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Weekly Crypto Market Update – 3rd June

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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.

Weekly Market Update from the NKB Group

Market Momentum

Friday’s $25m dump did not extend into the weekend and things started to recover pretty quickly. Bitcoin reached an intraday high late Sunday when it made just above $8,800. Since then BTC retreated back below $8,400 as of this morning and many analysts anticipate corrections as the parabolic pattern is no longer in place. Total crypto market capitalization is currently at $268 billion. Last week the best performers among the top-30 assets were Bitcoin SV (86%), Atom (33.7%) and Ethereum Classic (21.3%).

Top News Stories of the Week

Ernst & Young Launches Nightfall Protocol on Ethereum

One of the world’s largest consultancy firms has released a new set of protocols for enabling private transactions atop the ethereum blockchain. Open source code is aiming to help corporate EY clients use the ethereum blockchain for use cases that include supply chain management, food tracing, and transacting between different corporate branches.

Nightfall leverages a well-known technology in the crypto space known as zero knowledge proofs (ZKPs). ZKPs, put simply, allow for the sharing of information proofs between untrusted parties without revealing the information itself.

Bitcoin Hits All-Time High in Argentinian Pesos

The new all-time high of bitcoin versus the peso takes place amid a crypto bull market this year, along with the ongoing depreciation of the Argentine peso against the U.S. dollar. According to the report, the bitcoin price has soared to as high as 394,000 pesos ($8,762.95 at time of going to press) per coin, exceeding prices versus the Argentine peso not seen since the bubble in late 2017.

South Korea’s Shinhan Bank Turns to Blockchain to Speed Up Loan Issuance

Shinhan, one of the oldest and largest banks in South Korea, is using blockchain technology to speed up the approval process for loan products. Specifically, the bank will use a blockchain platform to verify the items of proof required for credit lending, such as qualification or certification documents.

Bitcoin Mining Difficulty at All-Time High

Bitcoin mining difficulty has now reached its all-time high, crossing 7.46T for the first time and narrowly edging out the 7.45T difficulty seen when Bitcoin was testing the $6,400 support levels in October 2018 (+11.26%).

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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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