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Cryptocurrencies reverse and trade higher as Arca Funds files to offer digitized securities

Apr 16, 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$5210.68 -0.17% 3.07% -0.12% USD$91,963,626,539 USD$11,551,152,531
Ethereum ETH USD$165.89 -0.36% 3.21% -6.32% USD$17,531,930,715 USD$5,213,359,364
EOS EOS USD$5.5 0.05% 3.13% -1.6% USD$4,984,894,321 USD$1,998,273,390
Bitcoin Cash BCH USD$317.6 -0.2% 2.6% 6.37% USD$5,631,597,523 USD$1,770,498,729
XRP XRP USD$0.32 -0.11% 1.69% -7.38% USD$13,629,899,655 USD$799,790,992

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
Monero XMR USD$67.9 -0.02% 4.73% -1.1% USD$1,149,160,520 USD$95,541,075
Ethereum ETH USD$165.89 -0.36% 3.21% -6.32% USD$17,531,930,715 USD$5,213,359,364
EOS EOS USD$5.5 0.05% 3.13% -1.6% USD$4,984,894,321 USD$1,998,273,390
Bitcoin BTC USD$5210.68 -0.17% 3.07% -0.12% USD$91,963,626,539 USD$11,551,152,531
Bitcoin Cash BCH USD$317.6 -0.2% 2.6% 6.37% USD$5,631,597,523 USD$1,770,498,729

 

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Crypto Market Recap

  • Cryptocurrencies reversed this afternoon and are now trading notably higher as the price of Bitcoin (BTC) is up 3.18% over the last 24 hours to USD$5,218. Monero (XMR) is leading major coins in gains today, up 4.73% over the last 24 hours to USD67.99. Litecoin (LTC) is following closely behind XMR, up 4.18% over the last 24 hours to USD$81.16. Investors are continuing to sell off Bitcoin SV (BSV), meanwhile, as the hard forked coin is trading 9.49% lower over the last 24 hours at USD$55.04.  
  • OKEx, one of the world’s largest cryptocurrency exchanges by daily trading volume, has announced that it will not delist Bitcoin SV (BSV). In a series of tweets published on Tuesday, OKEx explained, “As a neutral platform, OKEx respects the efforts of all dedicated teams in advancing the technology of Bitcoin and has no inclination to certain technical directions.” The news comes after Binance announced it will delist BSV next Monday.  
  • SSBI Holdings, the parent company of crypto exchange SBI Virtual Currencies, has announced intentions to delist major cryptocurrency Bitcoin Cash (BCH). The news from SBI Holdings comes as major cryptocurrency exchanges around the world are delisting Bitcoin SV (BSV), a coin that hard forked from BCH just a few months ago. In the past, SBI Holdings CEO and representative director Yoshitaka Kitao has criticized the BC hard fork -- the executive also allegedly has a relationship with Craig Wright, the biggest proponent of BSV.

Crypto Developments in Financial Services

  • eToro, a major global social trading platform, has launched a cryptocurrency exchange for pro traders through its blockchain division, according to an official press release. The new pro trading exchange, dubbed eToroX, is a fully regulated and secure platform that currently features 37 trading pairs. eToroX users are able to trade major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), Bitcoin Cash (BCH), and Litecoin (LTC). The eToroX platform also features 8 stablecoins backed by major international fiat currencies like the US dollar, Japanese yen, and UK pound sterling.  
  • Chainalysis, a major US-based blockchain intelligence firm, has raised an additional USD$6mm in funding from two major Japanese investors. In total, Chainalysis has secured USD$30mm in its Series B funding round that began in February. Chainalysis received notable investments from Japanese companies Mitsubishi UFJ Financial Group and venture capital firm Sozo Ventures. In the past, Chainalysis has hinted that it will target the Japanese market in its expansion through the integration of compliance technology in banks and other financial institutions.

Crypto Regulatory Environment

  • American institutional-grade investment manager Arca Funds has filed for regulatory approval to offer digitized securities on a blockchain, according to documents released on April 12th. Arca Funds has filed with the US Securities and Exchange Commission (SEC) with a goal of issuing Arca UST Coins, which will serve as authenticated digitized shares in the form of ERC-20 tokens on the Ethereum (ETH) blockchain. According to filed documents, the investment objective for Arc’s potential Arca UST Coins is described as seeking, maximum total return consistent with preservation of capital.” 

General Crypto News

  • Binance, one of the world’s largest cryptocurrency exchange by daily trading volume, reportedly generated profit of USD$78mm in its fiscal first quarter, according to news outlet The Block. The Block extrapolated the financial data from Binance’s seventh quarterly Binance Coin (BNB) burn data – according to the report, Binance burned 830,000 BNB in its most recent quarter, which represents 20% of the company's net profit for the quarter. The USD$78mm profit generated in Binance’s fiscal first quarter represents y/y growth of 66%.

 

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

Sources:

https://blog.chainalysis.com/reports/investment-for-apac-expansion 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/arca-funds-files-with-sec-to-issue-stablecoin-like-digitized-shares-on-eth-blockchain 
https://cointelegraph.com/news/chainalysis-caps-series-b-funding-with-6-million-from-two-japanese-heavyweights 
https://cointelegraph.com/news/cryptocurrency-exchange-okex-decides-not-to-delist-bitcoin-satoshi-vision 
https://cointelegraph.com/news/etoro-blockchain-division-launches-crypto-exchange-for-pro-traders-issues-8-stablecoins 
https://cointelegraph.com/news/research-cryptocurrency-exchange-binance-registered-66-profit-increase-in-q1-2019 
https://cointelegraph.com/news/sbi-delists-bch-and-keeps-bsv-amid-major-crypto-exchanges-delisting-bsv 
https://twitter.com/eTorox/status/1118130082399379456 
https://twitter.com/OKEx/status/1118012507703185408 
https://www.coindesk.com/etoro-launches-full-crypto-exchange-and-8-custom-stablecoins 
https://www.coindesk.com/startup-arca-seeks-sec-approval-for-us-treasury-bond-backed-stablecoin 
https://www.sec.gov/Archives/edgar/data/1758583/000121465919002696/r411190n2a2.htm 
https://www.theblockcrypto.com/tiny/binance-brought-in-78-million-in-profits-in-q1-up-66-quarter-on-quarter/ 
 

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