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Weekly Crypto Market Update – 18th 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.

Jamie Farquhar of NKB gives a round up of the weeks events

Market Momentum

Digital assets continued in recovery mode for the past week, with all major cryptocurrencies ending the week with gains. The total market cap added another 4% ($139bn) last week. Bitcoin’s volume topping $11bn for the first time in a year has resulted in a 4% intra-week push to $4,070, but has failed to move higher to re-test yearly highs and is currently back at $4,000. Ethereum spiked more aggressively than bitcoin last week, adding 8% ($143), but similarly plummeted at the end of the week to back below ($140). The third largest asset XRP, remained more or less around $0.31 level for the whole week, gaining little over 1%. The best performer among the top crypto asset this week is Bitcoin Cash, adding almost 22%.

Top 30 Cryptocurrencies Performance

Best Performing Digital Assets (7 Days)

Worst Performing Digital Assets (7 Days)

Top News Stories of the Week

HSBC Seeks Banking Partners in South Korea to Launch Blockchain Platform

Banking giant HSBC is looking for partners to expand their blockchain platform in South Korea. HSBC’s Voltron platform aims to process and settle trading invoices on blockchain and is powered by R3 technology.

Cosmos is Live

After raising $16m in an ICO in 2016, the highly anticipated Cosmos project, which aims to solve the interoperability dilemma, is live after 2 years of research and development.

IBM Quietly Enters Crypto Custody Market

In partnership with New York-based investment firm Shuttle Holdings, IBM are set to launch custodial services for banks and enterprises this month. The technology is built on IBM’s private cloud and offers potential clients tools for custom programming.

Coinbase Completes OTC Trade Directly from Offline Storage

Coinbase Custody has completed its first OTC trade directly out of cold, or offline, storage. This significantly reduces the time required (which can be between 24-48 hours just for the withdrawal of assets), marking the availability of ‘immediate’ liquidity.

Bitfury Partners with HadePay to Bring Bitcoin Lightning Payments to Merchants

Bitcoin mining firm Bitfury has partnered with payment processor HadePay to bring lightning network bitcoin payments to merchants in the US, Canada and EU. Using the lightning network, merchants can significantly “improve the efficiency and lower the cost of bitcoin transaction” Bitfury states.

CBOE Futures Exchange Is Putting Bitcoin Futures on Hold

CBOE Futures Exchange (CFE) is not adding new bitcoin futures contracts for March, and will be assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. Currently listed bitcoin futures, however, remain available for trading, with the last contracts expiring in June.

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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