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State of the Market September 2019

State of the Cryptocurrency market September 2019 1

Contents

3 Main News of the Month Finance and Regulations Business Technology Market Others

8 Market Performances:Top 25 9 Daily Average Returns 10 Wallets Dominance 11 Daily Average Volatility 13 Market Cap to BTC 14 Average Spread & Rank Change 15 Market Sentiment 16 Newly Listed Cryptocurrency 17 Mining Difficulty & Profitability 18 Total H Rate & Staking Rewards 19 Inflation Rate & Emission 20 Active Addresses and Transactions 21 Publications and Academia

24 About

State of the Cryptocurrency market September 2019 2 News Review September 1st to September 7th

Finance and Regulations Market

Sierra Leone government announced plans to continues expansion plans in derivatives launch -based national identity system by services through strategic acquisition of crypto-trading the end of the year to improve financial access and platform JEX. credit history. XRP community filled a petition to surge Ripple The NSA revealed to be working on a Quantum executives to cut down massive sell off of their holdings, resistant cryptocurrency at Cybersecurity event in negatively influencing its price. D.C Binance partners up with Paxos to launch USD-backed US department of energy has granted a $200,000 stable coin with the approval of the New York subsidy to blockchain company Factom to secure Department of Financial Services. the power grid and reduce operating costs. Paxos, the main operator all set to release Netherland to step further into crypto regulation by ERC20 gold-back token, PAX gold. requiring firms engaged in crypto-related services to be registered with the central bank by January US-based OkCoin exchange expand its fiat to token 2020. offering to 7 more US states besides expanding trading services in Europe and opening an office in Malta.

Business Technology

Electric coin company () announced a The developed to scale consolidated loss of about 10% during Q1 2019. transactions is showing profitability issues for node operators, slowing down potential adoption. The HSBC has performed the world's first yuan- denominated letter of credit on Voltron's blockchain Tech company Growth Tech and IBM issue first birth platform developed by R3 and backed by 8 banks. certificate on a blockchain for a baby born in Brazil.

Burger King Germany now accept bitcoin payment Samsung has filed a patent for a "programmable on its mobile app. Blockchain SSD “.

Auditing firm Deloitte partners with TruTrace startup Blockchain dev platform Hydrogen now listed on to track cannabis supply through blockchain. Software provider giant Oracle's marketplace.

Mastercard has partnered with blockchain software 's Istanbul hardfork now planned for development firm R3 on Marco Polo network for beginning of October. multicurrency transactions.

State of the Cryptocurrency market September 2019 3 September 8th to September 14th

Finance and Regulations Market

Catalan government unveiled a decentralised ID Japanese Financial service agency has granted to a system for 2020 with no governmental control. LINE subsidiary (popular messaging app) a license to run a crypto exchange. Major Spanish Bank Santander issued $20M of the first end-to-end blockchain bond on Ethereum to launch offshore yuan pegged stablecoin. where it will remain until the end of its one-year maturity. NASDAQ launches blockchain decentralised finance index (DEFIX) based on related altcoins (, US Treasury take sanctions against North Korean Gnosis, Maker, 0x, Numerai, amoveo..) hacker groups Lazarus, Bluenoroff and Andariel allegedly responsible for the theft of $2B worth of A report by Crystal company shows that the countries . with the most registered crypto exchanges are the UK, the USA, HK and Singapore, respectively.

A survey performed by the investment platform Russian lawyers claim 200,000 BTC lost in and social network eToro suggest 40% of MtGox can be recovered from Russian nationals millenials in the US would invest into crypto involved in the hack thanks to address mapping assets in the event of a recession. techniques.

Business Technology

PWC Luxembourg to start accepting bitcoin to release new S17 ASIC bitcoin miner S17e payments on Oct1 from institutional clients. operating at 64TH/s for 45J/TH with highest security standards than previous S17 version (56 TH/s for 45J/ An analysis by tokenInsight reports that new bitcoin TH) mining equipments are under shortages A vulnerability has been found and patched in Libra's Deutsche Bank joins JPMorgan's blockchain open source code by OpenZepplin startup's platform INN (InterBank Information network) developers. which now count over 320 members. has successfully forked to Atlantis Amazon Web Service (AWS) announced that its aiming at improving its functionality on Sept. 12. Quantum Database (QLDB) was now available providing transparent, immutable and EOS to have its first hard on Sept. 23 to upgrade cryptographically verifiable customer data log for network. improved security.

State of the Cryptocurrency market September 2019 4 September15th to September 21st

Finance and Regulations Market

The Chinese province of Inner Mongolia is taking is officially launching its platform in Argentina steps to shut down cryptocurrency mining activities with plans of a fiat gateway. as "it wasn't helping the local economy” Fintech payment provider startup Stripe valued US army is hiring experts to track on-chain $35Billion after its latest funding round. transactions under new Blockchain intelligence department. Binance margin trading platform passed the $100M lent mark. The FDA is in talks with stakeholders to build a food tracking solution based on blockchain. Binance confirmed it will release in October an OTC platform in China with RMB-to-crypto support only. German government approved new strategy to block private launch such as Libra and alternative seen as threatening national sovereignty.

Edward Snowden sued by US government hours after release of his book "Permanent record" then becoming a world bestseller: "Good for Bitcoin".

Business Technology

Binance made its first strategic investment in China The percentage of SegWit-spending bitcoin transaction related to blockchain since it left the country in 2017 has passed the 50% mark to an all-time high. betting on crypto newspaper Mars Finance. IOTA foundation has released a decentralised and Wells Fargo & Company to release a DLT internal autonomous virtual marketplace platform for industries, settlement pilot in 2020 and it's own allowing to trade physical goods and services. cryptocurrency, WFDC (Wells Fargo digital Cash) built on its own blockchain.

Deloitte allows employees to pay for food using crypto and tests salaries payments in bitcoin.

Dutch company Waste2Wear launches blockchain trackable fabrics made of ocean's plastics.

After Mastercard, Bank of America join the R3's Marco Polo platform.

State of the Cryptocurrency market September 2019 5 September 22nd to September 31st

Finance and Regulations Market

Philipino SEC working on new regulation to require Physically settled BTC futures trading went live on the "Firms with digital offering to be registered and long-awaited Bakkt platform on Intercontinental under regulatory scrutiny" exchange (ICE) at 00:00 UTC on sept 23.

Overstock filled a S3 with the SEC to register its Bitfinex to reopen its IEO platform rebranded Bitfinex preferred stock on a blockchain and digitally pay its token sales and offer Kim Dotcom token (KIM) built on dividends. bitcoin.

Dutch Bank ABN AMRO potentially involved in a KuCoin and Binance have added internal staking scheme weeks after qualifying services for users to value their holdings through their cryptocurrency risky for AML compliance sees stock platforms. price slump 10%. Bittrex to launch Bittrex Global, new platform Venezuelan Central Bank is considering holding established in Liechtenstein. bitcoin and ether as reserve to fight deflation on a suggestion of state-own oil company PDSV.

China's central bank finally not in a hurry Binance is removing 30 trading pairs from to release its CBDCs according to new its listing over liquidity issues including contradictory comment. 20% coming from its own IEO Launchpad .

Business Technology

25,000 retail stores will be accepting bitcoin in Samsung to increase competing pressure on ASIC France next year. mining giant Bitmain with new mining chips and specialised flash data storage for higher performances Aeternity blockchain used to track legal cannabis and energy efficiency. products in Uruguay. Google statement relayed by the Alipay (Alibaba) operator Ant Financial is claiming they have achieved "quantum supremacy" is partnering with Bayer on blockchain solution for not an immediate threat for Peter Todd, core bitcoin crops and agriculture. developer.

Ripple to develop decentralised financial products The number of nodes in Bitcoin Lightning network have as per its latest investment in payment platform reached 10,000 on Sept 26. Logos Network KOMODO Core developer disclosed a bug in all Digital banking fintech startup Revolut partners with Zcash implementations that could leak metadata Visa to expend services in 24 new markets, USA containing shielded addresses (zaddr) IPs. and Canada included.

State of the Cryptocurrency market September 2019 6

Libra: The Swiss financial authority released a guideline for stable coins including: 1) Payment system license application mandatory . 2) The risks associated with the backing reserve must be carried out entirely by the emitting company, not by token holders. 3) An International coordination approach necessary for the management of the baking reserve and its regulation.

A hacker stole over $110,000 worth of EOS by exploiting a bug in EOS gambling game EOSPlay, temporarily freezing the network as EOS price surged 8% and finished big winner of the day among the top20 crypto.

Ethereum-focused development firm ConsenSys is first to develop and submit a compatible public blockchain on .

Korean government to enforce the delisting of all privacy coins on exchanges, starting with OKEX and UpBit over FATF ruling. Others might follow.

Gartner, the IT service management Giant published a report on sept 12 stating blockchain technology as "transformative for most industries within 10 years"

State of the Cryptocurrency market September 2019 7 Top-25 Market Performances

Check the Online Dashboard

State of the Cryptocurrency market September 2019 8 Daily Average Returns to BTC (DARBTC)

The largest return to BTC in September demonstrated Cosmos (1.6%), followed by Iota and Stellar with 0.8% each. Ethereum also showed relatively high return to Bitcoin (0.7%) compared to the rest of the coins from top-25.

As for the Daily Average Returns (DAR), 7 cryptocurrencies out of 25 showed positive returns. The market in September was bearish. The best performing cryptocurrencies were: Cosmos (1.13%), IOTA and Ripple with 0.31% each, Ethereum (0.25%), Ripple (0.05%), and Chainlink (0.04%).

The largest negative DAR was observed for Bitcoin SV (-1.14%), Binance Coin (-0.89%), followed by Ethereum Classic (-0.82%) and Huobi Token with -0.56%. Interesting that the Ethereum Classic was the best performing cryptocurrency by DAR Daily Average Return (DAR) in August.

Best Performance by DAR - Cosmos with 1.13%

State of the Cryptocurrency market September 2019 9 100 Richest Wallets Dominance (% of total supply)

monthly average m-o-m change y-o-y change

BTC 14.59% 0.26% -12.43%

BCH 26.69% -1.87% 9.02%

LTC 41.86% -0.60% -6.71%

DASH 16.13% 0.19% 2.62%

BSV 25.03% -2.61%

LTC top 100 wallets dominance remains high at nearly half the distribution (even considering top100 wallets include top exchanges cold wallet).

Bitcoin is losing 12,4% from last year, showing potential signs of dilution, potentially to reduce risks of theft by transferring holding amounts to smaller wallets.

BSV top100 wallets holdings are are reduced by 2,6%, making their distribution falling bellow BCH, State of the Cryptocurrency market September 2019 10 nearly one year after they forked (11 months). Daily Average Volatility (DAV)

Daily Average Volatility to BTC (DAVBTC)

State of the Cryptocurrency market September 2019 11 Daily Average Volatility (DAV)

Cryptocurrencies from the top-25 had similar volatility in September between around 1-1.5% on average. 22 out of 25 had larger volatility compared to Bitcoin. The largest volatility observed was for Cosmos (5.57%), followed by Stellar and Maker with 4% and 3.92% respectively. Disregarding the stable coins, the smallest volatility showed Leo (1%). Thus it is the only non-stable coin which volatility was smaller than Bitcoin.

State of the Cryptocurrency market September 2019 12 Market Cap to BTC

Regarding dominance (MCBTC), bitcoin is still culminating at more than 65% (67,5%) at end month. Ethereum follows with only 11,44% of bitcoin's total capitalisation (down 0,1% since August), followed by XRP (6,5% - up 0,1%), BCH (2,9% - down 0,1%), Tether (2,35% - up 0,2%) and LTC (2,4% - down 0,25%).

BNB loses nearly 0,5% dominance to BTC making it the highest net loss of the top25 for September.

State of the Cryptocurrency market September 2019 13 Daily Average Spread (DAS)

Spread is about daily trading and potential arbitrage opportunities. Cosmos and Stellar showed the largest daily average spread, 12% and 8.6% respectively with Maker (8.2%), Chainlink (7.6%), Tron (7.1%), and Bitcoin SV (6.9%) following closely. Particularly low spreads are observed for Leo (2%) probably due to its continuous burning by Bitfinex.

Cosmos climbed 3 positions in September, matching with its overall market performance (DAR). Chainlink and Leo tailed it by climbing up 2 positions each. Rank Change The biggest loser being Ethereum Classic losing 4 positions in the Top25 ranking when Monero, Binance Coin, Maker DAO, USDC, and Cardano all lost 1 seat.

State of the Cryptocurrency market September 2019 14 Market Sentiment Ticker Monthly Avg MoM YoY

BTC 16992 -3% -46% Interest in the main cryptocurrencies remains at overall relatively low levels, driven by more and ETH 3864 -10% -67% more uncertainty regarding the future of Libra, increasing regulatory frameworks in Korea, USA LTC 1003 -22% -57% and Europe which translated into a market getting significantly bearish at month end. BCH 515 15% -53% XRP 6083 23% -9% EOS 847 -11% -57% ETC 115 2% -56% BNB 79 15% TRON 2980 -36% -81% USDC 45 32% 881 48% -47% NEO 557 -9% -61% XLM 107 162% -84% CHAIN 450 -6% ADA 477 15% -26% BSV 141 -3% ZCASH 116 -21% -56% ATOM 306 34% XMR 286 -15% -57% ALGO 15 -27% ONT 48 62% BTT 241 -61% WAVES 7178 17% -19%

Rank Country MoM rank change 1 Nigeria nc 2 South Africa nc Nigeria and South Africa are still on top of countries where internet users have the highest 3 Ghana 2 apparent interest into bitcoin. It remains a hot topic in places crippled by financial instability 4 Austria 1 and where the local currency’s inflation remains strong (Venezuela, Ghana or Brazil) or 5 Brazil -2 agitated by political and social movements (Hong Kong is up 13 seats). It remains a consistent 6 Switzerland -1 trend in Europe and North America, even though google trends analysis shows that USA 7 Germany 2 seems recently more interested about Libra than Bitcoin. 8 Netherlands -1 9 Venezuela 7 10 Singapore -1 11 Australia -1 12 Ireland -1 13 Portugal 2 14 Canada -1 15 UAE -1 16 New Zealand -4 17 Hong Kong 13 18 Turkey nc 19 Malaysia 3 20 Slovenia nc 21 Belgium -4 22 Kenya 7 23 Spain -2 24 United States -5 25 United Kingdom -2

State of the Cryptocurrency market September 2019 15 Newly Listed Cryptocurrencies

Date Added Name Ticker Date Added Name Ticker

30.09.2019 Business credit Substitute BCS 16.09.2019 Gomics GOM

30.09.2019 BAWnetwork BAW 16.09.2019 LHT LHT

28.09.2019 AmonD AMON 15.09.2019 ProBit Token PROB

27.09.2019 XcelToken Plus XLAB 15.09.2019 Oath Protocol OATH

27.09.2019 Colletrix CIPX 15.09.2019 DigitalBits XDB

27.09.2019 Nexxo NEXXO 15.09.2019 Livenodes LNO

26.09.2019 PAX Gold PAXG 15.09.2019 UOS Network UOS

26.09.2019 Whole Network NODE 15.09.2019 Tchain TCH

25.09.2019 Rankingball Gold RBG 14.09.2019 FABRK FAB

25.09.2019 Beaxy BXY 14.09.2019 Aitheon ACU

25.09.2019 CYBR Token CYBR 13.09.2019 Decentralized Vulnerab... DVP

25.09.2019 TrueFeedBack TFB 13.09.2019 En-Tan-Mo ETM

24.09.2019 BonusCloud BXC 12.09.2019 xCrypt Token XCT

24.09.2019 Rupiah Token IDRT 12.09.2019 NSS Coin NSS

24.09.2019 3DCoin 3DC 12.09.2019 Amino Network AMIO

24.09.2019 MX Token MX 12.09.2019 Emirex Token EMRX

23.09.2019 Echoin EC 09.09.2019 MineBee MB

23.09.2019 GAPS GAP 08.09.2019 Nestree EGG

23.09.2019 Soverain SOVE 08.09.2019 Netbox Coin NBX

20.09.2019 Binance USD BUSD 08.09.2019 Digital Fantasy Sports DFS

20.09.2019 Rally RALLY 07.09.2019 Wavesbet WBET

20.09.2019 Hyper Speed Network HSN 07.09.2019 BidiPass BDP

20.09.2019 Bitcoin Fast BTCF 07.09.2019 IDEALCOIN IDEAL

20.09.2019 x42 Protocol X42 06.09.2019 VIDY VIDY

19.09.2019 MEXC Token MEXC 06.09.2019 Taklimakan Network TAN

19.09.2019 Neutral Dollar NUSD 05.09.2019 CryptoAds Marketplace CRAD

19.09.2019 BitGuild PLAT PLAT 05.09.2019 CryptoBonusMiles CBM

18.09.2019 Band Protocol BAND 05.09.2019 Yobit Token YO

17.09.2019 Telos TLOS 05.09.2019 Sealchain SEAL

17.09.2019 PUBLISH NEWS 04.09.2019 MixMarvel MIX

17.09.2019 Poseidon Network QQQ 04.09.2019 Streamit Coin STREAM

17.09.2019 Hedera HBAR 04.09.2019 Cryptocean CRON

17.09.2019 VENA VENA

State of the Cryptocurrency market September 2019 16 Mining Difficulty and Profitability

Mining Difficulty Month to month change in difficulty along with change in mining profitability and Hrate give an indication to miners of -18.5% potential arbitrage opportunities. Bitcoin, as example, saw an increase of 16% of mining difficulty in September Bitcoin SV -6.7% (and +19% in global Hrate, see next page) for an overall mining profitability Monero 0.3% dropping by 20,7% which indicates that profitability dropped further than the Ethereum 4.6% adjustment by the mining algorithm as new miners are connecting to the network. It is consistent with the DAR of Ethereum classic 9.1% BTC this month which dropped by 0,45%. Dash 10.4%

Bitcoin Cash 11.9%

Bitcoin 16.0%

-20% -15% -10% -5% 0% 5% 10% 15% 20%

Mining Profitability

Bitcoin -20.7%

Ethereum -7.8%

Ripple -19.2%

Litecoin -10.7%

Bitcoin SV -10.3%

Monero -19.3%

Dash -20.9%

Ethereum classic -10.8%

-22% -16.5% -11% -5.5% 0%

State of the Cryptocurrency market September 2019 17 Total H Rate and Staking Rewards

Total H Rate 20% 19.0% 15% 14.6% 10% 11.4% 10.3% 5% 0.3% 4.1% 0% -15.3% -5.3% -5%

-10%

-15%

LTC BSV XMR ETH DASH XRP ETC BTC -20% Total Hrate

Staking Reward

Stellar 1.0% is still under competitive pressure from miners with a +19% increase in Hashrate this month. It NEO 1.5% shows an overall confidence into bitcoin in a mid term. On the opposite, LTC Hashrate is dropping by more than EOS 1.8% 15% only one month after its halving in August.

Cardano 3.7% The young COSMOS (went mainnet last March) is the most rewarding network currently with an annual staking Tron 4.1% reward at more than 10%. and Dash are still offering consequent incentives to Ethereum 4.3% users to participate in the network's stability and security.

Dash 6.3%

Tezos 6.9%

Cosmos 10.1%

0 0.028 0.055 0.083 0.11

State of the Cryptocurrency market September 2019 18 Inflation Rate and Emission

Name Inflation Rate Emitted

Monero 0.29% 50,782

Bitcoin SV 0.30% 53,900

Bitcoin Cash 0.30% 54,063

Bitcoin 0.32% 57,938

Litecoin 0.34% 214,088

Ethereum 0.38% 406,291

Dash 0.56% 51,088

Ethereum classic 0.68% 773,221

Inflation is calculated as the ratio between the sum of all coin emitted and distributed to miners for the current month and the circulating supply at month’s end. It is given for major POW coins. If no halving (reduction of the block reward) is happening, the inflation rate is usually slowly decreasing month after month with slight variations in speed from a coin to another.

State of the Cryptocurrency market September 2019 19 Active Addresses and Transactions

Active Addresses

Bitcoin’s active addresses continue to dominate, which is not surprising due to overwhelming BTC market share, however active addresses of BTC grew only by 0.99%. Cryptocurrencies that had the largest surge in new active addresses are Tether (87.69%), Bitcoin Cash (73.39%) and Bitcoin SV (71.66%). Largest decrease was recorded in Binance Coin (-51.59%), Maker (-40%) and Ripple (-26.07%).

Blockchain Transactions

Most of Blockchain transactions were naturally recorded on ecosystems that have Dapps. Those platforms are EOS, Tron and Ethereum. Ripple also has a significantly high amount of transactions. Bitcoin has the largest adoption, however in terms of Blockchain transactions, it is only in the 5th place.

State of the Cryptocurrency market September 2019 20 Active Addresses and Transactions

TX/AA is a metric developed by FAS allowing more insight about the use of the chain. TX / AA A value bellow 0.5 indicates there are more than Bitcoin 0.46 one sender and one receiver by transaction in 2.39 average (in an UTXO model, one transaction can Ripple 210.59 1.15 have multiple receivers). Tether 1.64 0.36 A value of 1 could means (if not UTXO) that all Binance Coin 77.63 4.73 senders and receivers of transactions are unique. Stellar 2.67 1.37 A value up to 1 shows that the same senders and Cardano 0.37 receivers are performing multiple transactions 22.71 Huobi Token 1.66 daily. It is often the case for public chains with 0.33 smart contracts, enterprise blockchain or chains Chainlink 1.37 7.44 like XRP allowing interbank international cash NEO 19.69 0.49 transfers and settlements.. Maker 2.27 1.36 0 75 150 225 300

Avg Tx fees (USD) Change in tx fees

1 140% As is clearly seen from the graph, BTC has by far 125% the highest transaction fees on the market. Overall, this month transaction fees decreased for 105% most of the top 25, with the exception of XRP, BSV 0.75 and Ethereum, with 12%, 20% and 125% 70% respectfully.

35% 0.5 20% 12% 8% 0% -5% -13% -10% -29% -35% -35% 0.25 -40% -57% -61% -69% -70% -89% 0 -105% BTC ETH XRP BTH TC BNB BSV XLM ADA XMR DASH XTZ NEO ETC

State of the Cryptocurrency market September 2019 21 Reports Published by Institutions

and Firms

Academia

Google scholar statistics: Bitcoin-related publications listed in August: 336 Blockchain-related publications listed in August: 787

Bitcoin:

"Affective Portfolio Analysis: Risk, Ambiguity and (IR)Rationality" by Donald Brown; published in Cowles Foundation Discussion Paper No. 2202; September 2019

Ambiguous assets are assets that cannot be accurately estimated in terms of value. Those assets include cryptocurrencies, volatility indices and some IPO’s. Investors choose to include those assets in order to diversify their optimal portfolio holdings in order to protect from external risks for their conventional assets.

"Cryptodamages: Monetary value estimates of the air pollution and human health impacts of cryptocurrency mining" by Andrew L. Goodkind, Benjamin A. Jones, Robert P. Berrens; published in Energy Research & Social Science, Volume 59; January 2020, 101281

This paper explains how excessive energy use of Proof-of-Work based cryptocurrencies can have negative effects on health and environment in general. The paper concludes with discussion on how this issue should be solved at the policy level.

"Venezuela: Where Bitcoin Trading Reflects Survival Rather than Choice" by Jackie Johnson; published in Johnson Research, Perth; September 7, 2019

The paper explains how trading behaviour in poorly performing countries in Latin America indicate that it is more due to survival rather than choice. According to the study, people only liquidate as much as they have to spend, which essentially means that they put more trust in cryptocurrencies rather their own depreciating currencies.

"Bitcoin Security with Post Quantum Cryptography" by Meryem Cherkaoui Semmouni, Abderrahmane Nitaj, Mostafa Belkasmi; published in Lecture Notes in Computer Science book series (LNCS, volume 11704); 14 September 2019

Quantum computing is one of the largest threats that can endanger the existence of cryptocurrencies. Post Quantum cryptography is essential for securing the future of the cryptocurrencies. This paper explains how LWE based protection is the most promising solution to this problem.

Blockchain:

"Market Reaction to Exchange Listings of Cryptocurrencies" by Lennart Ante; published in University of Hamburg; Blockchain Research Lab; September 9, 2019

The study shows that cryptocurrencies listing on exchanges results in abnormal returns. The sample size included 327 exchange listings of 180 different cryptocurrencies. It was calculated that abnormal returns amounted to 7.4% on the day of the listing event and 9.2% in the duration of 3 days after the listing. However, not all exchanges display this behaviour, which suggests insider information trading.

"Comparison Analysis of ICO, DAOICO, IEO and STO. Case Study" by Alina Myalo, Nikita Glukhov; published by National Research University Higher School of Economics; September 4, 2019

Funding for cryptocurrency projects has vent through many stages. ICO popularity has declined over time, which is why Vitalik Buterin proposed DAOICO (Decentralised Autonomous Organisation ), but it didn’t get much traction due to the rise of IEOs. STOs are the latest trends allowing digitalising securities and which are under SEC regulations. This study explores how each funding method performed on the market. State of the Cryptocurrency market September 2019 22 "ImprovedReports Response to Water Shortage:Published A Discrete Choice Experiment by StudyInstitutions in Langata Sub County, Nairobi City-Kenya" by E. A. Ochungo, G. O. Ouma, J. P. O. Obiero, N. A. Odero; published by JWARP, Vol.11 No. 9; Septemberand 2019 Firms This study is exploring yet another application of Blockchain technology which can improve water quality control an efficiency of its distribution. Water quality tracking system (WQTS) is aimed to be implemented in Nairobi, Kenya. According to this study, there is estimated 12% saved on water bills with WTQS, and this technology could be useful in many other countries. Academia "A framework for rocket and satellite launch information management systems based on blockchain technology" by Ming Li, Li Wang, Yi Zhang; published by Enterprise Information Systems; September 24, 2019

This paper proposes the framework for rocket and satellite launch information management systems based on blockchain. This framework includes an application layer, a contract and consensus layer, a data layer and a network layer. Each layer is designed in detail. Finally, the characteristics of the proposed framework are analysed to show its advantages.

Reports:

Cryptocurrencies: AML due diligence from a Swiss Banking perspective. Published in September 2019 by Ernest & Young. 29 pages.

In this report, EY reviews the current regulatory landscape regarding cryptocurrencies in Switzerland and what it means to banking institutions for anti-money laundering compliance and investments.

Blockchain gateway for sustainability linked bonds. Published the 24th September by HSBC. 46 pages.

This report explores the use of blockchain technology made for green bonds and how it can provide efficiency, reduce costs and brings opportunity if applied to future digital bonds.

Establishing blockchain policies: Strategies for the governance of technology ecosystems. Published in September by PWC. 24 pages.

PWC reviews the policies and DLT have to face in local markets and regions and the strategies taken by the market to adapt to these limitations.

Libra: Understanding Facebook’s cryptocurrency. Published 14 September by Consensys. 21 pages.

Consensys adopts a neutral position regarding Libra and introduce it as it is, with its characteristics, legal and regulatory challenges, potential applications and expectations.

Blockchain and cryptocurrency regulation 2019. First edition. Published in September by GLI. Full version 505 pages. Link here. light version 38 pages.

GLI published an extensive report of the legislation, the governmental positioning, memorandum, laws etc.. surrounding blockchain and cryptocurrencies in most countries. The light version includes Bermuda, the British Virgin Islands, Cayman Island, Guernsey and Jersey.

2nd Global Enterprise Blockchain Benchmarking Study. Published September 17 by Cambridge University Business school. 72 pages.

Cambridge University explores the use of blockchain, its different uses and applications from the enterprises and businesses perspective.

Enterprise blockchain market forecast 2019-2024. Published September 2019 by DeepAnalysis. 12 pages.

In this short report, deep analysis is summarising forecasted projections for the blockchain industry until 2024.

Blockchain now and tomorrow: Assessing multidimensional impacts of decentralised ledger technologies. Released September 19 by the European commission. 128 pages.

The European commission develops applications of DLT from money, insurances, contracts, land tittles, medical and educational records, birth and marriage certificates, buying and selling goods and services or other transactions or asset that can be translated into a digital form. The report highlight upcoming transformations in multiple sectors. State of the Cryptocurrency market September 2019 23

FAS is established in Hong Kong and provides financial services to startups and companies willing to evolve in the exciting blockchain ecosystem. FAS offers include in-depth market studies, data analysis, financial modelling and projections, Stress tests, financial reviews, consulting, Business development & strategy, especially regarding Asian markets. FAS can rely on a strong network of professionals from different areas and expertise and connect with investors and accelerators worldwide. Believing in decentralisation, we apply this ideal to our business strategy by having consultants available at any time all over the world. Thinking out of the blocks is our motto.

The State of the Cryptocurrency Market team:

Elena Sergey Arthur Mariia CEO & Founder VP & Founder Editor Designer

State of the Cryptocurrency market September 2019 25

Fintech Advisory Services Ltd. 2019 @all rights reserved www.fintech-advisory.com