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.
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
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%.
Switzerland’s largest stock exchange is launching bitcoin (ABTC) and ether (AETH) exchange-traded products (ETP) with a 2.5% management fee.
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.
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%).
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 has received an equity stake in cryptocurrency exchange Bakkt in return for allowing bitcoin payments in stores with more than 100m weekly customers.
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.
Big Four firm Ernst & Young has introduced a new product for claiming taxes on cryptocurrencies.
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.
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