Cryptocurrency Market Updates

Market Update 5.10.19 – SEC to Consider New BTC and ETH ETF Applications

Chainbits Staff | Publish date: 05/10/2019

Market News

SEC to Consider New BTC and ETH ETF Applications

According to documents released on May 9, the US SEC (Securities and Exchange Commission), the American financial regulator, is reviewing a new application for a Bitcoin (BTC) and Ethereum (ETH) exchange traded fund (ETF).

The application has been submitted by Crescent Crypto Index Services, which is a subsidiary of the passive index investing and benchmarking company Crescent Crypto Asset Management. This new portfolio will consist of both BTC and ETH ETFs and will be active on the NYSE (New York Stock Exchange), with the ticker, XBET. The filing confirms that XBET is an exchange traded fund.

Binance to Revamp Security After Hack Attack

Binance, the major cryptocurrency exchange that was the latest victim of a hack attack in which close to $41 million worth of BTC (Bitcoin) were stolen, announced that it was revamping its security measures. The CEO and founder of the exchange, Changpeng Zhao published a blog post about this on May 09.

In the post, Zhao stated that the company was going to make significant changes to its API (application programming interface), 2FA (2-factor authentication) process and also to its withdrawal validation process. The exchange did not give further details as to what these changes were going to be, but did say that it was focusing on improvements in its risk management and KYC (know your customer) processes.

GMO’s Crypto Profits Drop in Q1

The Japanese company GMO Internet Group issued a statement on May 10 that it had seen a drop in its profits in the first quarter of 2019 due to market weaknesses. In December 2018, the company had withdrawn from BTC (Bitcoin) mining production because of the dropping crypto prices. The company stated that its revenues for Quarter 1 of 2019 were ¥12.9 billion (~$117.4 million), vis-à-vis the ¥23.3 billion (~$212.1 million) it had generated in Quarter 4 of 2018. This significant decrease was largely due to the continued poor performance of BTC mining, and a reducing in volumes for GMO’s crypto exchange.

Total Market Cap: May 10

The growth in capitalization for the crypto market continues and is now at $192.65 billion. Trading volumes are also higher at $56.17 billion.

Bitcoin Price Analysis: May 10

BTC’s price continues to rise once again, now up by 3.75% to trade at $6,314.03. The capitalization of the number 1 crypto has gone up to $111.70 billion and volumes in trade are at $18.60 billion.

Ethereum Price Analysis: May 10

The price of Ethereum has gone up by 1.52% and is now trading at $173.76. Capitalization for the altcoin is $18.42 billion. Trading volumes are $7.46 billion.

State of the Top 10 Cryptocurrencies: May 10

Bitcoin continues to lead gains in the cryptocurrency market, going up by 3.75% and reaching an 8-month high. Cardano has also seen gains of 2.18% as had Litecoin, which is up 2.11%. Binance Coin is the only one in the top ten list with significant losses, down by 3.12%.

Bitcoin’s trading at $6314.03, rising 3.75%. This crypto’s worth in the market is now $111.70 billion.
Ethereum’s trading at $173.76, rising 1.52%. This crypto’s worth in the market is now $18.42 billion.
Ripple’s trading at $0.300241, rising 0.07%. This crypto’s worth in the market is now $12.65 billion.
Bitcoin Cash’s trading at $286.89, rising 0.08%. This crypto’s worth in the market is now $5.09 billion.
Litecoin’s trading at $75.92, rising 2.11%. This crypto’s worth in the market is now $4.68 billion.
EOS’s trading at $4.85, falling 0.78%. This crypto’s worth in the market is now $4.42 billion.
Binance Coin’s trading at $19.79, falling 3.12%. This crypto’s worth in the market is now $2.79 billion.
Tether’s trading at $1.00, rising 0.02%. This crypto’s worth in the market is now $2.78 billion.
Stellar’s trading at $0.091936, rising 0.15%. This crypto’s worth in the market is now $1.76 billion.
Cardano’s trading at $0.064461, rising 2.18%. This crypto’s worth in the market is now $1.67 billion.