The market is no more in its idle state. There is a lot of movement beneath the surface, and the market participants can feel it. If you follow cryptocurrencies related news, you must’ve found yourself hearing more and more about the new developments lately.
The most recent to shake off the dust is Coinbase. One of the biggest cryptocurrency exchange is losing its old charm and is now planning to expand into uncharted territories. The company is determined to introduce its services into new countries namely New Zealand, Mexico, and India. However, the case is easier said than done since Fiat-Crypto regulations are not easy to overcome. The positive development has helped Coinbase recover its trading volume and set to record a 1-year high.
The cryptocurrency market would soon have to make the transition from ‘Investment’ phase to the ‘Utility’ phase. We expect a number of new uses cases to present themselves. We’ve high hopes from decentralized lending and micropayments services but some novel crypto applications are required to provide the market with a new sustainable boost. The recent uptick in Decentralized Exchanges volume has provided some relief that all hope is not lost. The month of April is expected to set the record of exceeding $100Mn worth of assets traded on Decentralized exchanges.
On the institutional end, CME lately observed a major uptick in the volume. A recent report published by Bitwise (asset management firm) highlighted the actual trading volumes of cryptocurrency exchanges. The information was already available to the public but the official submission to the US Securities and Exchange Commission reminds about the actual illiquid state of the market. Institutional products have seen a gradual increase in % of total trading volume against US-based exchanges, approximately 8% more than when Bitcoin reached an all-time high. During the recent surge in BTC price, CME recorded some strong volumes figures. Something to keep an eye on.
Developments in the Crypto World:
We are continuing to explore the addition of new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible.
Polychain Capital saw its assets under management drop to $591.5 million in Q4 2018 from its $1 billion peak, the Wall Street Journal reported.
South Korean electronics giant Samsung is developing its own blockchain network and eyeing the issuance of its own token further down the road.
Big Four professional services firm EY is rolling out free software designed to help corporate clients use the ethereum blockchain – and it’s taken an unusual step to encourage adoption