Crypto Market Update 8 July
Bitcoin’s dominance is up by 1.5% (62.2%), the total market cap is up by 3.5% ($327bn)‚ and overall volume is down by 31% ($61.6bn) on the previous week. Bitcoin is up by 3.9%, Ethereum by 3.1%, XRP is down by 3.8%, and EOS is up by 0.6%. The best performers among the top-30 crypto were Crypto.com Chain (31.5%), Tezos (26.7%) and Monero (14.4%).
· TD Ameritrade-backed ErisX Gets Green Light To Settle Futures in Bitcoin
· BitMEX to Launch Bitcoin Zero Coupon Bond in the Next Few Weeks
· CME’s Bitcoin Futures Sees a 30% Increase in Total Client Sign-Ups
· Europe Completes Its First Ever Blockchain Real Estate Sale for $6.5 Million
· Gemini to Apply for Broker-Dealer Licence in Bid to Trade Digital Securities
· Largest Brazilian Bank Plans to Use Tezos Blockchain for STOs Worth $1 Billion
· G20 Officially Supports FATF’s Crypto Guidelines That Require Exchanges to Share Customer Data
· Members of Congress Urge Facebook to Officially Stop Development of Libra
· UK Regulator Pushes Retail Ban on Bitcoin Derivatives
Crypto MktCap $327 bn
24H Volume $61,6 bn
BTC dominance 62.2 %
MARKET MOMENTUM
After a volatile start to the week, digital assets were stabilising towards the end, with the total market cap ranging in a tight 6% channel. After reaching new yearly highs, BTC has recorded a fairly volatile week too, with spot price falling to $9.6k on Tuesday and the next day recovering to above $12k. BTC is currently sitting just below $11.5k, anticipating a major move from the triangle. The best-performing assets from the Top-30 group last week were Tezos (26.7%), Crypto.com Chain (31.5%) and Monero (14.4%).
CRYPTO MARKET NEWS
TD Ameritrade-backed ErisX Gets Green Light To Settle Futures in Bitcoin
ErisX, which is backed by TD Ameritrade, announced that the CFTC granted it a derivatives clearing organization (DCO) licence, acting as a secondary approval on top of an existing designated contract market (DCM) licence that the exchange already held. The approvals mean the company can now launch crypto futures products under the auspices of the U.S. regulator.
Binance Announces Futures Trading Platform with up to 20x
At the blockchain summit in Taipei, the CEO of Binance has announced that the exchange will be launching a futures trading with leverage up to 20x.
BitMEX to Launch Bitcoin Zero Coupon Bond in the Next Few Weeks
Cryptocurrency derivatives exchange BitMEX is preparing to launch a bitcoin zero coupon bond in the "next few weeks," its CEO Arthur Hayes told Bloomberg at the Asia Blockchain Summit in Taipei.
Bitfinex Repays $100m of Outstanding Loan Facility to Tether
Bitfinex has announced that the outstanding loan worth $100m from Tether has been repaid.
CME’s Bitcoin Futures Sees a 30% Increase in Total Client Sign-Ups
More than 2,960 accounts have traded CME Group’s bitcoin (BTC) futures across all client types and time zones since launch, according to new data from the derivatives marketplace. In 2019 alone, there has been more than 950 new accounts created, marking a 30 % increase in total client sign-ups.
SECURITY TOKEN NEWS
Europe Completes Its First Ever Blockchain Real Estate Sale for €6.5 Million
The luxury building, located in Paris’s Boulogne-Billancourt district, was valued at €6.5 million, and was sold to French real estate companies Sapeb Immobilier and Valorcim. The process involved first transferring ownership of the building to a joint-stock company (SAPEB AnnA), then dividing the company into 100 tokens to be distributed to the owners respectively. Each token can be further broken down into 100,000 units, meaning individual shares of the building can be bought and sold for as little as €6.50.
Gemini to Apply for Broker-Dealer Licence in Bid to Trade Crypto Securities
The Winklevoss-owned cryptocurrency exchange Gemini will apply for a broker-dealer licence from the Financial Industry Regulatory Authority (FINRA).
This is the first step toward becoming an approved Alternative Trading System, where customers can lawfully swap digital securities.
Brazilian Bank Plans to Use Tezos Blockchain for STOs Worth $1 Billion
BTG Pactual, Brazil's fifth largest bank, plans to utilize the Tezos blockchain for security token offerings potentially worth $1 billion.
REGULATORY NEWS
G20 Officially Supports FATF’s Crypto Guidelines That Require Exchanges to Share Customer Data
The G20, an international forum for the governments from 19 countries and the EU, has officially welcomed cryptocurrency guidelines set by the global money-laundering watchdog, the FATF. At the 2019 G20 summit held on June 28–29 in Osaka, Japan, the forum said:“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”
Members of Congress Urge Facebook to Officially Stop Development of Libra
Members of the US House Representatives Committee on Financial Services sent a letter to Facebook, urging the social media giant to stop the development of their crypto project Libra.
UK Regulator Pushes Retail Ban on Bitcoin Derivatives
UK market regulators are planning to ban derivatives on cryptocurrencies for retail investors, warning that it is "impossible" to value them reliably and that trading them is "akin to gambling”.
The Internal Revenue Service is expected to update its 2014 guidance on cryptocurrencies in the coming weeks, following an April request from a bipartisan group of 20 lawmakers. It is part of a broader push to boost the nascent cryptocurrency industry. Congress is considering at least three bills that would resolve some of the murky legal issues surrounding digital money.