is up by 0.8%. The best performers among the top-20 crypto were Tezos (20%), Binance Coin (6.8%) and EOS (0.8%).
- CME Group Reports Record Volume on Bitcoin Futures
- Societe Generale Subsidiary Launches Blockchain ETN
- Facebook Seeks $1 Billion Venture Capital for Its Crypto Initiative
- Coinbase Launches Crypto Visa Card for UK and EU Customers
- Blockstack to Raise $50 Million in SEC-Regulated Offering
- Securitize Launches One Stop Shop for Security Token Services
- GSX Allows for Listing of Tokenized Securities
- Mauritius Issues Regulatory Guidance on STOs
- BitStamp Receives BitLicense to Expand Their Operations in US
- US Congressman Reintroduces Token Taxonomy Act
- China Plans to Ban Crypto Mining Activities
After the week-long spike since the beginning of the April, digital assets have been consolidating over the past week, where the total market cap lost almost 4% of its value. Bitcoin has attempted to break through the yearly highs at $5,450, but has failed and fallen by 8%, towards sub $5k levels, where it has found its support and is currently slowly climbing to $5,200. Ethereum has fallen by more than 10% from $180 to find its support above $160, from where it has jumped back to the current $169. Similarly, the third largest asset, XRP, has fallen almost 10% from $0.36 to $0.33, however it’s still struggling to build momentum, much the same as BTC and ETH. For the rest of the top-30 assets, 7 day losses range from 5% to 16% with the exception of Tezos (+20%), BNB (+4.4%) and EOS (+1.5%).
Figure 1. The performance and market capitalisation of top-30 cryptocurrencies (by MktCap)
Figure 2. Worst performing digital assets with MktCp (7 days)
Figure 3. Best performing digital assets with MktCp (7 days)
Figure 4. Top-30 digital assets by MktCap valuation
CRYPTO MARKET NEWS
The volume of Bitcoin futures hit an all-time high of over 22,500 traded contracts — an equivalent to almost 113k BTC or $546m — on April 4th. The majority of the 12,634 contracts added that particular day were coming from Asia, CME stated.
Kleinwort Hambros, the London-based private bank owned by Societe Generale, has launched a blockchain exchange traded note (ETN) focused on 20 companies which could profit most from the rise of blockchain technology.
Facebook is supposedly looking for external funding from various VCs to develop its cryptocurrency project Facebook Coin which would be used for money transfers within the WhatsApp messenger.
Crypto lending start-up Dharma, backed by Coinbase Ventures and Polychain, has launched peer-to-peer non-custodial lending services on Ethereum blockchain. Dharma differentiates itself from others by offering a fixed rate of return on Ethereum and Dai.
Coinbase has launched a Visa credit card linked to UK and EU customers’ crypto accounts, allowing them to spend crypto directly. The credit card will instantly convert crypto holdings into either British pounds or Euros, and also allows for purchases of various crypto assets on the Coinbase platform.
Decentralized computing network Blockstack is working with the SEC to conduct its $50m token offering under the SEC Regulation A+ framework. If approved, this could be the first SEC-qualified token offering of its kind. Harvard’s endowment fund is among the investors.
Last Week in Funding
Horizen Labs raised $4m from DCG and others to launch its sidechain-as-a-service platform.
SECURITY TOKEN NEWS
The Gibraltar Stock Exchange (GSX) is allowing financial firms to list digital securities on its platform after receiving regulatory approval from the Gibraltar Financial Services Commission.
Securitize has launched its “Ready Program” incorporating services from various partners such as Coinbase Custody, trading platforms OpenFinance and Rialto Trading, as well as investment group CityBlock Capital. Ready Program aims to help to issue and manage security tokens of its partners and its clients.
The Mauritius Financial Services Commission (FSC) has clarified the rules applying to projects launching STOs. Security tokens are classed as securities, but in digital form; issuers are therefore required to gain prior approval from the FSC (if the offering isn’t targeting professional investors only).
Indian IT services company Tata Consultancy Services (TCS) has completed a cross-border fixed income securities and set of equities settlement between two central depositaries in Morocco and Kuwait. The system reportedly used cash coins on the BaNCS Network, powered by the Quartz blockchain. The announcement explains that cash coins are a digital asset pegged to a fiat currency and maintained on the network.
China is considering a ban on bitcoin mining in the country as a response to environmental concerns about the creation process of cryptocurrency.
Crypto exchange Bitstamp has been granted a BitLicense by New York regulators, in order to expand their operations in the United States. Bitstamp applied for this type of regulatory approval more than 3 years ago.
American representatives Warren Davidson and Darren Soto have reintroduce their Token Taxonomy Act, which aims to exclude cryptocurrencies from current US securities laws. This new iteration clarifies the jurisdictions of the CFTC and the FTC. A great thread, unpacking the Token Taxonomy Act, by Jake Chervinsky, can be found here.
Market Data Source: Coinmarketcap.com as of 10:00 BST 15/04/2019
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