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BTC is Up, Crypto exchanges don't have KYC, UMA ERC20 Token – COIN360
March 28  |  1 min read

Higher Higher

BeQuant Analytics, a daily cryptocurrency market analysis contributor

The cryptocurrency market is trying to finish off the week on a positive note and, more importantly for Bitcoin, above the $4,000 level. For the month, Bitcoin is up around 5% and Ethereum is also set to finish in the green, albeit with a gain of only 1.5%. On the other hand, EOS is up nearly 20% and its most recent surge has been driven by a positive note from Weiss Crypto Ratings which stated that "EOS is the leading cryptocurrency challenging Ethereum, and Bitcoin is likely to become a popular store of value for savers and investors."

In related news, further inversion of the BTC futures curve has been observed heading into the futures expiration; as of 9.30 am GMT, the CME real-time index rate was trading at $4001 vs the June contract at $4020, while the Deribit June equivalent was trading at $3976.50. Overall, strong indications for another push higher, with $4,200 registering as a key resistance area.

Looking elsewhere, CoinDesk reported that a global study of 216 exchanges by the reg-tech startup Coinfirm found 69% of these businesses do not have “complete and transparent” know-your-customer (KYC) procedures. The study also found that only 26% of crypto exchanges had a “high” level of anti-money laundering (AML) procedures, such as ongoing transaction monitoring and in-house compliance staff experienced in AML.

In other news, cryptocurrency hedge fund Pantera Capital is close to reaching its funding goal for its third venture fund, having already raised $160 million. To date, Pantera says, Venture Fund III has already injected $38 million of capital in 11 portfolio companies, leading five of those rounds itself.

Finally, UMA, a smart contracts platform, is bringing the S&P 500 to the blockchain with the launch of a new ERC20 token that’ll represent ownership in the largest 500 companies in U.S. financial markets. MakerDAO, the firm behind stable coin DAI, is also involved in the new token.

Thank you for reading,

The BeQuant’s Analytics team