Welcome to this week’s Crypto market update on The Daily Chain. We are collaborating with NKB Group – a full-service investment bank focused on blockchain technology. These updates will include the top crypto news stories of the week, charts, data, BTC, coin and more.
After adding almost 19% ($386bn) on Monday, the total crypto market cap has fallen back down below $320bn as of this morning. Bitcoin reached another yearly high at $13,800, but immediately came down to $10,600, representing a decline of more than 23%. The correction is still on-going (although BTC is still up by almost 3% week-on-week), where BTC is currently sitting at $11k with the next major support laying at $8,800. The rest of the top-30 market is predominantly in the red, with the exception of last week’s top performing asset LINK (+97%), which has spiked on its Coinbase listing announcement. The other best performing assets were Qtum (+29.7%) and VeChain (+16.5%).
Bitcoin IRA, a company that specialises in offering crypto for individual retirement accounts (IRAs), has struck a partnership with custodian BitGo Trust that will offer clients the option to have their accounts insured by the custodian firm ($100m worth of insurance coverage). In Tuesday’s announcement, Bitcoin IRA added further that it was reducing its wallet holding fees by 30% to 0.0005 points per month and reducing client transaction fees.
Amazon-owned game streaming platform Twitch has enabled BTC and BCH payments, after it quietly removed crypto payments options back in March.
JPMorgan Chase is to start trials of its “JPM Coin” cryptocurrency in conjunction with corporate clients. According to a report from Bloomberg Japan, Umar Farooq, the investment bank’s head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
Goldman Sachs Group’s CEO, David Solomon told France’s Les Echos newspaper that he’s “absolutely’’ looking at digital currencies and said Goldman is conducting “extensive research’’ on tokenization. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stable coins and frictionless payments,’’ said Solomon.
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