Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,416.12 Yesterday at 5 pm (GMT) and has since dropped  11.81%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,412 representing a loss of 13.17% in the last 24 hours. More than $1.1 B worth of BTC were exchanged in the BTC/USD market representing a 34.89% share of the global daily volume. The BTC/JPY pair represents an 11.53% share.

The Ethereum price has dropped 7.76% over the past 24 hours and is currently sitting at $227, with over $350 worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 27.84% market share of the daily trading volume.

See live charts here and here

Goldman Sachs Drops Plan to Open Bitcoin Trading Desk, for Now

According to Business Insider, Goldman Sachs has dropped plans to launch a cryptocurrency trading desk in the near future. Reportedly, the bank has decided to sideline its plans due to the regulatory framework for crypto which is still unclear on several aspects. Despite the recent announcement, Goldman Sachs will still focus on developing its crypto custody service which will allow the bank to hold cryptocurrencies on behalf of large fund clients. The news outlet stated:

"But for now, Goldman is focusing on other projects such as a custody product for crypto, which would mean that the bank holds cryptocurrency and, potentially, keeps track of price changes on behalf of large fund clients. Many market observers have said that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings."

Read more here

Coinbase Pro Launching New GBP Trading Pairs

Yesterday, the General Manager for Coinbase Pro, David Farmer announced that the company will soon launch new GBP trading pairs for Ethereum (ETH), Ethereum Classic, Litecoin (LTC) and Bitcoin Cash (BCH) in addition to Bitcoin. In accordance with the announcement, the new trading pairs will be added on the 7th of September and will go through three stages to the launch as stated by Farmer:

"Post-only. In the first stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes. Limit-only. In the second stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders."

Read more here

Twitter CEO Tells Congress It's Exploring Blockchain to Help Fight Scams

Yesterday, Twitter CEO Jack Dorsey, told a Congressional committee that Twitter is exploring blockchain technology to overcome scams and misinformation. When asked about their previously expressed interest in the broad applications of blockchain technology and what potential applications he sees for blockchain, Dorsey answered:

"We haven't gone as deep as we'd like just yet in understanding how we might apply this technology to the problems we're facing at Twitter, but we do have people within the company thinking about it today."

Read more here

Vault Partners With Prime Trust As Custodian For Its Upcoming Gold-Backed/Redeemable, USD-Pegged Stablecoin

Vault, the Canadian-Swiss smart contract platform, today announces its partnership with blockchain-driven trust company Prime Trust.

Under the partnership, Prime Trust will act as fiduciary and custodian of the LBMA gold bullion behind Vault’s gold-backed and redeemable, 1:1 USD-pegged stablecoin, USDVault, which will launch in Fall 2018.

The new partnership both positions Vault’s USDVault token as a viable alternative to market-leading fiat-backed stablecoins, and signals Prime Trust’s first move into the world of precious metals – a move that bridges the two asset classes that have a special appeal to investors seeking opportunities outside conventional markets.

Under the partnership, Prime Trust will act as the fiduciary partner and custodian for all assets related to Vault’s USDVault token. After passing KYC/AML compliance checks, token buyers will transfer funds to Prime Trust, which is then responsible for executing the operation protocol provided by the Vault Platform. This includes purchasing of gold bullion and a specific hedge with Vault’s designated financial partners to maintain price stability vis-a-vis the US dollar. All transportation and storage of the gold bullion will be conducted by a fully insured vaulting company in Switzerland.

“Together, Vault and Prime Trust will offer cryptocurrency investors something previously unheard of,” says Vault CEO and Co-founder Ranjeet Sodhi. “Leveraging our respective strengths, we are creating the gold standard of stablecoins for institutional investors.

For more information about Vault and USDVault, click here.