Crypto players lifted markets higher and tested the US$ 425 billion market capitalisation level
after Monday’s drop to the $404 billion area and Sunday’s recent relative high around the $441
billion level. Today’s gains were registered against a backdrop of lower volume as Asians
accounts were seen yesterday with significant Bids despite the Labour Day holiday. Through the
early European trading session today, 24-hour volume was orbiting the $23 billion range.
Traders pushed the crypto complex higher on news that Coinbase will open a Chicago office and
offer block trading to institutional accounts. Chicago is the home of Bitcoin derivatives giants
CME and CBOE and the move follows Gemini’s similar announcement last month. Optimism
that institutional players may enhance crypto liquidity and be able to get bigger size done has
been reflected in green price discovery over the past 24 hours.
Oman-based Bank Dhofar is the latest bank to join RippleNet and Wall Street Journal continues
to advance the narrative the SEC is examining whether Ethereum constitutes a security
following reports of pressure on the US government from large outside players to not do so.
CFTC boss Giancarlo was quoted as saying Bitcoin is “like gold” but may be more suited to “buy
and hold” strategies and not an ideal medium of exchange. The Ethereum network bolstered
expectations that sharding is forthcoming to increase scalability.
Coins the Market is Talking About Today
Verge saw a huge volume bump and reached a two-week high US$ 0.82552 area on news that
Bitfinex will list Verge, with Stellar gaining to US$ 0.443 on the same headline.
EOS notched further gains to US$ 18.51 on significant volume that eclipsed trading volume in
TRON was one of the few underperformers and was in slight negative territory as traders
booked some profits down to US$ 0.0907 after its recent breach of the $0.10 level.
Monero recovered to the US$ 244 area and Dash was seen around the US$ 468 region with
ZCASH orbiting the US$ 287 area. Gains in these three were lighter than other as Japan’s FSA is
said to be pressuring Japanese crypto exchanges to delist anonymous coins.
Stratis rocketed to US$ 7.74, its highest level since early March with this week’s trading volume
the highest since mid-February.