Weekly Crypto Market Update
05/16/2019, 04:43:36
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Bitcoin’sdominanceisupby 4% (54.6%), thetotalmarket cap isdown by 6.8%($171.5bn)‚andoverallvolumeisdownby 21%($39.4bn) on thepreviousweek.Bitcoinisdow

  • Bitcoin’sdominanceisupby 4% (54.6%), thetotalmarket cap isdown by 6.8%($171.5bn)‚andoverallvolumeisdownby 21%($39.4bn) on thepreviousweek.Bitcoinisdown by0.1%,Ethereumby7.5%, XRPby8.4%, and EOSisdownby 9.5%. Thebestperformeramongthetop-20cryptowas IOTA(3.4%).

  • BitfinexFacesLegalActionfrom NY Attorney General

  • Coinbase 2018 Revenueis 60% LowerthanExpected

  • A16z is Set to Invest $1 BillionintoCrypto

  • ErisXis Set to LaunchitsTradingPlatform

  • NasdaqQuietlyTestsBitcoinTrading

  • Samsung DevelopingOwnBlockchain

  • Nike FilesTrademarkforCryptoKicks

  • Societe GeneraleIssuesFirstCovered Bond as a Security Token

  • SeedInvestReceives ATS License

  • India ConsidersCompleteBan on DigitalCurrencies

  • Bitcoin’sdominanceisupby 4% (54.6%), thetotalmarket cap isdown by 6.8%($171.5bn)‚andoverallvolumeisdownby 21%($39.4bn) on thepreviousweek.Bitcoinisdown by0.1%,Ethereumby7.5%, XRPby8.4%, and EOSisdownby 9.5%. Thebestperformeramongthetop-20cryptowas IOTA(3.4%).

  • Bitcoin’sdominanceisupby 4% (54.6%), thetotalmarket cap isdown by 6.8%($171.5bn)‚andoverallvolumeisdownby 21%($39.4bn) on thepreviousweek.Bitcoinisdown by0.1%,Ethereumby7.5%, XRPby8.4%, and EOSisdownby 9.5%. Thebestperformeramongthetop-20cryptowas IOTA(3.4%).

  • BitfinexFacesLegalActionfrom NY Attorney General

  • BitfinexFacesLegalActionfrom NY Attorney General

  • Coinbase 2018 Revenueis 60% LowerthanExpected

  • Coinbase 2018 Revenueis 60% LowerthanExpected

  • A16z is Set to Invest $1 BillionintoCrypto

  • A16z is Set to Invest $1 BillionintoCrypto

  • ErisXis Set to LaunchitsTradingPlatform

  • ErisXis Set to LaunchitsTradingPlatform

  • NasdaqQuietlyTestsBitcoinTrading

  • NasdaqQuietlyTestsBitcoinTrading

  • Samsung DevelopingOwnBlockchain

  • Samsung DevelopingOwnBlockchain

  • Nike FilesTrademarkforCryptoKicks

  • Nike FilesTrademarkforCryptoKicks

  • Societe GeneraleIssuesFirstCovered Bond as a Security Token

  • Societe GeneraleIssuesFirstCovered Bond as a Security Token

  • SeedInvestReceives ATS License

  • SeedInvestReceives ATS License

  • India ConsidersCompleteBan on DigitalCurrencies

  • India ConsidersCompleteBan on DigitalCurrencies

     

    Market Momentum

    Following the Bitfinex news, digital assets recorded a negative week where all major top-30 assets are in the red. The total market cap lost around 7.5%, falling from $185bn to almost $172bn as of this morning. Bitcoin was halted on its way to break resistance at $5,650 and quickly fell below $5k, losing 11%. BTC currently sits at $5,200 with increasing market dominance (+4%). Ethereum, Ripple, Bitcoin Cash and others losses range from 5% to 12%, with the exception of IOTA as the best performing large asset of the week, which surged 20% as Jaguar Land Rover announced their new partnership.

    newsresistanceEthereumBitcoin Cash

    Figure 1. The performance and market capitalisation of top-30 cryptocurrencies (by MktCap)

    Figure 1. The performance and market capitalisation of top-30 cryptocurrencies (by MktCap)cryptocurrencies

    NKB

    NKBNKB

    Source: coinmarketcap.com, as of29thof April2019 as of 09:00 AMBST.

    Figure 2. Worst performing digital assets* (7 days)

    Figure 2. Worst performing digital assets* (7 days)

    NKB

    NKBNKB

    Source: coinmarketcap.com, *) MktCap>=$50m

    Figure 3. MktCap of worst performing digital assets*

    Figure 3. MktCap of worst performing digital assets*

    NKB

    NKBNKB

    Source: coinmarketcap.com, *) MktCap>=$50m

    Figure 4. Best performing digital assets (7 days)

    Figure 4. Best performing digital assets (7 days)

    NKB

    NKBNKB

    Source: coinmarketcap.com, Mkt Cap >=$50m

    Figure 5. MktCap of best performing digital assets

    Figure 5. MktCap of best performing digital assets

    NKB

    NKBNKB

    Source: coinmarketcap.com, Mkt Cap >=$50m

    Figure 6. Top-30 digital assets by MktCap valuation

    Figure 6. Top-30 digital assets by MktCap valuation

    NKB

    NKBNKB

    Source: Coinmarketcap.com, NKB Research *as of 29th April2019, 10:30 BST

     

    Crypto Market News

    Bitfinex Faces Legal Action From NY Attorney General

    Bitfinex Faces Legal Action From NY Attorney General

    The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall. According to the statement, Bitfinex sent $850 million of customer and corporate funds to Crypto Capital Corp., a payment processor that is said to be holding funds from other exchanges as well, such as QuadrigaCX. Funds from Tether’s reserve were used to make up the shortfall, but neither the loss nor Tether’s fund movements were disclosed to customers.

    About 17,250 BTC (~$89 million) was withdrawn from Bitfinex's bitcoin cold wallet and about 633,300 ETH (~$96 million),according to TokenAnalyst. In total, about 20% of Bitfinex's holdings of ETH and BTC was withdrawn.

    VitalikButerin Proposes Higher Rewards for ETH Stakers

    VitalikButerin Proposes Higher Rewards for ETH Stakers

    Ethereum funder VitalikButerin recently posted on Github that Ethereum will use a higher staking reward metric after the deployment of Proof of Stake. Buterin’s proposal charts out the estimated annual returns for different amounts of validating Ether.

    ETH

    ETHETH

    Coinbase 2018 Revenue is 60% Lower than Expected

    Coinbase 2018 Revenue is 60% Lower than Expected

    The largest US crypto exchange Coinbase brought in around $520m revenue in 2018. According to a document reviewed by Bloomberg in October, Coinbase had projected $1.3 billion of revenue for 2018, which means they generated 60% less than they originally projected. In 2017, Coinbase generated $923 million in revenue meaning that the revenue in 2018 was down nearly 44% year-over-year.

    Shortly after posting their financial results,Coinbase announced the cancelation of its efforts to build a new matching engine, laying off nearly 30 engineers in its year-old Chicago office.

    Nasdaq Quietly Tests Bitcoin Trading

    Nasdaq Quietly Tests Bitcoin Trading

    The world's second-largest stock exchange, Nasdaq, is allegedly testing trading of a bitcoin-based product, according to a tweet by an analyst at quantitative trading analytics service StrongMarket, who claims that he bought one bitcoin through an account on retail brokerage firm TD Ameritrade.

    bitcoin

    Andreesen Horowitz is Set to Invest $1 Billion into Crypto

    Andreesen Horowitz is Set to Invest $1 Billion into Crypto

    American venture capital giant Andreessen Horowitz looks set to give mass adoption of cryptocurrency a further boost by investing an enormous $1bn into blockchain technology. The company has said it will be turning its investment focus directly onto digital assets and the blockchain programming that underpins them via their crypto fund a16z.

    Genesis Loaned More Than $1.5 Billion in Crypto to Institutional Borrowers

    Genesis Loaned More Than $1.5 Billion in Crypto to Institutional Borrowers

    Cryptocurrency dealer Genesis Global Trading said on Thursday it loaned digital assets valued at $1.53 billion (£1.19 billion) to institutional borrowers in the year since it launched its lending business in March 2018, an indication of demand for the emerging lending market for cryptocurrencies.

    Nike Files Trademark for CryptoKicks

    Nike Files Trademark for CryptoKicks

    On April 19th Nike filed a trademark for the word mark “CRYPTOKICKS” with the US Patent and Trademark Office (USPTO) for use in a wide array of cryptocurrency-related goods and services. In the filing, the company asserts the mark may be used for goods and services, including—cryptocurrency software and hardware wallets, crypto-collectibles and art, utility tokens, and software for managing networked IoT devices, but also alludes to a mobile app Nike is developing with an associated coin.

    ErisX is Set to Launch its Trading Platform

    ErisX is Set to Launch its Trading Platform

    US-based crypto exchange ErisX is about to launch spot trading of cryptocurrencies. ErisX has been in test mode with some of the financial firms which may also become users. TD Ameritrade with 11m active users, high-frequency trader Virtu and investing company DRW Holdings are among the investors.

    crypto exchange

    Samsung Developing Own Blockchain

    Samsung Developing Own Blockchain

    Samsung is reportedly developing an Ethereum-based blockchain network and is eyeing the eventual issuance of a Samsung Coin token.

    Sales of Ripple’s XRP Token up 31% in Q1 2019

    Sales of Ripple’s XRP Token up 31% in Q1 2019

    Blockchain payments start-up Ripple has reported a 31% increase in sales of XRP in Q1. The firm sold a total of $169.42 million in XRP in Q1, compared with $129.03 million in the previous quarter.

    Ripple

    Last Week in Funding

    Last Week in Funding

    Hardware crypto wallet manufacturer Ledger has secured €2.6m from Samsung; Prediction market platform Guesser raised $1.1m Seed from Boost VC, Compound and others.

    crypto wallet

     

    SECURITY TOKEN NEWS

    SocieteGenerale Issues First Covered Bond asa Security Token

    SocieteGenerale Issues First Covered Bond asa Security Token

    SocieteGenerale Group has issued €100m of covered bonds as a security token (OFH token), directly registered on the blockchain. OFH tokens have been rated AAA by Moody’s & Fitch and have been fully subscribed by SocieteGenerale.

    bonds

    SeedInvest Receives ATS License

    SeedInvest Receives ATS License

    Equity fundraising platform SeedInvest acquired by cryptocurrency startup Circle, can now operate as an alternative trading system (ATS), as the companies announced on Friday. SeedInvest and Circle said in a blog post that the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization that oversees broker-dealers and securities exchanges in the U.S., granted the crowdfunding start-up an ATS license, letting it facilitate secondary trading of private equities.

    equities

     

    Regulatory news

    Japan to Share Crypto Regulatory Expertise on G20 Summit

    Japan to Share Crypto Regulatory Expertise on G20 Summit

    Japan is preparing to share its experience regarding cryptocurrency regulation with finance ministers and central bank governors from other G20 countries at the upcoming summit which it will host in June. According to local media, Japanese regulators have a solution for crypto regulation to offer the G20 countries.

    India Considers Complete Ban on Digital Currencies

    India Considers Complete Ban on Digital Currencies

    A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25th. A committee consisting of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA), among others, has reportedly supported the idea to completely ban the “sale, purchase and issuance of all types of cryptocurrency.”

    Education

    US State of Ohio Introduces Bill That Allows Government to Implement Blockchain Solutions

    US State of Ohio Introduces Bill That Allows Government to Implement Blockchain Solutions

    According to the official website of the Ohio state legislature, the bill, titled House Bill 220, has been sponsored by the Republican Party’s State Representative Rick Carfagna, who represents Ohio’s 68th District in the House. As Northeast Ohio media agency Cleveland.com reported on April 25th, the bill would prospectively legalize government blockchain applications such as recording car titles or hunting licenses online, where they could be accessible by authorized agencies on a secure distributed ledger.