Bitcoin Market Analysis Report 07 May 2019
Subscribe to Blog via Email
Bitcoin Market Update
According to Cryptofxrates report, Bitcoin price is sitting at $5,928 representing a gain of 4.78% in the last 24 hours. More than $250M worth of BTC were exchanged in the BTC/USD market representing a 10% share of the global daily volume. The pair with most volume was the BTC/USDT with a 76% share.
Ethereum Market Update
The market moving up also applied to Ethereum, which is trading with a huge increase of 10.31% over the past 24 hours and is currently sitting at $177.5, with over $130M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 4.75% market share of the daily trading volume. The largest ETH trading pair was the ETH/USDT with a 50.6% share.
Regulators Ready to Approve Ether Futures, CFTC Insider Says
The U.S. Commodity Futures Trading Commission (CFTC) is willing to approve an Ether futures contract – provided it ticks all the right boxes, a senior official said. The CFTC, which oversees derivatives markets in the U.S., has already allowed Bitcoin futures markets to launch, with both CME Group and Cboe Global Exchange offering cash-settled contracts at the end of 2017. Now, the regulator is willing to oversee a similar product for ether, currently, the world’s second-largest cryptocurrency by market cap, said the official.
“I think we can get comfortable with an ether derivative being under our jurisdiction. A derivatives exchange comes to us and says ‘we want to launch this particular product.’ If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be self-certified by us.”
Fidelity to Launch Crypto Trading Within Weeks
Fidelity Investments, one of the biggest asset managers on the planet, will launch a crypto trading service “within weeks”, according to a Bloomberg report. The company says its cryptocurrency trading product is aimed at institutional traders and will initially focus on Bitcoin. Fidelity spokesperson Arlene Roberts said:
“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”
Ether Transaction Volume on DApps Registers New All-Time-High
Ether (ETH) volumes on decentralized applications (DApps) have registered a new high, but new DApps coming on-chain are significantly low, crypto analytics firm Diar reported yesterday. The volume of Ether transacted in April on DApps broke the previous record which was set last December by a small margin. This marks a four-month growth trend in on-chain volumes, with 776,000 ETH transacted.
Diar further notes that this year is the longest growth period in terms of transacted volume that DApps have ever seen. Almost $132 million transacted on DApps are marking a four-month in a row growth and an eight-month high.