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MV Index Solutions GmbH (MVIS) and CryptoCompare have announced the launch of two new professional-grade indices involving Bitcoin and Ethereum.
The recently appointed global Head of Digital Assets of American multinational investment bank and financial services company Goldman Sachs has revealed the firm is exploring the idea of creating its own “fiat digital token.”
Germany’s financial regulator, BaFin, is seizing cryptocurrency ATMs run by “Shitcoins Club,” a Polish operator that has been ordered to stop trading cryptoassets in the country.
The Nomura Research Institute (NRI), a leading provider of consulting services and system solutions, has announced that, in coordination with Intelligence Unit (IU), it developed and provided price estimations for cryptocurrencies, the “NRI/IU Crypto-Asset Reference Price.”
Top stories in the Crypto Roundup today:
- MVIS and CryptoCompare Launch Institutional Ethereum and Bitcoin Indices
- Goldman Sachs Considering Creating Its Own Fiat-Backed Stablecoin
- Top-Tier Crypto Exchanges Beat Riskier Platforms as Crypto Trading Volumes Recover
- Nomura Research Institute Develops Price Appraisal Solution for Cryptoassets
At the time of writing, bitcoin (BTC) is trading at $11,752.25 (0.32%) with a daily Top Tier volume of $4.19 bn. As for ether (ETH), it is trading at $392.97 (-1.19%) with a daily Top Tier volume of $1.73 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,548.79 (-0.06%).
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MVIS and CryptoCompare Launch Institutional Ethereum and Bitcoin Indices
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MV Index Solutions GmbH (MVIS) and CryptoCompare have announced the launch of two new professional-grade indices involving Bitcoin and Ethereum, the MVIS CryptoCompare Institutional Ethereum Index (ticker: MVIETH), and the MVIS CryptoCompare Bitocin VWAP Close Index (ticker: MVBTCV).
The MVIS CryptoCompare Institutional Ethereum Index is an index designed to measure the performance of a digital assets portfolio investing in Ethereum, priced on select cryptoasset exchanges. The MVIS CryptoCompare Bitocin VWAP Close Index is designed to measure the performance of a portfolio which invests in BTC, with a closing value based on an hourly VWAP price.
Charles Hayter, CEO of CryptoCompare, said:
“Today’s launch of the MVBTCV and MVIETH indices reflects the growing demand for regulated digital asset investment products. The indices will provide investors with a transparent benchmark to measure the performance of their Bitcoin and Ethereum exposure.”
Thomas Kettner, COO at MVIS, pointed out the “MVBTCV is an index with a robust closing price to be less susceptible to market manipulation, MVIETH is a complement to our successful MVIBTC Index.” The MVIETH tracks the performance of Ethereum on Binance, Bitstamp, Coinbase, itBit, and Kraken, while the MVBTCV covers the broadest CCCAGG pricing for indices from CryptoCompare.
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Goldman Sachs Considering Creating Its Own Fiat-Backed Stablecoin
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The recently appointed global Head of Digital Assets of American multinational investment bank and financial services company Goldman Sachs has revealed the firm is exploring the idea of creating its own “fiat digital token.”
Mathew McDermott, who has been with Goldman Sachs for nearly 15 years, has shared his vision for a blockchain-powered financial system during an interview with CNBC, in which he revealed that in the next 10 years “you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain.” McDermott added:
His first goal is to help “the essential plumbing of finance like repurchase agreements known as the repo market, do digital.” During the interview, he mentioned Goldman Sachs could launch its own cryptocurrency, a stablecoin:
“We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases.”
As far as the crypto space is concerned, he commented Goldman Sachs has “definitely seen an uptick in interest across some of our institutional clients who are exploring how they can participate in this space.” Per his words, it feels “like there is a resurgence of interest in cryptocurrencies.”
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Top-Tier Crypto Exchanges Beat Riskier Platforms as Crypto Trading Volumes Recover
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Top cryptocurrency exchanges have seen their trading volumes surge throughout July, so much so these now represent 60% of the crypto space’s total spot volume.
CryptoCompare’s July 2020 Exchange Review shows that Top-Tier cryptocurrency trading platforms, those graded AA-B according to the CryptoCompare Exchange Benchmark, have seen their spot volumes increased by 42.1% to $334 billion last month, which helped them surpass lower quality exchanges.
Lower-Tier exchanges saw their volumes decrease 38.1% to $224 billion in July. The volume is dwindling on riskier cryptoasset trading platforms as investors likely moved toward safer cryptocurrency exchanges when the crypto market started rising, after bitcoin’s price surpassed $10,000.
Top-Tier cryptocurrency exchanges have been gaining market share over the last few months against those graded C-E on the Exchange Benchmark. In the fourth quarter of last year, Top-Tier platforms accounted for 32% of global volumes, while in the first quarter of this year they accounted for 36%.
In Q2 2020, these trading platforms saw their share grow to 40% of the total spot trading volumes, while in June the volume was already 46%. Lower-Tier exchanges, over the same period, saw their volumes drop from 68% to 54%.
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MET’s network activity shows that over 580,000 MET tokens were bought by users between July 29th and 30th, which caused the price of MET to nearly double. What we found is that many users had contracts already in place that would be triggered by this event, to trade MET on repeat for several days.
The contracts were written to borrow ETH from the Aave protocol, use Metronome’s autonomous converter to buy MET, trade MET on the Uniswap Protocol, and pay back the loan on Aave, all in one transaction.
Each user made approximately $3 per transaction, and the contracts kept trading as long as price was still increasing. This of course caused an upward pressure on price.
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Nomura Research Institute Develops Price Appraisal Solution for Cryptoassets
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The Nomura Research Institute (NRI), a leading provider of consulting services and system solutions, has announced that, in coordination with Intelligence Unit (IU), it developed and provided price estimations for cryptocurrencies, the “NRI/IU Crypto-Asset Reference Price.”
The new offering has been available to domestic and international institutional investors, financial information vendors, and crypto exchanges beginning from July 1, 2020, through NRI’s financial information database.
It follows NRI and IU’s announcement of the “NRI/IU Crypto-Asset Index,” which has served as the benchmark index for the cryptoasset market since it was launched in February 2020. The new reference price will provide context and allow crypto exchanges and institutional investors to estimate the best price for each asset.
The NRI/IU Crypto-Asset Reference Price provides real-time price estimation in Japanese Yen (JPY) for crypto-assets including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP and others. Its users will also be able to manage cryptoasset products by evaluating the prices of cryptos to calculate objective market valuations and prices.
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State of the Crypto by Top Tier Exchange Volume
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