The crypto markets were under pressure, with most of the top 100 cryptocurrencies trading down -2.0% or more in the last 24h. The total market cap declined -2.0% to USD 132 billion from USD 134 billion. Despite today’s drop, trading volume is up significantly and is hovering around USD 31 billion. The market breadth in top 100 was weak with an advance to decline ratio of 20/80. In the top 100, Crypto.com Chain was the best performer with a +59.4% pop as it has been listed on Bittrex International, an international exchange by a premier U.S.-based blockchain trading platform Bittrex. Crypto.com Chain was followed by Revain (+37.6%) and Golem (+18.9%). Bitcoin is down -1.6% at USD 3,874, XRP lost -1.3% to USD 0.3079 while Ether slumped -3.4% to USD 131 in the last 24h.
In interesting developments from the mainstreet and the wallstreet, Emaar Group revealed its plans to launch a token called, “Emaar community token” for its customers, which will be developed by Lykke, a Swiss blockchain startup by the end of 2019, with an ultimate goal of launching an ICO in Europe whereas Barclays analyst Ross Sandler says Facebook’s reported stablecoin project “Facebook Coin”could be a significant moneymaker for the social media giant, potentially generating an additional revenue for the firm anywhere from USD 3 billion to USD 19 billion by 2021 and will change the story for Facecbook shares. The exchanges are also making their moves in the blockchain space; after the launch of Ethereum based ETP and partnership with R3’s Corda platform, the Swiss stock exchange SIX, is reportedly planning to list XRP exchange traded product (AXRP) to track Ripple coin value and has also obtained clearance to issue ETPs linked to Bitcoin Cash, Litecoin, Stellar Lumens and EOS while Global market infrastructure provider Deutsche Borse Group, Swiss state-owned telecoms and ICT firm Swisscom, and Swiss and Singapore-based fintech company Sygnum have entered into a strategic partnership to build out a regulatory compliant financial market infrastructure for digital assets using distributed ledger technology. In a separate development, Tech giant IBM is partnering with blockchain consortium and credit union service organization (CUSO) CULedger to develop new blockchain-based solutions for the credit union industry that will innovate existing business models and processes in order to improve services such as digital identity authentication, KYC compliance, lending and payments services, and other consumer processes that require authentication. In opinion piece, the US SEC Commissioner Hester M. Peirce, aka “Crypto Mom”, has made remarks in favor of self-regulation of cryptocurrency markets when possible while delivering a public talk on March 9th along with former CFTC chairman Gary Gensler at the MIT Bitcoin Expo 2019.
Have a great day!
Your Blocksmatter Team