Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 9,663.14 with a loss of 7.04% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $10,191 representing a loss of 8% in the last 24 hours. More than $2B worth of BTC were exchanged in the BTC/USD market representing a 39% share of daily volume, followed by the BTC/JPY pair that represents a 33% share.

The Ethereum price has dropped by 7.4% over the past 24 hours and is currently sitting at $1,084, with over $900M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 38% market share of the daily trading volume.

See live charts here and here

South Korea Ends Anonymous Cryptocurrency Trading

Yesterday, South Korea began converting the existing virtual cryptocurrency accounts to real-name accounts as mandated by the government. The implementation of this new account system effectively ends “the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,” Yonhap reported.

Six major banks in the country are participating in this new system so far: Shinhan Bank, Nonghyup Bank, Industrial Bank of Korea, Kookmin Bank, Hana Bank, and Gwangju Bank. Yonhap elaborated:

"Opening cryptocurrency accounts has been banned for weeks while the banks have installed the system, which ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals."

Read more here

U.S. Regulators Send Tether and Bitfinex Subpoenas

According to Bloomberg, the CFTC sent subpoenas to both Tether and Bitfinex on December 6. Tether and Bitfinex did respond to a question regarding the summons in an emailed statement sent to the news outlet. Bitfinex and Tether representatives stated:

“We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests."

Read more here

German Regulator Orders Crypto Exchange to Halt Brokerage Business

German Financial Supervisory Authority (BaFin) has ordered Crypto.exchange GmbH, a Berlin-based exchange, to immediately stop acting as a financial broker. The order was issued after the exchange advertised on its website, btc-now.de, that it would sell customer's Bitcoins for euros and sell them on a stock exchange, says BaFin in a statement.

The firm claimed the purchase price would be transferred to the investors within 30 minutes. According to BaFin, the financial commission business operated by Crypto.exchange GmbH is not authorized by the regulator. The financial watchdog took the decision after users claimed that they did not receive any money for cryptocurrency that was transferred to the firm, Bloomberg states. The statement reads:

"The BaFin order is immediately enforceable by law, but not yet final."

Read more here

Samsung Electronics Enters the Bitcoin Mining ASIC Business

Samsung Electronics, the flagship company of the Korea-based multinational conglomerate Samsung Group, has entered the Bitcoin mining business, according to reports from the country. Samsung Electronics completed the process for the development of semiconductor ASIC (Application Specific Integrated Circuit) for Bitcoin mining last year.

Read more here

Introducing Flippening - A Weekly Podcast For Full-Time Crypto Investors

Hi, my name is Clay, and my team recently launched a Weekly Podcast for full-time crypto investors - It’s called Flippening.

Each week, we discuss the cryptocurrency economy, new investment strategies for maximizing returns, and stories from the front lines of financial disruption.

Published every Thursday, Flippening features:

• Conversations with top analysts and technicians
• Deep dives with fund managers
• Discussions with market makers and liquidity providers
• Teach-ins with top crypto attorneys, accountants, and regulators
• Market overviews with exchange and OTC desk operators

The first few episodes contain:

1. An interview with a crypto hedge fund manager
2. A conversation with the very first crypto “Fund of Funds”
3. The top soundbites & highlights from the “Consensus: Invest” conference
4. An interview with a crypto liquidity provider
5. A discussion with a crypto derivatives expert about LedgerX, Cboe, CME Group’s derivatives offerings

Flippening is for a new class of investors that were not part of the financial services world before Bitcoin, but got into the finance because of their passion for cryptoassets, blockchain, altcoins, and distributed ledger technology.

To check out (and subscribe to) the podcast, click here.

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