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 very steady week where the total market cap was oscillating in a tight 2% range around the $140bn tag. While some of the altcoins have experienced interesting performances, the larger assets remain conservative. Market leader Bitcoin has been sitting at a $4,000 tag since last Monday, nearing a long-term resistance which may indicate a big move ahead. The rest of the 5 largest assets, ETH, XRP, LTC and EOS are slightly down (1% – 2.6%), waiting for BTC. Similarly, volume and market dominance of BTC has not moved at all. Last week’s best performers among the top-30 digital assets were Tezos (35.2%), Cardano (19.6%) and Ontology (13.8%).
Top 30 Cryptocurrencies Performance
Best Performing Digital Assets (7 Days)
Worst Performing Digital Assets (7 Days)
Top News Stories of the Week
Madrid-based banking start-up 2gether is launching a pre-paid Visa card that allows customers in 19 EU nations to spend 7 digital assets with no fees.
6 banks have signed a LOI to issue Stablecoins on IBM’s World Wire network, which is built on the Stellar blockchain, in order to move remittances or foreign exchange across borders more cheaply and quickly.
South Korea-based crypto exchange Bithumb will lay off 50% of its current 310 employees, according to CoinDesk.
In preparation for an ETF application, US-based Bitwise Asset Management has published an extensive study of 80 crypto exchanges, which found that almost 95% of all unregulated exchanges report fake volume.
According to a Reddit analyst, who has looked into the Binance rest API, documents point out the possibility of the Binance launch of margin trading on the 482 trading pairs in addition to spot-only trading.
Japanese financial firm SBI Group has announced the establishment of a new mining chip manufacturing subsidiary. SBI Mining Chip Co. will be also responsible for the development of mining systems.
Abundance of hydroelectric power is drawing Bitmain, the crypto mining company, to China, where its plans to place 200,000 units worth $80m.
The blockchain Governance platform has completed its historic first round of voting for upcoming protocol changes. Proof-of-work Athens A which proposes higher gas limits and lower roll size, has won with almost 26,000 votes, although half of the community have not participated.
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