Markets Gain on Optimism about Institutional Liquidity

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.

Crypto Climb: Are We Here to Stay?

This week’s pop above the psychologically-important US$ 400 billion market capitalisation level for the first time since early March has restored some optimism among traders. A climb in trading volume back above US$ 35 billion for the first time in weeks helped push many cryptos to multi-week highs and crypto portfolios all of a sudden are looking fatter than that kid in school with the new Air Jordans.

You, your next-door neighbor, and all HODLers are all asking the $64,000 question:

“Are We Here to Stay?”

Of course, no one knows yet.

Taking a cue from our friends across the pond in America who are watching the NBA playoffs (and trying to figure out what the government next has in store for exchanges operating there), this could all be one giant head fake!
It wouldn’t be the first head fake this year. Two months ago, we made a rapid climb from $290 billion to $515 billion in about two weeks’ time, only to be pushed back below $300 billion by mid-March.

Five Coins the Market is Talking About Today

Bitcoin (BTC) reached its highest level since 12 March with a test above $9,700 and traders told us they gobbled some tasty Stops above $9,678. Those same technicians are eyeing the $10,446 level as another key hurdle. Perhaps MIT doesn’t have the firepower to take down BTC after all!

Ethereum (ETH) peeked – and peaked – and possibly piqued – above the $700 level yesterday but got smacked down to $631 during mid-day Asian trading. News that a DNS cache poisoning attack affected MyEtherWallet servers may have compromised 215 ETH didn’t help matters.

Bitcoin Cash (BCH) had some wind knocked out of its sails with a pullback north of 10% following its recent gyrations just below $1,600. Yes, this is the same Bitcoin Cash that traded as high as $2,960 this year! Some chatter on the trading desks is focused on Asia taking BCH for a ride up to $1,932.

TRON continued its massive move higher with South Korean accounts accounting for more than 50% of the volume in TRON with volume spiking above $2 billion in the past 24 hours. News of the 30 million TRX airdrop landing for Ethereum holders has TRONners gunning for a top-10 ranking.

EOS continued its gravity-defying ascent with Asian names testing the $15.51 area before European accounts knocked EOS back to $13.51. A healthy dose of perspective: EOS traded as low as $5.01 this month! There is talk that many candidates are vying for 21 supernodes after EOS migrates from the Ethereum network to its own network on 2 June, including Bitfinex and Huobi.