Blockchain Weekly: The trading platform is strong enough to enter the stable pass, and the market is turned back into the main theme.

Guide

Recently, the South Korean trading platform Bithumb Global revealed that its compliance and stability certificate will be available soon. The head trading platform Binance will also issue a stable pass in a few weeks to a month or two, 100% linked to the pound. With the intervention of the trading platform of the pass, the rivers and lakes that have passed the stability certificate may have to undergo a "blood rain and hurricane".

Summary

Topic: At present, Tether is the stable certificate with the largest market share and the highest degree of support on the trading platform. The number of mainstream stable certificates stored in major trading platforms is more than half, and the number of Binance storage is large.

The issuance of a stable certificate by the trading platform can improve the security of its assets. If the French currency anchor is used to stabilize the pass, a certain income can be obtained. However, the current market structure of stable certification is difficult to break quickly, and the use of the trading platform's own stable certification may affect a certain number of customer groups. In addition, the regulatory intervention in the field of stability and certification is still a top priority.

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Quotes: The momentum has been slightly reduced, and the callback has become the main theme. This week, the total market value of digital certificates was US$256.7 billion, a decrease of 5.9% compared with last week's decrease of US$16 billion. The average daily turnover was US$73.96 billion, down 13.8% from last week, and the average daily turnover rate was 28.7%. It was down 3.2% from last week. The current price of BTC is 8044 US dollars, with a weekly decline of 6.2% and a monthly increase of 34.5%. The current price of ETH is 250.9 US dollars, with a weekly decline of 6.4% and a monthly increase of 46.8%. This week, the exchange's BTC balance was 788,700, a decrease of 31,600 from last week. The exchange's ETH balance was 7,903,300, a decrease of 28,500 from last week. The willingness to place the main circulation certificate in the market was strong, and market confidence was gradually recovering. In the secondary industry of BICS, the market value of operating platform has shrunk significantly, and the number of project services and the market value have double growth.

Output and heat: The computing power has increased and the public's attention has been stable. The BTC calculation power has increased significantly, the difficulty of mining remains unchanged, the ETH calculation power rises, and the difficulty of mining increases. The difficulty of mining this week is 7.460T, which is consistent with last week. The average daily power of this week is 54.56EH/s, up 1.32EH/s from last week. The difficulty of mining this week is 2119, which is 18 days higher than last week. The average power is 166.5TH/S, which is 0.9TH/S higher than last week.

Industry: Former US SEC law enforcement head: The SEC will soon crack down on IEO; the Brazilian House of Representatives ordered the establishment of a committee to review the issue of regulatory compliance. Marshall set up a special fund to support its national pass; Bloomberg: India will consider imposing 1 to 10 years of imprisonment on those holding, trading, and mining licenses; IMF Managing Director Lagarde: In the future of financial technology Attitude, prudence is indispensable.

Risk warning: regulatory policy risk, market trend risk

1 Special Topic : Business of Stability and Certification

1.1 Stabilizing the certificate "one super and strong", the trading platform is the main storage side

Currently, Tether is the stable market share with the largest market share and the highest degree of support on the trading platform. As of February 2018, Tether is still the only option in the field of stable certification. From March to the present, as the market demand has gradually expanded, Tether's competitors have begun to emerge. The past of Tether unified rivers and lakes is no longer the case, and the market pattern of stability and certification has become "one super and many strong". From the perspective of trading platform support, Tether has the highest level of support in mainstream trading platforms, with PAXOS and TrueUSD ranked second and third.

The number of mainstream stable certificates in the trading platform is more than half, and the number of Binance storage is large. At present, the main storage address of the stable pass is the major trading platforms, and more than half of the mainstream stable certificates are concentrated in the trading platform address. As one of the head exchanges, Binance stores the most mainstream stability certificates.

1.2 Trading platform issuance and stability: both interests and risks coexist

The issuance of a stable certificate by the trading platform can improve the security of its assets. Since most of the current mainstream stability certificates are stored in major trading platforms, the security and compliance of the mainstream stability certificate are extremely important. Some time ago, USDT broke out the capital risk. As the most accepted and stable certificate in the industry, major trading platforms have announced other stable certificates on the line to hedge the possible risks of Tether.

If the trading platform adopts the legal currency anchor stabilization mode, it can also obtain certain income. At present, the main mode of the stability certificate is the legal currency anchor, that is, the number of issued certificates corresponds to the anchor currency 1:1. The trading platform adopts the French currency anchor mode and can obtain certain interest income. According to Bloomberg News, the Tether Bank statement shows that it has received about $6.6 million in interest income since the beginning of the year, and it also charges for deposits and withdrawals of legal currency.

At present, the market pattern of stable certification is difficult to break quickly. The use of the trading platform's own stable certificate may affect a certain number of customer groups. Even though Tether has passed several crises, it has not shaken its dominant position in the stable pass market. According to Chainalysis, from the fourth quarter of 2017, except for China and the United States, other regional trading platforms have received Tether. Although the ratio has shrunk, it has remained at around 40%. The trading platform has its own stable certificate, which may cause a certain migration cost for the original Tether users.

Regulatory intervention in the field of stability and certification is a top priority. At the current stage, the issuers of the French currency anchor stability certificate generally have a large gap in credit, and regulatory intervention is the only way. Regardless of Tether or PAXOS and TrueUSD, there is a problem of insufficient strength. Even if the stable pass is issued by the head trading platform, it is possible for the three major cash-issuing banks of the Hong Kong Monetary Authority model to be in terms of capital size, operating history and professional level. There is a big gap. In the future development process, the French currency anchor stability certificate can only be improved in terms of auditing, supervision and issuer qualification, in order to increase its own credit level.

2 Quotes: Callback consolidation is the main melody

2.1 Overall market: The momentum of the increase is slightly reduced, and the callback becomes the main theme.

The total market value of digital passes this week was $256.7 billion, a decrease of 5.9% compared with last week's decrease of $16 billion. This week, the main circulation certificate has gradually weakened, and it is now entering an adjustment period. It is correcting the overall situation of the rapid rise in the previous period.

The average daily trading volume of the digital pass market was 73.96 billion US dollars, down 13.8% from last week. The average daily turnover rate was 28.7%, down 3.2% from last week. This week, the main circulation certificate has a large fluctuation during the day, and the trading activity is active, and the market sentiment is more optimistic.

This week, the exchange's BTC balance was 788,700, a decrease of 31,600 from last week. The exchange's ETH balance was 7,903,300, a decrease of 28,500 from last week. The willingness to place the main circulation certificate in the market was strong, and market confidence was gradually recovering.

The USDT market value was $3.26 billion, an increase of $119 million from last week. The market for the pass is more optimistic this week, and the main circulation certificate continues to fluctuate. The USDT has a weak premium.

2.2 Core Pass: The previous period has a large increase, and the latter step back to the adjustment stage.

The current price of BTC is 8044 US dollars, with a weekly decline of 6.2% and a monthly increase of 34.5%. The average daily trading volume of BTC this week was 21.40 billion US dollars, and the average daily turnover rate was 14.9%. In the first half of this week, the BTC fell successively, leading the main circulation certificate into the callback period, and the second half of the week began to show signs of a rebound.

The current price of ETH is 250.9 US dollars, with a weekly decline of 6.4% and a monthly increase of 46.8%. The average daily trading volume of ETH this week was 9.06 billion US dollars, and the average daily turnover rate was 33.6%. The late ETH probability will link the BTC market.

EOS is currently trading at $6.66, down 21.8% weekly, and rising by 36.0%. The average daily trading volume of EOS this week was 3.62 billion US dollars, with an average daily turnover rate of 56.9%. The high probability of the market EOS market will link BTC.

The current price of XRP is 0.42 US dollars, with a weekly decline of 3.5% and a monthly increase of 40.7%. The average daily volume of XRP this week was 1.98 billion US dollars, and the average daily turnover rate was 11.2%. The high probability of XRP market will link BTC.

The monthly volatility of major passes this week rose, BTC monthly volatility was 27.1%, up 2.0% from last week; ETH monthly volatility was 29.3%, up 1.1% from last week; EOS monthly volatility was 38.4%, It rose by 5.4% from last week; the XRP monthly volatility was 35.9%, up 1.3% from last week. This week, the volatility of the market's main circulation certificate rose significantly, paying attention to the price risk in the short term.

2.3 BICS industry: the market value of the operating platform has shrunk significantly, and the number of project services and the market value have doubled.

In the secondary industry of BICS (Blockchain Industry Classification Standard), the market value of the operating platform decreased significantly from 18.2% to 17.5%. From the perspective of the change rate of market value, the market value of health care, project services, and stable certification has a higher growth rate, which is 36.2%, 16.9%, and 10.2% higher than last week; non-bank finance, retail e-commerce and The market share of operating platforms decreased significantly, down 5.87%, 4.16% and 3.74% from last week.

The BICS secondary industry, which has the most significant increase in the number of passes, has been optimized for project services and performance, up 22.2% and 13.3% respectively from last week. The BICS secondary industry with the most significant decline in the number of passes this week is non- Silver finance and supply chains fell 20.0% and 14.3% respectively from last week. There have been no significant changes in other industries.

2.4 Market View: Technical callback, the long-term upward trend has not changed

This week, the main circulation certificate generally fell in the first half of the week, with a large decline. In the latter half of the week, there was a sign of a rebound and a long-term upward trend. This week, the main circulation certificate generally fell in the first half of the week, but the trading was more active, and USDT once had a higher premium. In the latter half of the week, the main circulation certificate gradually stopped falling and rebounded. In the long run, the overall upward trend has not changed, and the callback is a better investment opportunity.

The investment value is gradually becoming obvious, and the main circulation certificate can be considered for the configuration of the light warehouse. At present, the market continues to warm up has become a consensus, good news is gradually released, BTC halved is gradually getting closer. According to our research and market performance, the market is warming up, and the investment value of the main circulation certificate has gradually emerged. In view of the fact that the bull market cannot be accurately judged, the main circulation certificate can be considered for the light warehouse at the current price.

3 Output and heat: the increase in computing power, the public's attention is stable

The BTC calculation power has increased significantly, the difficulty of mining remains unchanged, the ETH calculation power rises, and the difficulty of mining increases. The difficulty of mining this week is 7.460T, which is consistent with last week. The average daily power of this week is 54.56EH/s, up 1.32EH/s from last week. The difficulty of mining this week is 2119, which is 18 days higher than last week. The average power is 166.5TH/S, which is 0.9TH/S higher than last week.

This week, Google Trends's Bitcoin entry search heat was 13, and the Ethereum entry search heat was 9, which remained stable compared to last week.

4 Industry Highlights: Former US SEC Law Enforcement Officer: The SEC will soon crack down on IEO; the Brazilian House of Representatives Dean ordered the establishment of a committee to review the issue of regulatory compliance

4.1 Former US SEC law enforcement head: SEC will soon fight IEO

According to CCN, John Reed Stark, head of law enforcement at the US Securities and Exchange Commission (SEC), said that BTC has no practical use other than money laundering, terrorist financing and ransomware ransom. At the same time, the market has already spawned “a growing number of global dangerous criminals” because of the lack of international regulatory policies for the encryption industry. He said that the US Securities and Exchange Commission will soon fight against IEO (Initial Exchange Offerings), and IEO is just another false investment scam.

4.2 The President of the Brazilian House of Representatives ordered the establishment of a committee to review the issue of regulatory compliance

According to Cointelegraph, the Dean of the Brazilian House of Representatives has ordered the establishment of a committee to review the issue of national compulsory regulation. On May 30, House Speaker Rodrigo Maia has asked for a special committee to comment on the 2303/2015 bill, which is intended to regulate Brazilian BTC and other passes. The committee will consist of 34 members in accordance with the “Rules of Procedure”. The notice also stated that Federal Vice President Aureo Ribeiro proposed two projects on custody supervision.

4.3 Marshall established a special fund to support its national certificate

According to Cointelegraph, the Republic of the Marshall Islands (RMI) recently established a non-profit organization, the SOV Development Fund, to support the government's plan to develop and implement the National Certified Sovereign (SOV). The fund will be completely independent and the board of directors will consist of seven directors, two of whom are appointed by the government and two by SFB Technologies. It is reported that SFB Technologies is developing the blockchain infrastructure of SOV.

4.4 Bloomberg: India will consider imposing 1 to 10 years of imprisonment on those holding, trading, and mining licenses

According to Bloomberg News, India may consider imposing one to ten years of imprisonment on investors, traders and miners. This statement is said to be part of the draft of the 2019 Prohibition of the Pass Regulations Act. In addition, any offences related to such conduct are identifiable and not bailed. However, such penalties will depend on the severity of the crime and the actual or expected return of the offender. The draft bill also introduces a 90-day time limit for all holders to dispose of all passes. However, after the news was released, some people questioned the authenticity of the Bloomberg report and believed that they should wait for the official notice of the government.

4.5 International Monetary Fund President Lagarde: Prudence is indispensable in the attitude towards the future of financial technology

According to the Nihon Keizai Shimbun, on the afternoon of June 8, at the G20 summit in Fukuoka, Japan, the International Monetary Fund (IMF) President Christine Lagarde said: to reconcile different countries to pass, non-bank financial intermediaries Different approaches, such as institutions, are essential, but on the other hand, it is also necessary to target financial stability and consumer protection. "It is important to maintain an international dialogue, but it is not as simple as it seems." Lagarde mentioned a Japanese proverb "Shiqiao Yudu" (that is, the Shishidu Bridge, which is intended to promote things with caution). In the attitude towards the future of financial technology, prudence is indispensable.

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