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Market Analysis Report

02 May 2018

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 7,379.72 with a loss of 3.42% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $9,148 representing a gain of 1.69% in the last 24 hours. More than $450 M worth of BTC were exchanged in the BTC/USD market representing a 22.4% share of the global daily volume. The BTC/JPY pair represents a 42.2% share.

The Ethereum price has risen 3.03% over the past 24 hours and is currently sitting at $680, with over $250 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 31.5% market share of the daily trading volume.

See live charts here and here

Ethereum Falls on Report that it is Under Regulatory Scrutiny

According to a Wall Street Journal report, U.S commodities and securities watchdogs are investigating if the same rules for stocks should be applied to Ethereum and other cryptocurrencies. The analysis is based on whether founders of cryptocurrencies other than Bitcoin have any control over their value, similar to how a company's managers might influence a company's stock value based on strategy and investments.

The Commodity Futures Trading Commission has identified the cryptocurrencies as commodities, meaning they're exempt from SEC regulation. The SEC on the other hand, has indicated that it sees them as securities.

Read more here

CryptoUK Urges Members of Parliament to Back Cryptocurrency Regulations

CryptoUK, a self-regulatory body set up to represent the cryptocurrency sector urged MPs to regulate the industry. CryptoUK claimed that MPs need to back proposals to regulate the industry in the UK which include the replication of P2P finance legislation to bring platforms under the Financial Conduct Authority (FCA) remit, and ‘crypto-licences’ given to those that adhere to KYC and AML standards. Iqbal V Gandham, chairman of CryptoUK said:

"Introducing a requirement for the FCA to regulate the ‘on-off’ ramps between crypto and fiat currencies is well within the remit of HM Treasury. Based on our analysis, this could be achieved relatively easily, without the need for primary legislation, and would have a huge impact, both in reducing consumer risk and improving industry standards."
Read more here

Coinbase to Open Chicago Office & Offer Block Trading

Cryptocurrency exchange Coinbase is preparing to open an office in Chicago and add support for block trading in a bid to attract more institutional clients to GDAX, its professional trading platform. According to Business Insider, the block trading will allow traders to place large orders outside of the exchange's normal order book mitigating the effect that large orders have on the cryptocurrencies' exchange prices. However, Coinbase has not made any official announcements on either of these matters.