The crypto markets are trading sideways with majority of the top 100 cryptocurrencies reporting minor losses over the last 24h. The total market cap marginally declined and is hovering around 134 billion in the last 24h while the trading volume came in a USD 30 billion range. The market breadth in top 100 was weak with an advance to decline ratio of 40/60. In the top 100, REPO was the best performer with a +12.0% jump. REPO is followed by Maximine Coin (+11.9%) and Tezos (+10.3%). Tezos token is surging after the famous Winklevoss Twins, the founders of the Gemini Cryptocurrency Exchange mentioned Tezos as an ethereum type competitor. Bitcoin and XRP were marginally down at USD 3,927 and USD 0.3114 respectively, while Ether lost -1.0% to USD 135, in the last 24h.
Swiss banking group Swissquote has partnered with Zug-based Crypto Storage AG to launch crypto custody services for their clients on March 21, 2019. Both individual and corporate clients will be able to transfer cryptocurrencies from external wallets to a Swissquote account and vice versa even as Fidelity Digital Assets, a division of Fidelity Investments has announced that bitcoin trading and custody services are live with it’s selected clients for large financial institutions, including hedge funds, pensions, family offices, and endowments. In a separate development, independent investment management company Invesco, which has over USD 800 billion in assets under management, has announced the launch of the world’s biggest blockchain-focused ETF with a portfolio of 48 different companies with exposer to blockchain technology on London Stock Exchange. Despite concerns raised earlier by the IMF and the US Treasury Department regarding the safety issues related to launching the cryptocurrency, Island country of Marshall Islands is reportedly getting closer to launching its own digital currency, called the Sovereign, or “SOV.” In regulatory development, the German Federal Ministry of Finance has published a key issues paper that covers the treatment and regulation of blockchain based securities to prevent abuses and protect investors while facilitating the potential of the technology that underpins cryptocurrencies, while the U.S. state of Connecticut introduced a bill proposing that blockchain smart contracts should be authorized for commerce in the state. The bill would, in effect, give equal rights to firms that use smart contracts on a blockchain with those that use more traditional methods to secure information in connection with a transaction.
Have a great day!
Your Blocksmatter Team