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Weekly Crypto Market Update – 25th February

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 Farquhat of NKB gives a round up of the weeks events

Market Momentum

After a bullish week across the crypto markets, where the total market cap spiked by more than 14% from $126bn to $144bn on Saturday, the bears came back on Sunday and virtually wiped out the entire gains within a single hour as a massive red candle dumped it back to the $127bn area. Bitcoin was climbing towards a 2019 high above $4,200 and it only took one hour to destroy its effort and send it back to below $3,800, representing an almost 10% negative change. Ethereum was up by a solid 20% at $165, prior to the anticipated Constantinople hard fork, however yesterday ravaged all gains and Ether is back below $140. The rest of the top-30 assets have been equally affected, with losses ranging from 7% to 16%. The best performing assets over the past week were Ontology (45.5%), EOS (19.8%) and Maker (19.2%).

Best Performing Digital Assets (7 Days)

Worst Performing Digital Assets (7 Days)

Top News Stories of the Week

Pension and Endowment Consulting Firm Advises Institutions to Start Considering Crypto

According to the pension and endowment funds advisor Cambridge Associates, institutional investors should start considering crypto as a long term investment.

University of Michigan Endowment Plans to Invest in Crypto Fund

The endowment fund of the University of Michigan plans to invest an undisclosed amount into a16z crypto fund, managed by Andreessen Horowitz.

BitGo Offers $100m Insurance Protection for AUM

Crypto custodial firm BitGo is offering $100m of insurance cover via Lloyds of London in case of loss or theft of cryptographic keys.

Bitmain Reports Losses of $500m in Q3 2018

Cryptocurrency mining giant Bitmain could have recorded $500m losses in 3Q18 according to a company document. The document also uncovers Bitmain’s liquidation of almost 500k worth of Bitcoin Cash in order to cover their significant losses.

Samsung Galaxy S10 Offers Crypto-Related Services

Samsung’s flagship phone Galaxy S10 will offer several crypto-related features. Payments to merchants, digital signatures, crypto storage and transfers are just a few of them.

Crypto Funds Q4 2018 Benchmark Report

Vision Hill Advisors released 4Q18 Crypto Hedge Fund returns report, here’s a quick take: 1. Median returns were down almost 20% 2. Active managers outperformed large cap assets by 25% 3. Best performing strategy was Quantitative (down only 3%) 4. Aggregate AUM at $4.5bn (down 25% since 2Q18)

Deutsche Börse to Launch Crypto Futures Contracts

Derivatives exchange Eurex, operated by Deutsche Börse is gearing up to launch futures contracts tied to Bitcoin, Ether and XRP.

Last Week in Funding Privacy coin Beam received funding; Blockchain analytics start-up CipherTrace raised $15m; Pantera Capital has raised $125m so far for its 3rd fund focused on equity deals in 30-50 start-ups; Market surveillance start-up Solidus Labs raised $3m Seed to fight market manipulation.

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.
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