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Weekly Crypto Market Update – 25th March

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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 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

2gether Launching Visa Debit Card That Allows Users to Spend Digital Assets

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.

IBM Signs 6 Banks to Issue Stablecoins on Stellar Blockchain

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.

Bithumb to Reduce Staff by up to 50%

South Korea-based crypto exchange Bithumb will lay off 50% of its current 310 employees, according to CoinDesk.

Bitwise Reports 95% Fake Volume on Unregulated Exchanges

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.

Binance is Firing Up for Margin Trading

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.

SBI Group Launches Mining Chips Manufacturing Subsidiary

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.

Bitmain to Deploy $80 Million Worth of Bitcoin Miners

Abundance of hydroelectric power is drawing Bitmain, the crypto mining company, to China, where its plans to place 200,000 units worth $80m.

Tezos Completes Its First Blockchain Vote

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.

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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