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NKB Group News Updates
NKB Group News Updates

Weekly Crypto Market News Update – 1st July

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.

Market Momentum

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 Launches Crypto Retirement Accounts

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 Twitch Quietly Brings Back Bitcoin Payments

Amazon-owned game streaming platform Twitch has enabled BTC and BCH payments, after it quietly removed crypto payments options back in March. 

JPMorgan to Start Customer Trials of Its JPM Coin

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 Explores Creation of Digital Coin

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.

About NKB

NKB operates as a full-service investment bank focused on blockchain technology. They are a one-stop solution for clients – opening the new world of crypto assets and delivering it via the best practices of traditional finance.

NKB pride themselves on providing high quality investment research comment and analysis in the crypto space.  Their research is authorized and regulated by the FCA in the UK and led by professionals with several decades of investment research experience. Their technological capability in the crypto space is complemented by team members with experience from leading tech companies and deep understanding of the underlying technology.
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