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Cryptocurrency End of Day Recap

May 30, 2018

  • According to a recently published survey, over one third of high net worth individuals have invested or plan to invest in cryptocurrency. The survey was conducted by deVere group which surveyed 600 of its clients from all over the world. Currently, deVere provides clients with storage, and a way to transfer and exchange Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).  The firm is planning on adding more cryptocurrencies to its platform and is likely to support Bitcoin Cash (BCH) and EOS (EOS).
  • Brian Stutland of Equity Armor Investments has said that Bitcoin is becoming the new VIX in terms of getting ahead of credit risk in the banking index. He cited that there is a strong correlation between VIX and Bitcoin based on the last thirty days of trading data. Stutland also believes that investors are moving their investment capital “under [the] pillow” when market conditions warrant caution and that investors move money off the balance sheets of banks and into their own wallets.
  • Tradeshift, is going to work towards blockchain development from the cash it received in its most recent funding round. Goldman Sachs was one of the major investors and the total amount raised is now over USD$400mm. The firm is looking to integrate blockchain technology with the trade supply industry.
  • The amount of money invested into ICOs this month has surpassed the amount raised in April which is the first month over month increase this year according to The estimated amount raised this month is USD$715mm, which is a ~27% increase from April’s USD$516mm. The total estimated amount raised this year is USD$5mm, which is roughly 82% of the USD$6.1bn raised in 2017.
  • Company-based loyalty rewards are starting to incorporate cryptocurrencies into their programs. Tokyo based e-commerce company is allowing users to issue its own rewards coin that can be converted to cash. Another firm, EZ Rent-A-Car will be allowing reward-program members to convert their loyalty rewards into cryptocurrencies like Bitcoin (BTC). Loyalty program growth has slowed by 15% over a 2-year period as of 2016, and more than half of loyalty members in the US are inactive. Companies are optimistic that the incorporation of digital assets will revamp their loyalty programs.