Market Analysis Report

10 June 2024

Crypto-Correction Relief Rally

The rout across all crypto markets has seen some respite in the past hours as key cryptos have rallied. Fears on scaling, the ethereum network issues and the strength of the bull run of late have seen traders switch crypto for fiat. Bitcoin saw lows of $2350 with ethereum $218 at its nadir. Bitcoin has seen volumes of 163k bitcoin on the USD pair or just shy of $400m - the USD & JPY pairs both dominate with 38% and 31% respectively. 

Ethereum has seen 145k BTC on its BTC ETH pair and the brunt of volume trading - or c.$350 million USD. BTC, USD and KRW pairs make up over 80% of volume with percentages at 27%, 33% and 19%. 

Read more here and see live charts here

Vitalik Proof of Life

Vitalik has used the ethereum blockchain to prove he is alive after rumours surfaced on 4chan saying that he had died in a car crash. Vitalik took a picture of himself and the latest ethereum block hash to prove that he was alive at a time after the rumours were initiated.

Read more here

Barclays in Talks with UK regulators on Crypto Currencies

The CEO of Barclays UK, Ashok Vaswani, has said that their bank has been in contact with the FCA on how to bring crypto currencies into play - although the statement does not clarify the exact nature of what has been broached it does indicate the continued warming by industry towards the technology. 

"We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play,"

Read more here

Coinbase Flash Crash Users to be Reimbursed

GDAX, the Coinbase digital currency exchange faced a flash crash where prices fell from $320 to $0.10. Traders stop losses were triggered as a result which exacerbated selling. A large multi million dollar market sell order was the culprit which dropped prices 30% to 224 and triggered 800 stop losses which then pulled the price down to its lowest point of ten cents. 

The exchange announced yesterday that they will be using comapny funds to reimburse customers:

“We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement.” – GDAX

Read more here

 

State of the Crypto

Bitcoin is down 4% at $2,420.12 with a volume of Ƀ 166,989 - $400m on the USD pairs.

Litecoin is down 8.45% against the dollar for the day at $36.6 and down 4% to Ƀ 0.01514 on volumes of Ƀ 19k.

Ether is down 6.11% against Bitcoin at Ƀ 0.09877 per Ether and down 10.3% against the dollar to $235.30 with average volume Ƀ 146k on the ETH/BTC pair.

Dash is up 2.2% at Ƀ 0.06661 with Ƀ 5.8k volume and down 1.2% against the dollar at $159.81.

Ripple is down 2.3% to Ƀ 0.00009971 with volumes of Ƀ 20.6k and down 6.3% against the dollar at $0.2356.

Zcash is up 7.8% for the day to Ƀ 0.1265 per ZEC and up 3.4% against the dollar to $298 with an average volume of Ƀ 5.7k for the 24 hour period.

Monero is down 10.66% against the dollar at $39.65 and down 6.4% against Bitcoin at Ƀ 0.01698 on volumes of Ƀ 3.5k.

Ether Classic is up 3% to Ƀ 0.007126 with volumes of Ƀ 11.6k and down 6.2% against the dollar at $16.8.

Stratis is down 19% to Ƀ 0.002554 on Ƀ 4.3k volume.

Waves is down 1% to Ƀ 0.001653 on Ƀ 1.4k volume.
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