It is with great pleasure to present the first official weekly Crypto market update on The Daily Chain. We will be collaborating with NKB Group – a full-service investment bank focused on blockchain technology. These updates will include the top news stories of the week, charts, data and more.
The crypto market woke up to green shoots, with gains for the top-20 assets ranging from 0.5% to 13%. The total market cap surged by more than 4% from $121bn to $126bn, with overall volume increasing more than 30%. Market leader Bitcoin has moved from a week-long consolidation channel to a morning high of $3,750, representing almost a 4% gain. Ethereum is up by a solid 13% as a best performing asset among the top tier crypto, nearing $140 resistance level. XRP is up by more than 4% at $0.31.
Best Performing Digital Assets
Worst Performing Digital Assets
Top News Stories of the Week
New York-based major bank JP Morgan is launching its own stable coin, dubbed “JPM Coin”, pegged to the price of 1 USD and built on an enterprise iteration of Ethereum, Quorum. The JPM Coin will be used for settling international payments, securities transactions and for corporations using the bank’s treasury services. Bloomberg editor Joe Weisenthal sees the JPM coin as a direct threat to the other cross-border focused coin, XRP.
The largest crypto exchange Binance announced the delisting of five crypto assets on Friday. Cloak, Salt, Substratum, Wings and Modum will be delisted due to low liquidity. This may set an example for other major exchanges to delist the tokens in order to hedge the risk of losing credibility if any of the tokens end up being criminally prosecuted.
The world’s largest digital currency firm ($1.5bn AUM) has revealed its Q4 2018 report, which caps the total 2018 capital inflow at $330m, from which more than 60% has come from institutional players.
Users of the largest US-based crypto exchange Coinbase will soon have the option to back-up their private keys on cloud storage platforms Google Drive and iCloud. With cloud storage back-up, users will only have to remember a password to recover their funds.
Stock exchange Nasdaq in partnership with blockchain data firm Brave New Coin, will offer information on two new indices starting from February 25th. The Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) will offer “real time spot or reference rate” on 1 BTC and 1 ETH, refreshed every 30 seconds.
Crypto VC, Morgan Creek Digital, has attracted the first US pension plans funds in a $40m raise; the Police Officer Retirement System ($1.43bn AUM) and the Employee Retirement System ($3.9bn AUM), both based in Virginia, led the round.
Crypto exchange Bitmex has published a non crypto-related research document, where they are trying to answer the question “when is the next global financial crisis going to happen?”.
Last Week in Funding
Cryptocurrency transaction analysis Chainanalysis raised $30m in Series B;
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.
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