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.
Last week’s performance of digital assets is signaling a clear uptrend, where the total market cap gained more than 6% ($145bn). Bitcoin has broken a long-term channel resistance adding almost 3% ($4140) and continues in a uptrend channel formed in mid-February. ETH ($143), XRP ($0.31) and LTC ($60.7) were also conservatively following a positive trend, adding 3.8%, 1% and 0.8% respectively. EOS ($4.2) is leading a group of the 5 largest assets, with more than 14% gains. The rest of the top – 30 coins except Maker (-4.1%) have recorded more significant gains, where Tezos is up by 54% reacting on Coinbase’s staking support, Dash by 24%, BAT by almost 40% and Cardano keeps rising for the second week with a further 16%.
Top News Stories of the Week
Cryptocurrency mining giant Bitmain has failed to proceed further with the IPO on the Hong Kong Stock Exchange, as its application expired on March 26th. Despite massive profits in 2017 ($700m), Bitmain lost $400m in 2Q18 and $500m in 3Q18.
Crypto lending start-up BlockFi has announced changes just after a one week after launch. For accounts with more than 25 BTC/500ETH the interest rate will only be 2% instead of the 6% originally announced.
Large South Korean crypto exchange Bithumb has lost $13m worth of EOS in a second hack this year, which is suspected to be an insider job. More than 3m EOS coins which were owned by Bithumb were stolen from the exchange’s hot wallet. Customers’ funds have not been affected. Bithumb lost $30m almost a year ago, of which almost $14m was returned.
Japanese e-commerce giant Rakuten has been granted a license to operate a crypto exchange by the country’s Financial Service Agency (FCA).
Börse Stuttgart Partners with Axel Springer to Launch Crypto Trading Venue Germany’s second largest stock exchange Börse Stuttgart (€71.2bn volume) is partnering with the digital publishing company Axel Springer and its subsidiary finanzen.net to launch a crypto trading venue. The trading venue is supposedly set for launch in summer 2019.
Ledger Partners with Legacy Trust to Offer Institutional Custody of ERC-20 Tokens Hardware wallet maker Ledger has partnered with Hong Kong-licensed trust and custody firm Legacy Trust, to offer institutional grade custody of digital assets. According to Legacy Trust’s CEO Vincent Chok, demand for ERC-20 custody is “huge and it’s only growing bigger”. “Since the beginning of 2019, we have basically received around five requests for ERC20 custody per week”, Chok added.
Coinbase Custody has announced an expansion of its business, giving institutional investors the option to earn rewards offered by proof-of-stake digital assets. Coinbase’s staking as a service will launch with support for Tezos.
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