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 significant recovery after the week of the Bitfinex/Tether drama, where the total market added almost 10% ($187bn). Bitcoin touched a new yearly high of $5,950 (+13%), approaching major resistance above $6k. Ethereum has been boosted by the CTFC rumours of the possibility of regulated futures contracts. In just the past 24h ETH has surged by 12% to reach a high of $180. The top twenty gains are also pretty solid at the moment, Tezos leading with a 9% jump to $1.25. Monero, Cosmos and Maker are all up by almost 6% and Tron, IOTA and Ethereum Classic are gaining 4-5% back.
Top News Stories of the Week
Intercontinental Exchange (ICE)-lead institutional cryptocurrency trading platform Bakkt has аcquired a crypto custodian firm Digital Asset Custody Company (DACC). Bakkt has also filed an application with the New York Department of Financial Services to operate as a trust company, which will enable the firm to serve as a Qualified Custodian for digital assets.
Facebook’s long-rumoured crypto project will be at the centre of a brand new full payment network, according to a report in The Wall Street Journal. Project Libra, as the blockchain initiative is called internally, will reportedly involve a stablecoin backed by government currency.
Crypto exchange Bitfinex will conduct an initial exchange offering (IEO), aiming to raise $1 billion, to provide liquidity to the company, as $850 million of its funds are currently frozen by the authorities in Poland, the U.S., and Portugal.
One of the largest US-based investment firms with $7t AUM will reportedly roll out bitcoin (BTC) trading for institutional clients in the coming weeks.
Fidelity has also conducted a survey, which finds that out of 441 institutional investors, 47% are considering digital assets to be worthy of holding in portfolios.
The Bank of Canada and the Monetary Authority of Singapore (MAS) have conducted a successful experiment on cross-border and cross-currency payments using central bank digital currencies. This is the first such trial between two central banks, and examines the potential to increase efficiencies and reduce risks for cross-border Payments.
Nasdaq and Fidelity-backed crypto exchange ErisX has gone live after raising almost $50m. The exchange announced that it will immediately support dollar trading pairs with bitcoin, bitcoin cash, litecoin and ethereum, as well as bitcoin trading pairs with the other three cryptocurrencies at launch.
Payments company Square reported $65.5m in bitcoin revenue for the first quarter of 2019. Bitcoin profits in Q1 2019 represent an 80 percent gain over the Q1 2018. For all of 2018, the company reported $166m in bitcoin sales.
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:
The Daily Chain – Inform. Educate. Succeed.