Market Analysis Report

Market Update

There have been unsubstantiated rumors that China is going to ban Bitcoin mining which has seen sentiment and the market turn negative. If the Chinese are going to ban Bitcoin fully, then it would be logical they would also ban bitcoin mining, as it is a means of converting Chinese electricity to capital outflow. China has less than 15% of Bitcoin trading volume but is purported to hold 60% if not more of global mining capacity.

The past week proved highly challenging for the whole market. John Hathaway, of Tocqueville Asset Management, also, branded the cryptocurrency market "a bubble."

Japan’s Financial Services Agency (FSA) gives a bit of positivity to the market as it is considering the possibility of surveying ICOs in Japan. The FSA has played a pivotal role in drawing up rules regarding cryptocurrencies in Japan, despite the fact that the country has officially classified Bitcoin as a payment method.

At press time, Bitcoin price is sitting at $3,685 with over $518 M worth of BTC exchanged in the past 24 hours on the BTC USD pair, which has a 38.08% share of daily volume, second to JPY at 43.22%.

Ethereum has not stayed long at the minimum it had reached. The support zone at $280 has confirmed its significance again, as the price has quickly regained those levels. Currently sitting at $267, the ETH price has dropped a bit yesterday, with over $215 M worth of Ethereum exchanged in the past 24 hours on the ETH USD pair, which has a 38.35% share of daily volume.

The altcoin markets followed the prevailing current, leading most coins into a slight decline.

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South Korea Passes China in Bitcoin Trading

After the massive eruption in the Bitcoin market over the past weeks because of negative news from China, it appears that Bitcoin transaction volume has shifted out of China. South Korea has passed China in total Bitcoin trading volume today, as reported by Joseph Young via Twitter. Young’s Twitter post indicates the shift:

"Today, South Korea surpassed China in #bitcoin trading volume. South Korea's Bithumb processes more volume than Bitfinex + Bittrex."

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The European Union Wants Penalties for Cryptocurrency Crimes

The European Commission is gearing up to propose new penalties for cyber crimes involving cryptocurrencies. In a release yesterday, the European Union's executive arm outlined its intent to introduce a new directive focused on digital crimes, citing recent ransomware attacks in the region and abroad. Part of that plan would involve the creation of a European cyber security agency to spearhead such efforts. Included in the proposal, is a plan to punish those who are involved in related cybercrimes, including ransomware attacks. The commission said:

"The proposed directive will strengthen the ability of law enforcement authorities to tackle this form of crime by expanding the scope of the offenses related to information systems to all payment transactions, including transactions in virtual currencies."

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Market Abuse Report Filed Against JP Morgan's Jamie Dimon

Earlier this month, JP Morgan’s CEO Jamie Dimon stated that Bitcoin was “a fraud” while speaking at a banking conference in New York, and even remarked that the world’s number one cryptocurrency would eventually “be closed.”Now, Swedish bitcoin market-maker

Now, Swedish Bitcoin market-maker Blockswater, filed a market abuse report against the banker, for “spreading false and misleading information” about the cryptocurrency. Florian Schweitzer, a managing partner at the Swedish firm, added:

"Jamie Dimon's public assertions did not only affect the reputation of Bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system”

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Recently Added:

SKR added to Upcoming ICO list

3DES added to Upcoming ICO list

PYN added to Upcoming ICO list