The cryptocurrency markets analysis following Korea’s ICO ban.

The cryptocurrency markets analysis following Korea’s ICO ban.

The cryptocurrency markets ended last week on a high note actually because of Korea ’s ICO ban. Why? Simply because  traders are not worried about the government’ s new posture toward cryptocurrency.

The cryptocurrency markets analysis following Korea’s ICO ban.

The cryptocurrency markets analysis following Korea’s ICO ban.

Currently, traders and Bitcoin proponents seem optimistic, as there have been a few positive announcements last week, like 11 Japanese exchanges being approved by the FSA. News from China look optimistic as well, as cryptocurrencies are expected to be regulated soon. Also last week, Korean regulators have announced a ban on ICOs - initial coin offerings . 

In the meantime news reports indicated the  prohibition, such as the one enacted by China, was a blanket  ban , China residents still are able to contribute to foreign ICOs as well as trade for those tokens on cryptocurrency exchanges. The news of the ban consequently only had a small effect on cryptocurrency markets so they have  quickly recovered from that dip.

At press time, Bitcoin price is sitting at $4,445.3 up 2.52% in the last 24 hours, with over $260 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 25.41% share of daily volume, second to JPY at 53.97%, this translates into a $73.6 billion market cap.

The Ethereum price did not quite keep up with the pace of Bitcoin’s rally

The Ethereum price did not quite keep up with the pace of Bitcoin’s rally, considering that Korea’s ICO ban has a deeper Impact on Ethereum than most of the altcoins and Bitcoin. 

The Ethereum price reached aria $12 for the week, this translates into a market cap of $28.5 billion. Currently sitting at $301.01, the Ethereum price gained 0.75% yesterday, with over $66.11 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 27.80% share of daily volume.

The Ethereum price reached aria $12 for the week

VanEck's Bitcoin Futures ETF Effort Dealt Blow By SEC

Last month, New York-based money manager VanEck created a great idea. He had filed to establish the VanEck Vectors Bitcoin Strategy ETF to use it to invest in "U.S. exchange-traded bitcoin - linked derivative instruments."

This letter was addressed to the SEC's Division of Investment Management - VanEck assistant general counsel Matthew Babinsky shows that officials at the agency will not  consider reviewing the firm 's request because of the nascent and fragile state of the derivatives market for Bitcoin and other cryptocurrencies. The letter explains:

"... the Staff expressed the view that it is the Commission’s policy to not review a registration statement for a fund where the underlying instruments in which the fund intends to invest primarily are not now available. And Staff requested that the Trust withdraw the Amendment until the time as the underlying instruments in which the Fund intends to primarily invest (es example,  bitcoin futures  contracts) become available  for investors."

Read more here

Bitcoin is up 2.52% at $4,445.28 with a volume of $61.1k - $266.4M on the USD pairs.

Litecoin is up 0.24% against the dollar for the day at $54.77 and down 2.54% to Ƀ0.01227 on volumes of Ƀ3.9k.

Ether is down 2.31% against Bitcoin at Ƀ0.06775 per Ether and up 0.37% against the dollar to $301.6 with average volume Ƀ20.0k on the ETH/BTC pair.

Dash is down 5.43% at Ƀ0.07109 with Ƀ3.0k volume and down 2.57% against the dollar at $317.32.

Ripple is down 0.69% to Ƀ0.00004579 with volumes of Ƀ2.7k and up 2.35% against the dollar at $0.205.

Zcash is down 10.67% for the day to Ƀ0.05750 per ZEC and down 7.98% against the dollar to $256.01 with an average volume of Ƀ4.3k for the 24 hour period.

Monero is down 2.46% against the dollar at $92.31 and down 5.49% against Bitcoin at Ƀ0.02067 on volumes of Ƀ3.8k.

Bitcoin Cash is down 3.53% against the dollar for the day at $416.18 and down 6.36% to Ƀ0.09282 on volumes of Ƀ17k.

Ether Classic is down 3.71% to Ƀ0.002885 with volumes of Ƀ1.2k and down 0.69% against the dollar at $12.89.

Waves is down 3.06% to Ƀ0.001108 on Ƀ1.8k volume.

Stratis is down 10.83% to Ƀ0.0009164 on Ƀ2.1k volume.

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