Crypto Market Update 2 July 2019
Bitcoin’s dominance is up by 3.7% (61.3%), the total market cap is down by 2.8% ($316bn)‚ and overall volume is up by 27% ($89.3bn) on the previous week. Bitcoin is up by 17.5%, Ethereum by 13%, XRP is up by 7%, and EOS is up by 1.4%. The best performers among the top-30 crypto were NEO (20.1%), Monero (17.8%) and Bitcoin (17.5%).
· Bitcoin IRA Launches Crypto Retirement Accounts
· Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments
· JPMorgan to Start Customer trials of Its JPM Coin
· Goldman Sachs Explores Creation of Digital Coin
· Swiss SIX Stock Exchange Asks the Country’s Central Bank to Issue a Stablecoin
· Seychelles’ National Stock Exchange Set to List Regulated Security Token
· LedgerX Wins US Regulatory Approval for Physically Delivered Bitcoin Futures
· SEC Begins Accepting Public Comments on ETF Backed by Bitcoin and T-Bills
· BIS’s New Report Warns about Big Tech Entering Financial System
MARKET MOMENTUM
After adding almost 19% ($386bn) on Monday, the total market cap has fallen back down below $320bn as of this morning. Bitcoin reached another yearly high at $13,800, but immediately came down to $10,600, representing a decline of more than 23%. The correction is still on-going (although BTC is still up by almost 3% week-on-week), where BTC is currently sitting at $11k with the next major support laying at $8,800. The rest of the top-30 market is predominantly in the red, with the exception of last week’s top performing asset LINK (+97%), which has spiked on its Coinbase listing announcement. The other best-performing assets were Qtum (+29.7%) and VeChain (+16.5%).
CRYPTO MARKET NEWS
Bitcoin IRA Launches Crypto Retirement Accounts
Bitcoin IRA, a company that specialises in offering crypto for individual retirement accounts (IRAs), has struck a partnership with custodian BitGo Trust that will offer clients the optionality to have their accounts insured by the custodian firm ($100m worth of insurance coverage). In Tuesday’s announcement, Bitcoin IRA added further that it was reducing its wallet holding fees by 30% to 0.0005 points per month and reducing client transaction fees.
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments
Amazon-owned game streaming platform Twitch has enabled BTC and BCH payments, after it quietly removed crypto payments options back in March.
JPMorgan to Start Customer Trials of Its JPM Coin
JPMorgan Chase is to start trials of its “JPM Coin” cryptocurrency in conjunction with corporate clients. According to a report from Bloomberg Japan, Umar Farooq, the investment bank’s head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
Goldman Sachs Explores Creation of Digital Coin
Goldman Sachs Group’s CEO, David Solomon told France’s Les Echos newspaper that he’s “absolutely’’ looking at digital currencies and said Goldman is conducting “extensive research’’ on tokenization. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stable coins and frictionless payments,’’ said Solomon.
SECURITY TOKEN NEWS
Swiss SIX Stock Exchange Asks the Country’s Central Bank to Issue a Stablecoin
Principal Swiss Stock Exchange SIX asked the country’s central bank to issue a stablecoin, which would be used to settle payments on its new digital securities trading platform.
Seychelles’ National Stock Exchange Set to List 'World-First' Regulated Security Token
Seychelles' national securities exchange, MERJ Exchange, is planning to list a regulated security token. MERJ Exchange said the tokens will be traded alongside existing traditional stock.
REGULATORY NEWS
LedgerX Wins US Regulatory Approval for Physically Delivered Bitcoin Futures
LedgerX is preparing to launch its physically delivered bitcoin futures product after clinching a designated contract market licence from the CFTC. The firm, which is better known for supporting the trading of options tied to bitcoin, has taken the lead from U.S.-based crypto exchanges Bakkt, Seed CX, and ErisX which are all still awaiting regulatory licenses to enter the new crypto derivatives market.
SEC Begins Accepting Public Comments on ETF Backed by Bitcoin and T-Bills
The SEC published a rule change proposal, which would allow Wilshire Phoenix Funds to list shares of the ETF on the NYSE Arca exchange, announcing the beginning of a 21-day public comment period. Wilshire Phoenix and NYSE Arca applied for the rule change proposal last month, hoping to offer shares in the United States Bitcoin and Treasury Investment Trust. The firm tapped Coinbase’s custody wing to hold the trust’s bitcoin, with $200 million in theft insurance covering its holdings.
BIS’s New Report Warns about Big Tech Entering Financial System
The Bank for International Settlements (BIS), an institution owned by the world’s central banks, has issued a stark warning about the likes of Facebook, Alibaba, and Google disrupting the established financial system.
In its annual economic report, entitled Big Tech in Finance: Opportunities and Risks, the BIS – commonly seen as the central bank of central banks – specifically cites Facebook’s new Libra cryptocurrency as a threat to existing payment services.
Disclaimer
This report is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information contained in this document has been prepared from sources believed to be reliable, but we give no representation or warranty that the information is complete, accurate or current. Past performance is not a reliable indicator of future performance. Not for further distribution. Investments in cryptocurrencies are associated with essential risks, including risk of losing 100% of value. Not for distribution in countries where digital assets are recognized as illegal.