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Cryptocurrencies Fall Broadly Lower as CME Group Announces Record Month for Bitcoin (BTC) Futures Trading

May 22, 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$7899.49 -0.03% -1.31% -2.55% USD$139,947,933,470 USD$23,804,151,902
Ethereum ETH USD$252.85 0.33% -1.43% 5.17% USD$26,847,276,956 USD$9,791,228,473
Litecoin LTC USD$90.5 -0.01% -1.65% -8.95% USD$5,600,540,534 USD$2,951,369,323
Bitcoin Cash BCH USD$407.17 -0.02% -3.68% 3.29% USD$7,246,139,093 USD$2,256,198,330
EOS EOS USD$6.24 -0.14% -1.43% -1.66% USD$5,693,211,293 USD$1,995,754,820

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$88.56 0.1% -0.7% -3.88% USD$1,505,175,146 USD$335,030,220
Bitcoin BTC USD$7899.49 -0.03% -1.31% -2.55% USD$139,947,933,470 USD$23,804,151,902
EOS EOS USD$6.24 -0.14% -1.43% -1.66% USD$5,693,211,293 USD$1,995,754,820
Ethereum ETH USD$252.85 0.33% -1.43% 5.17% USD$26,847,276,956 USD$9,791,228,473
Litecoin LTC USD$90.5 -0.01% -1.65% -8.95% USD$5,600,540,534 USD$2,951,369,323

 

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Crypto Market Recap

  • Cryptocurrencies reversed in trading today and are broadly negative with the price of Bitcoin (BTC) down 1.06% over the last 24 hours to $7,914.70. All top 20 coins by market capitalization are in the red with the exception of two -- Binance Coin (BNB) is higher by 50 basis points over the last 24 hours to $31.53 while Bitcoin SV (BSV) is up 3.69% over the last 24 hours to $102.09. NEM (XEM) is leading the declines among major cryptocurrencies this afternoon, falling 6.18% over the last 24 hours to $0.083512.

Crypto Developments in Financial Services

  • Bitcoin (BTC) futures trading in May on the Chicago Mercantile Exchange (CME) is set to break records as the biggest trading month of BTC futures in history, according to a report from the block that cites data from CME Group. Average daily BTC futures contracts traded in May currently sits at 14,000 contracts, an all-time high. Meanwhile, May 13th saw a record high single day trading volume of BTC futures contracts with 33,700 contracts, worth $1.35 billion, being traded in the day. Since the exchange launched BTC futures trading in December 2017, it has observed volume of 1.6 million contracts worth more than $50 billion in notional value.  
  • Mike Novogratz, a former hedge fund manager and the founder of crypto merchant bank Galaxy Digital, disclosed that he sold his stake in Block.one, the maker of the EOS (EOS) blockchain, for $71.2 million. The firm disclosed the stake sale in an announcement on Tuesday and it reportedly generated a 123% return on the initial investment. Novogratz explained in the official press release, “The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio.”  
  • A group of four banks, including DekaBank, dwpbank, DZ Bank, and Hela, were all a part of a successfully issued promissory note on a new blockchain platform, according to an official release Tuesday. According specifically to Heleba, the platform successfully reduced the number of steps involved with transacting such a note by more than 50%. The blockchain transaction also cut out the need for lenders to hold documents or for borrowers receiving the loan to send valuables.

Crypto Regulatory Environment

  • Dutch and Luxembourg authorities in partnership with Europol have successfully shut down one of the three largest cryptocurrency tumblers in the world, according to an announcement from Europol. Cryptocurrency tumblers, which are also known as cryptocurrency mixing services, are anonymity tools aim to make non-private coin transactions private by mixing one’s crypto funds with others. As of the initial report, Dutch, Luxembourg, and Europol authorities have seized six servers of major crypto tumbler Bestmixer.io. Bestmixer.io has reportedly observed turnover of more than $200 million since its launch in May 2018.  
  • The Russia National Settlement Depository (NSD), Russia’s central bank depository, has announced intentions to launch a long-anticipated digital asset ledger by next month. According to comments made by Artem Duvanov, the Head of Innovation and a Director at NSD, the digital asset ledger will be located 5,000 kilometers away from the institution's headquarters in Mosco in Switzerland. “In terms of laws,” Duvanov explained, Switzerland, “allows the tokenization for at least some kind of securities. That’s the first thing. And it’s favorable for such things because there is market demand.”

General Crypto News

  • Circle, the crypto startup behind exchange Poloniex, has laid off about 10% of its staff, or about 30 people, according to a report from CoinDesk. According to comments made by Circle CEO Jeremy Allaire to CoinDesk, the firm is aiming to cut costs with the layoffs. Allaire explained that, “We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.” Yesterday we reported that Poloniex was forced to geofence some trade products after the exchange expanded to the US.

 

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

Sources:

https://bitcoinist.com/mike-novogratz-just-made-71-million-thanks-to-crypto-startups-block-one/ 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/europol-shuts-down-200-million-crypto-mixing-service-bestmixer 
https://cointelegraph.com/news/four-banks-successfully-test-new-blockchain-platform-for-processing-promissory-note-loans 
https://cointelegraph.com/news/may-to-become-strongest-month-for-cmes-bitcoin-futures-trading-report 
https://medium.com/circle-blog/us-crypto-policy-needs-to-change-c95f5425142 
https://www.coindesk.com/71-million-galaxy-digital-sells-stake-in-eos-blockchain-maker-block-one 
https://www.coindesk.com/crypto-startup-circle-lays-off-30-citing-market-regulatory-conditions 
https://www.coindesk.com/russias-central-depository-to-launch-security-token-blockchain-next-month 
https://www.europol.europa.eu/newsroom/news/multi-million-euro-cryptocurrency-laundering-service-bestmixerio-taken-down 
https://www.helaba.com/de/informationen-fuer/medien-und-oeffentlichkeit/news/meldungen/2019/blockchain-plattform-finledger-ermoeglicht-erstmals-vollstaendig-digitale-abwicklung-von-schuldscheindarlehen.php 
https://www.newswire.ca/news-releases/galaxy-digital-announces-material-realized-gain-848014025.html 
https://www.theblockcrypto.com/tiny/cme-bitcoin-futures-trading-number-of-accounts-hit-new-records-in-may/ 

 

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