Crypto Market Update: 17 June 2019

By NKB Group   Jun 18, 2019 4 Min Read

Bitcoin’s dominance is up by 2.7% (57.1%), the total market cap is up by 12.2% ($285bn)‚ and overall volume is up by 15.3% ($70.3bn) on the previous week. Bitcoin is up by 18%, Ethereum by 14%, XRP is up by 10%, and EOS is up by 13%. The best performers among the top-30 crypto were Chainlink (54.4%), Zcash (20.2%) and NEO (20.5%).

  • Bakkt to Launch Bitcoin Futures Testing on 22 July
  • Binance to Launch U.S. Exchange and Blocks U.S. Customers in the meantime
  • Facebook Signs Up Notable Backers for its Crypto Project Libra
  • Visa Launches New Network to Facilitate B2B Cross-Border Payments in 30+ Countries
  • NEO and Liquefy Partner to Issue Security Tokens
  • Ziyen Inc. to Tokenize Oil & Gas on Ethereum Blockchain
  • Altcoins.io to be transformed into Securities Token Exchange

Market Momentum

Since last Monday the crypto markets have gained a solid 16%, driven largely by Bitcoin, where the total crypto market capitalization is at $284 billion. Over the same period daily volume has jumped from $60 to $75 billion. Bitcoin dominance is also up to 57.3% as it continues to eat into Altcoins. Bitcoin spiked by more than 18% last week, violating the generally bearish falling wedge pattern which pushed BTC back to yearly highs of  $9,400. The rest of the top-30 coins have recorded gains as well, with top performing assets Chainlink (54.4%), Neo and Zcash (both up 20%).

Crypto Market News

Bakkt to Launch Bitcoin Futures Testing On 22 July

On July 22nd, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S 

Binance to Launch U.S. Exchange and Blocks U.S. Customers in the meantime

Binance, the world’s largest cryptocurrency exchange by volume, is launching a U.S. division. The Malta-based company said on Thursday that it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance’s wallet and matching engine technologies.

Binance has also announced that it will stop serving US individual and corporate customers on Binance.com in September. Binance currently gets approximately 15% of its traffic from U.S. customers. 

Facebook Signs Up Notable Backers for its Crypto Project Libra

As reported by The Wall Street Journal, Facebook’s cryptocurrency project Libra will be governed by a consortium of firms known as the Libra Association, which includes the likes of Visa, Mastercard, and PayPal.

Ahead of its cryptocurrency launch, Facebook has hired British bank lobbyist Ed Bowles, a veteran executive at Standard Chartered, who will join the social media network in September. 

Visa Launches New Network to Facilitate B2B Cross-Border Payments in 30+ Countries

Visa has announced the launch of its new payments network designed to speed up cross-border transactions.

The Visa B2B Connect network aims to provide financial institutions with a tool to manage corporate client international payments quickly. Upon launch, it will cover over 30 global trade corridors, with plans to expand to 90 markets by the end of the year. The network is utilising the open-source Hyperledger Fabric framework.

Square Recruits Former Google Product Director Steve Lee

US-based payments service platform Square Crypto has recruited former Google product director Steve Lee to boost bitcoin development, which accounts for a large amount of revenue in Square’s Cash app (the number 1 finance app).

Security Token News

NEO and Liquefy Partner to Issue Security Tokens

NEO Global Development (NGD), NEO’s investment arm, has just announced it is investing and partnering with Liquefy. The purpose of the collaboration is to develop security tokens on the NEO network.

Ziyen Inc. to Tokenize Oil & Gas on Ethereum Blockchain

Ziyen Inc., an oil and energy company, has just announced it will be tokenizing oil assets. The tokens will be stored on the Ethereum blockchain. 

Altcoins.io to be Transformed into Securities Token Exchange

The decentralized exchange Altcoin.io has just been acquired by BnkToTheFuture to build a compliant securities token exchange. BnkToTheFuture hopes to leverage the DEX’s technology to create an accessible exchange for tokenized securities.

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.


About the author

NKB Group
NKB operates as a full-service investment bank focused on blockchain technology. We are a one-stop solution for our clients - opening the new world of crypto assets and delivering it via the best practices of traditional finance.




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