Sun. May 26th, 2019

Weekly Crypto Market Update – 11th March

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 news stories of the week, charts, data and more.

Ben Sebley of NKB gives a round up of the weeks events

Market Momentum

Digital assets recorded a positive week, where total the crypto market cap is up by 7% at $134bn. Top tier assets Litecoin (+19%), Binance Coin (+29%) and Stellar (+21%) have been showing zero short-term correlation with Bitcoin and are all up significantly, while the top three assets Bitcoin (+3.8%), Ether (+5%) and XRP (+1.5%) remain almost unchanged compared to last week. The past week’s performance of alt coins squeezed the gap of Bitcoin’s dominance by almost 2% to 51.6%. In terms of aggregated volume, last week saw a 24% spike from $125bn to $131bn.

Best Performing Digital Assets (7 Days)

Worst Performing Digital Assets (7 Days)

Top News Stories of the Week

BlockFI Announces Crypto Saving Accounts with 6% Annual Interest

New York-based crypto lending firm BlockFi will launch crypto saving accounts, with 6% annual interest, payable monthly in BTC or ETH. Funds will be backed by regulated and insured custodian Gemini. BlockFi aims in particular to attract investors from Japan, where the interest rate on savings is 0%.

SIX Swiss Exchange Launches Ether and Bitcoin Exchange-Traded Products

Switzerland’s largest stock exchange is launching bitcoin (ABTC) and ether (AETH) exchange-traded products (ETP) with a 2.5% management fee.

Argentinian Government Set to Invest in Crypto

The Ministry of Production and Labour has committed to co-invest in up to 10 Argentinian projects each year for four years. Every blockchain project which gets funding from Binance Labs can see an investment of up to $50k from the Argentinian government, according to a Binance blog post.

70% of UK Consumers Have Never Heard Of Crypto

The UK’s financial regulator FCA has surveyed more than 2,100 UK consumers in order to better understand awareness of crypto with the following results:
• 73% have never heard of cryptocurrencies or were unable to define what they are.
• Of the 27% able to define cryptocurrencies, the majority of them were men between the ages of 20-44.
• Of those that bought cryptocurrencies, 84% used online exchanges to acquire them.
• The most popular reasons for buying cryptocurrencies were as a gamble (31%), or as part of an investment portfolio (30%).

eToro Launches Crypto Exchange in 31 US States

Trading and brokerage firm eToro is launching its crypto trading services in 31 US states, where users can now use eToro’s crypto wallet services as well. The platform has already registered 10m users.

Starbucks Receives Equity in Bakkt Exchange Coffee chain

Starbucks has received an equity stake in cryptocurrency exchange Bakkt in return for allowing bitcoin payments in stores with more than 100m weekly customers.

TradingView Adds First Crypto Index to Charts

The US-based provider of financial market data has added Huobi’s HB10 cryptocurrency index to its platform. HB10 index includes top nine digital assets plus Huobi’s HT token.

Ernst & Young Introduces Tax Tool for Reporting Crypto

Big Four firm Ernst & Young has introduced a new product for claiming taxes on cryptocurrencies.

Chinese Miners are Expecting Cheap Power

Bitcoin miners in China are betting that abundant hydropower plants this summer will make crypto mining profitable again. Research firm Diar has also published a report, claiming signs of recovery following an 18-month low in mining revenue.

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.
Find out more about NKB here and follow on social media:

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