Cryptocurrency markets are poised to finish the 7-day week ending 1/04/2019 largely mixed as total cryptocurrency market capitalization is flat at roughly USD$130bn. Bitcoin (BTC) traded slightly higher this week, up 0.09% since last Friday to about USD$3,790. Ethereum (ETH) led the broad cryptocurrency market in gains this week, up 18% since last Friday to USD$150 – with its rally this week, ETH surpassed Ripple (XRP) in market capitalization to retake its position as the industry’s largest altcoin. Bitcoin Cash (BCH) and Bitcoin SV (BSV) lagged major coins in this week’s trading, both down about 3% to USD$155 and USD$88, respectively.
This week of cryptocurrency news is headlined by DX Exchange, who announced that it will begin to offer tokenized stock trading on the Ethereum Blockchain next week. DX Exchange is the first company to offer such trading in a fully regulated environment. DX Exchange will leverage Nasdaq’s Financial Information Exchange (FIX) protocol to enable the tokenized trading of various major companies, including Alphabet (GOOGL), Facebook (FB), and Amazon (AMZN).
Also this week in cryptocurrency news, Bakkt, a highly anticipated digital assets platform venture launched by the owner and operator of the New York Stock exchange, announced that it secured USD$182.5mm in Series A funding. Notable companies like Microsoft, Galaxy Digital, and Pantera Capital were among the largest participants in the funding round. Additionally, Bakkt detailed in the announcement that it is currently awaiting regulatory approval in order to proceed with its official launch.
Rounding out this week of cryptocurrency news is a Bloomberg report that highlights crypto lenders as one of the few industry members to weather the recent bear market. Despite the downturn of crypto prices in 2018, cryptocurrency lenders observed strong demand both from investors who did not want to sell their virtual coins at depressed prices and from investors eager to borrow coins for short selling. The Bloomberg report singles out BlockFi, a cryptocurrency lender that has grown tenfold since receiving a USD$52mm investment in June 2018 from Mike Novogratz’s Galaxy Digital.