Market Analysis Report

10 June 2024

Market Update

This week, a few popular Chinese Bitcoin exchanges, BTCC, Bitkan, and Viabtc, shut down and stopped cryptocurrency trading operations. The closures followed the recent government decision to legislate virtual currencies on the 1st of October. Speculators believe domestic exchanges in China will be back after the nation’s virtual currency regulations are enforced.

The Bitcoin price pulled back yesterday, dipping nearly $200 at 9:00 AM. The Ethereum price retreated by a similar degree, causing the wider markets to contract by more than $6 billion.

However, at press time, Bitcoin price is sitting at $4,346, having already recovered 1.27% in the last 24 hours, with over $280M worth of BTC exchanged on the BTC/USD pair, representing a 29.10% share of daily volume, second only to the JPY at 54.23%.

Ethereum is also showing some gains in the last 24 hours. Currently sitting at $295.26, the Ethereum price rose 1.02% yesterday, with over $78M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 38.42% share of daily trading volume.

See live charts here

Bittrex’s Bitshares Bombshell: Bittrex Delists Five Pairs

Yesterday, Julian Yap of Bittrex stated that the following pairs would be delisted: BTC-BTA, BTC-BTS, BTC-DAR, BTC-DRACO and ETH-BTS. The biggest market capped coin being delisted, Bitshares, has come as a huge shock to cryptocurrency community. Bitshares market cap, despite the recent trade-off, is sitting at $100 million, but once peaked at $900 million earlier this year.

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Sweden’s Largest Online Stockbroker Avanza Bank Adds Bitcoin Services

This week, Avanza Bank, Sweden’s largest online stockbroker with over 600,000 customers is now providing clients with the ability to track bitcoin and other digital assets using their account interface. According to CEO Johan Prom, Avanza customers will be able to view both Bitcoin and Ethereum holdings.

“More and more of our customers are investing in cryptocurrencies, and therefore it is natural that they can follow the value directly with us.”

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Oracle Joins the Blockchain Craze, Uses Hyperledger Fabric

Oracle Corporation opened its annual conference ‘Oracle OpenWorld’ announcing its new Blockchain service. Yesterday, the SaaS giant joined the likes SAP to compete directly in Blockchain cloud services. Its new Blockchain cloud service aims to give enterprise customers who want to get involved with the Blockchain a fully managed approach. According to Amit Zavery, senior vice president at Oracle Cloud:

“There are not a lot of production-ready capabilities around Blockchain for the enterprise. There [hasn’t been] a fully end-to-end, distributed and secure Blockchain as a service.”

Read more here

Malta's Government Is Putting Academic Certificates on a Blockchain

Malta's government is set to trial blockchain for keeping track of academic certifications. The Ministry of Education and Employment has struck an agreement with blockchain startup Learning Machine Technologies to build a prototype platform that will allow users to securely store and share their academic documents – as well as prove that the credentials belong to them. The system will be built using the Blockcerts open standard, which was developed by Learning Machine Technologies and the MIT Media Lab in 2016. Evarist Bartolo, Minister for Education and Employment in Malta, stated in a press release:

"This is a win/win for Malta, whose skilled workforce is among the primary drivers of its economic success."

Read more here

Recently Added:

GLA was added to upcoming ICO list

SND was added to upcoming ICO list

NaPoleonX: Meet the Founders!

NaPoleonX, a Fintech company incubated in Polytechnique “X” in Paris (French engineer research center), aims to launch the first algorithmic asset management firm for crypto investors and beyond.

NPX token holders will benefit from 85% of all Botom (performance fees) generated by all the future DAFs launched and will be granted for preferred access during the future DAFs' launch. They will also release the first Serie of Financial index on blockchain (Proof of Performance).

If you just missed the ICO summit in Zurich, you can still meet the founders before the 10 October pre-ICO at London World Blockchain Forum and BECON Barcelona as speakers.

To learn more about NaPoleonX visit their Blog, Twitter, or join their Telegram channel.

Read more here

All Cryptocurrency Operations Made in One-Click with ZUMMINER!

The American team of blockchain developers has officially announced the release of its new product - ZUMMINER, a multi-currency wallet for all financial operations with cryptocurrency. The main features of the wallet includes the ability to work with a list of top-level cryptocurrencies (Bitcoin, Ethereum, Dash, ZCash, Litecoin) and make transactions at the 100% securest level. In addition, ZUMMINER multi-currency wallet has a number of the following basic functions:

Instant exchange of basic cryptocurrencies inside the wallet at the current exchange rate;
Exchange and storage of funds in USD;
Instant replenishment of the wallet;
Stable network operation;
The possibility of fixed earnings up to 0.33% daily on investment in the project;
Timely payments to users;
Technical support 24/7, ready to answer any questions.

In terms of the development, the creators at ZUMMINER will offer users even more opportunities, such as adding new currencies to the platform and improve the code. In this case, experts believe that the wallet will be competitive and will contribute to further the large-scale popularization of cryptocurrencies around the world.

Press Release

State of the Crypto

Bitcoin is up 1.23% at $4,346 with a volume of $65.5k - $281.5M on the USD pairs.

Litecoin is up 1.62% against the dollar for the day at $52.65 and up 0.5% to Ƀ0.01215 on volumes of Ƀ2.8k.

Ether is up 0.06% against Bitcoin at Ƀ0.06819 per Ether and up 1.02% against the dollar to $295.08 with average volume Ƀ16.1k on the ETH/BTC pair.

Dash is down 0.54% at Ƀ0.06979 with Ƀ3.1k volume and up 0.26% against the dollar at $302.03.

Ripple is up 1.56% to Ƀ0.00004748 with volumes of Ƀ2.1k and up 2.95% against the dollar at $0.206.

Zcash is up 0.59% for the day to Ƀ0.05752 per ZEC and up 1.84% against the dollar to $249.68 with an average volume of Ƀ2.9k for the 24 hour period.

Monero is up 3.93% against the dollar at $91.56 and up 2.68% against Bitcoin at Ƀ0.02106 on volumes of Ƀ4.8k.

Ether Classic is up 1.46% to Ƀ0.002845 with volumes of Ƀ854.771 and up 2.41% against the dollar at $12.34.

Waves is up 4.23% to Ƀ0.001161 on Ƀ1.4k volume.

Stratis is up 6.34% to Ƀ0.0008789 on Ƀ2.3k volume.