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.
After weeks of accumulation, digital assets saw massive gains over the past week, where the total crypto market cap rose by 23% from $145bn to $183bn. The spike, initiated by Bitcoin, which saw a price jump of 15.3% on Tuesday morning after a large, anonymous buyer placed a $100 million algorithmic order, spread across exchanges Coinbase, Kraken and Bitstamp. The orders were placed in increments of 7,000 BTC at a time and triggered a flurry of subsequent trading volume in the cryptocurrency markets. The move has liquidated $500m of short-sellers on BitMEX alone. Bitcoin is now trading above its 50, 100 and 200 daily moving averages for the first time in nearly fifteen months.
Top News Stories of the Week
China is reportedly leading the world in the number of blockchain projects underway. According to Blockdata, there are currently 263 projects in China, which account for 25% of the global total.
Customers of the major US-based crypto exchange Coinbase can now transfer funds to any user with a Coinbase account around the globe, using XRP or stablecoin USDCoin, without a fee. Users are now able to send and receive funds instantly and convert them into local currency.
Online payments firm PayPal has acquired a stake in Cambridge Blockchain, the start-up which helps financial institutions and other companies manage sensitive data using blockchain technology. An undisclosed investment in the blockchain start-up is the first of its kind for PayPal, and as PayPal’s spokesperson noted, they hope this investment will allow them to “explore potential collaborations to leverage blockchain technology”.
Hong Kong-based trading and asset management firm Branding China Group (BC Group) is launching an insured custody service for Asian cryptocurrency investors.
Binance has announced its expansion to Singapore, where it plans to set up a fiat-to-crypto exchange with support for the Singaporean Dollar.
Last Week in Funding
Blockchain start-up Harmony raised $18m in pre-sale; crypto start-up Celo raised $30m in a round led by a16z and Polychain; crypto exchange Liquid claims Unicorn status after Series C fundraise; 0(1) Labs raised $15m from Coinbase Ventures, Paradigm and others for Coda Protocol.
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