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Weekly Crypto Market Update – 24th June

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.

Market Momentum

Bitcoin is continuing in its parabolic moves, adding 17.5% since last week. After two attempted breakouts, BTC has found a strong resistance around $11.2k. Although BTC spiked above the resistance yesterday, it almost immediately corrected towards $10.5k. Ethereum closed last week above $300 for the first time this year, adding more than 13%. The rest of the top-30 market is mostly following the bullish trend, NEO adding 21.4%, and XMR is up by more than 18%.

Top News Stories of the Week

Facebook Releases Libra Details

Facebook has released the official website and white paper describing its digital currency called Libra. Libra is a stablecoin, pegged to the U.S. dollar and other major currencies, and is expected to be integrated as a payment tool on Facebook’s popular messaging apps WhatsApp and Messenger, and photo-sharing app Instagram. At launch, you’ll be able to send Libra inside of Facebook Messenger and WhatsApp, with the main intention for it to be used as an intermediary for transferring traditional currencies. Eventually, Facebook hopes Libra will be accepted as a form of payment, and other financial services will be built on top of its blockchain-based network.

Polish Bank Alior Uses Ethereum for New Document Authentication

Warsaw-based Alior announced that it is beginning to offer a feature that will allow customers to check on the authentication and integrity of official documents they receive using the public Ethereum blockchain that supports Ether.

PwC Rolls out New Auditing Tool for Cryptocurrencies

“Big Four” professional consulting firm PwC has launched an updated auditing solution for clients who hold cryptocurrencies, the firm announced Wednesday.

The auditing solution, called Halo, offers a full breakdown of clients’ crypto treasury, tracking blockchain transactions to provide “independent, substantive evidence [] needed to establish ownership of cryptocurrency.”

The solution currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, ERC20 – OAX token and XRP cryptocurrencies

Japan’s Largest Messaging App Line May Launch Crypto Exchange

Japan’s largest messaging app Line (~80 MAU) may win a license to launch a crypto exchange as early as this month.

MetLife Plans to Disrupt $2.7 Trillion Insurance Industry Using Ethereum Blockchain

MetLife is utilizing the live public Ethereum blockchain to add transparency and efficiency to the claims process. In what is believed to be the first pilot program in the world focused on the life insurance industry, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income on a platform of smart contracts known as Lifechain to help its customers quickly determine if the deceased was protected with a policy and to automatically file a claim.

Ethereum 2.0 Phase Zero Scheduled for January 3, 2020

The first stage of the Ethereum network’s transition to Ethereum 2.0 is expected to take place on January 3, 2020. Phase Zero is the name of the first transition stage of the Ethereum network from a proof-of-work to a proof-of-stake consensus algorithm, which would pass block validation function from miners to special network validators.

Bitmain Plans to Raise $300 – $500 Million in US IPO

Cryptocurrency mining giant Bitmain Technologies is planning on conducting an initial public offering (IPO) in the U.S. The company aims to raise $300-$500 million from the offering, which could launch “as soon as the second half of this year.” Bitmain is reportedly already in discussions with advisers for the IPO and could file documents with the U.S. Securities and Exchange Commission next month.

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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