Crypto Market Update: 4 June 2019
Bitcoin’s dominance is down by 1% (55.9%), the total market cap is up by 0.7% ($270bn)‚ and overall volume is down by 10% ($72bn) on the previous week. Bitcoin is down by 2.3%, Ethereum by 1.6%, XRP is up by 7.8%, and EOS is up by 5.9%. The best performer among the top-30 crypto - BTCSV (88.3%), Atom (38.9%) and ETC (21.4%).
- Ernst & Young Launches Nightfall Protocol on Ethereum
- Bitcoin Hits All-Time High in Argentinian Pesos
- South Korea’s Shinhan Bank Turns to Blockchain to Speed Up Loan Issuance
- Bitcoin Mining Difficulty at All-Time High
- 4C and Omega Securities Seek OSC Approval for Digital Asset Platform
- Gibraltar Stock Exchange Launches Secondary Market for Security Tokens
- Japanese Parliament Passes Bill to Amend National Laws that Apply to Crypto
- Australian Regulator Releases Crypto, ICO and Mining Guidelines
Date: 3 June 2019
Crypto MktCap: $270 bn
24h volume: $72 bn
BTC dominance: 55.9%
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%).
CRYPTO MARKET NEWS
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%).
SECURITY TOKEN NEWS
4C and Omega Securities Seek OSC Approval for Digital Asset Platform
Today, a pair of Canadian companies has filed with the Ontario Securities Commission for approval in launching a digital-asset platform. This filing was completed by both Omega Securities and 4C Clearing Corporation. If approved, this pairing of companies should work well together, in providing investors with a comprehensive platform, tailored specifically towards digital assets.
Gibraltar Stock Exchange Launches Secondary Market for Security Tokens
The Gibraltar Stock Exchange (GSX) is ready to list security tokens. The GSX will list corporate Bonds, Convertible Bonds, Asset-Backed Securities, Derivative Securities, Open-Ended Funds, Closed-Ended Funds under its current licensing permissions, on the GSX Global Market.
REGULATORY NEWS
Japanese Parliament Passes Bill to Amend National Laws that Apply to Crypto
Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation. The proposed amendments to Japan’s financial instruments and payment services laws will reportedly tighten cryptocurrency regulation in a bid to promote user protection, more robustly regulate crypto derivatives trading, mitigate industry risks such as exchange hacks, and broadly establish a more transparent regulatory framework for the new asset class.
Australian Regulator Releases Crypto, ICO and Mining Guidelines
The Australian Securities and Investment Commission (ASIC) has published new initial coin offering (ICO) and cryptocurrency guidelines. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also notes that miners will be
considered part of the clearing and settlement process in at least some instances:
“Where miners and transaction processors are part of the clearing and settlement (CS) process for tokens that are financial products, Australian laws apply.”