This Week In Cryptocurrency - Friday, March 1

Two Steps Forward, One Step Back

Every week can’t be a good week. After a month of almost exclusively green weeks, we finally saw a pullback in the market. After reaching a peak of about $144B on Saturday, the market cap steeply fell and is currently flatlining at just over $130.7B. This drop leaves us with around a three percent market decline since last Friday. Not great but not terrible, either.

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Cryptocurrency Market Stats (3/1/19)

A few altcoins remained entirely unaffected by the market. The Ontology (ONT) price moved 15.68%, Basic Attention Token (BAT) rose 20.15%, and Enjin Coin (ENJ) nearly doubled (98.52%) in price on rumors that the project has partnered with Samsung for the Galaxy S10’s crypto wallet. As for our top three:

Bitcoin fell 2.89% this week but is up about 11 percent in February.

Ethereum took a hit with a 7.71% loss this week.

XRP stayed about the same, shaving only 0.61% off its price.

Domestic Cryptocurrency News

Nasdaq Crypto Indices Go Live: Just a couple weeks after announcing plans for crypto indices, Nasdaq has launched BLX (Bitcoin) and ELX (Ethereum) Liquidity Indices on their platform. The indices are powered by Brave New Coin, combining qualitative and quantitative data. The indices update every 30 seconds, using trading volume and order book depth among other factors to calculate the price.

With the new indices, Nasdaq is aiming to add transparency into the crypto asset market. Hopefully doing so will finally convince regulators that the market is mature enough to approve the long-coveted Bitcoin ETF.

Square Brings in the Bitcoin Big Bucks: The company behind Cash App, Square, filed its 2018 annual earnings report this week, and boy oh boy, what a year it had. The company earned $464 million of adjusted revenue in Q4, a 64 percent increase from last year. However, growth may be slowing for the payments platform. The company grew its revenue by 53 percent over the year, which seems solid. However, Wall Street analysts were expecting 60 percent growth, causing the stock price to dip slightly after the earnings release.

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