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Cryptocurrencies rally as Bitcoin (BTC) daily volume breaches $11 million for first time since April 2018

Mar 15, 2019

 

 
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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3960.85 -0.1% 1.02% 0.92% USD$69,672,411,240 USD$9,168,854,709
Ethereum ETH USD$137.75 -0.25% 3.1% 0.37% USD$14,498,030,216 USD$4,427,213,348
Litecoin LTC USD$58.95 0.02% 4.25% 3.94% USD$3,589,558,096 USD$1,727,655,732
EOS EOS USD$3.71 -0.12% 3.02% -0.34% USD$3,366,291,237 USD$1,608,595,659
XRP XRP USD$0.32 0.06% 0.73% 1.01% USD$13,054,935,309 USD$637,869,972

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin Cash BCH USD$143.99 -0.22% 7.24% 10.41% USD$2,544,804,763 USD$349,171,869
Cardano ADA USD$0.05 0.12% 4.64% 16.35% USD$1,301,660,689 USD$40,264,005
Litecoin LTC USD$58.95 0.02% 4.25% 3.94% USD$3,589,558,096 USD$1,727,655,732
NEM XEM USD$0.05 -0.22% 4.22% 20.72% USD$457,950,754 USD$24,554,825
VeChain VET USD$0.01 0.28% 3.51% 19.52% USD$298,378,581 USD$11,562,219

 

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Crypto Market Recap

  • Global oil prices are on pace for a +4.4% gain this week, Cryptocurrencies are rallying across the board as all major coins are in the green and the price of Bitcoin (BTC) is higher by 1.10% in the last 24 hours to USD$3,963.87. Bitcoin Cash (BCH) is posting the largest gains among major coins this afternoon, up 7.12 over the last 24 hours to USD$143.90. Binance Coin (BNB) and Stellar (XLM) are laggards in afternoon trading, eking out gains of less than 10 basis points each.  
  • It appears we may have a new coin trying to breach the top 20 cryptocurrencies by market capitalization! Crypto.com Chain (CRO), a token based on the Ethereum (ETH) blockchain that launched in mid-December, has soared over 419% over the last week and over 61% today to USD$0.100455. With a market capitalization of USD$385.6 million at the time of this writing, CRO is currently the 21st largest coin by market capitalization. CRO is a coin designed to facilitate retail shopping transactions through other major cryptocurrencies.

Crypto Developments in Financial Services

  • The Chicago Board Options Exchange (CBOE) announced that it will not add a new Bitcoin (BTC) futures market in March as the exchange reconsiders how it approaches digital asset trading. In its official statement on Thursday, CBOE said, “CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing how its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.” Currently listed BTC futures contract, XBTM19, are set to expire in June and all listed futures are still available for trading.  
  • Jesse Lund, the Head of Blockchain Solutions at IBM, hinted in an interview with financial news channel Cheddar that the global tech giant may be developing a cross-border stablecoin payment solution for financial institutions. “More than a few banks around the world see tremendous business benefit to issue stablecoins in their native fiat currency,” Lund said in the interview with Cheddar. When asked how IBM’s prospective stablecoin compares to JPMorgan’s recently announced JPM Coin, Lund responded, “It’s not a proprietary coin like JPMorgan’s solution, although I think what they’re doing makes a lot of sense for them. What JPM’s doing also adds tremendous validation to what we’re doing. But our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is provide fungibility of digital assets across financial institutions.”

Crypto Regulatory Environment

  • The US Securities and Exchange Commission (SEC) announced that its Strategic Hub for Innovation and Financial Technology (Finhub) will host a public forum dedicated to distributed ledger technology (DLT) and digital assets in May 2019. According to an official press release from the SEC, the forum includes a suite of industry experts and is, “designed to foster greater communication and understanding around issues involving DLT and digital assets.” The forum will take place at the SEC’s headquarters in Washington, D.C.

General Crypto News

  • Daily trading volume for Bitcoin (BTC) exceeded USD$11 billion today for the first time since April 25th, 2018. While BTC trading volume historically shared high correlation with the price of the benchmark cryptocurrency, that relationship ended in November 2018 when prices crashed despite trading volumes remaining elevated. On April 25th, 2018 when BTC trading volume was last above USD$11bn, the price of a BTC was USD$8,845.  
  • Bitcoin (BTC) is set to resume a bull market within the next 6 months, that is, according to Fundstrat Global Advisors co-founder Tom Lee. While speaking in an interview with CNBC, the prominent crypto industry pundit explained, “I think the key number to watch is the 200-day moving average. If Bitcoin holds above USD$4,000, it’ll cross its 200-day moving average by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.” Lee also discussed that he believes the most damage to BTC was done when it dropped from USD$6,000 to USD$3,100, which began in mid-November 2018.  
  • Mark Karpeles, the former CEO of defunct Bitcoin (BTC) exchange Mt. Gox, received a suspended jail sentence after he was found guilty of tampering with financial records, according to a Bloomberg report. Karpeles was found guilty of mixing his personal finances in with the exchange’s finances in order to conceal losses from hackers. Karples will not be required to serve the 2 and a half year suspended jail sentence unless he commits an additional offense over the next 4 years. Karples was acquitted of the alleged embezzlement charges with the court stating, “The charge of electronic record tampering is true and deserves punishment, but there’s no criminal evidence of embezzlement.”

 

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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

http://markets.cboe.com/resources/product_update/2019/New-CFE-Products-Being-Added-in-March-2019-Update.pdf 
https://bitcoinist.com/bitcoin-bull-market-august-tom-lee/ 
https://bitcoinist.com/mark-karpeles-avoids-jail-mt-gox/ 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/aug-21-digest-mark-karpeles-re-arrested-in-japan-world-wide-web-consortium-to-launch-web-payments-working-group 
https://cointelegraph.com/news/bitcoin-price-breakout-scheduled-for-august-says-fundstrats-tom-lee 
https://cointelegraph.com/news/cboe-launches-bitcoin-futures-site-immediately-crashes 
https://cointelegraph.com/news/cboe-will-not-list-bitcoin-futures-in-march-cites-need-to-asses-crypto-derivatives 
https://cointelegraph.com/news/fundstats-tom-lee-says-fair-value-of-bitcoin-to-reach-150k-per-coin 
https://cointelegraph.com/news/ibm-hints-at-stablecoin-cross-border-payments-solution-for-financial-institutions 
https://cointelegraph.com/news/japanese-court-finds-ex-mt-gox-ceo-guilty-of-record-tampering 
https://cointelegraph.com/news/secs-finhub-to-host-public-forum-on-blockchain-digital-assets-in-may 
https://cointelegraph.com/news/the-mt-gox-redemption-heading-toward-a-happy-ending 
https://www.bloomberg.com/tosv2.html?vid=&uuid=bfb11cc0-46f8-11e9-8831-fbe298a424a7&url=L25ld3MvYXJ0aWNsZXMvMjAxOS0wMy0xNS9mb3JtZXItYml0Y29pbi1iYXJvbi1tYXJrLWthcnBlbGVzLWdldHMtc3VzcGVuZGVkLWphaWwtdGVybQ== 
https://www.cnbc.com/video/2019/03/14/2019-will-be-year-bitcoin-rockets-higher-says-fundstrats-tom-lee.html 
https://www.coindesk.com/bitcoin-price-ends-november-with-worst-monthly-decline-in-7-years 
https://www.coindesk.com/bitcoin-trading-volume-tops-11-billion-for-first-time-in-nearly-a-year 
https://www.coindesk.com/mt-goxs-mark-karpeles-found-guilty-given-2-6-year-suspended-sentence 
https://www.sec.gov/news/press-release/2019-35 

 

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