Daily Market Update - June 10, 2020 A Third of US Institutions Hold Crypto

$BTC 24 Hour High $9,810.20 $BTC 24 Hour Low $9,664.72 $BTC +0.7%

Total Crypto Market Cap $276.9 BN (+0.40%)

24 Hour Volume $74.5 BN (+0.27%)

Notable Movers Maker (MKR(+22.98%)

BTC Dominance 64.8% (+0.15%)

(Bloomberg) A third of Big European and American Institutions hold Crypto Assets according to Fidelity. Across the U.S. and Europe, 36% of the survey’s 774 respondents said they own cryptocurrencies or derivatives. In the U.S., 27% of institutions -- including pension funds, family offices, investment advisers and digital and traditional hedge funds -- said they own digital assets, up from 22% about a year ago, when Fidelity surveyed 441 institutions just in the U.S. In Europe, 45% of respondents are invested in digital assets.

Over a quarter of the respondents hold Bitcoin, while 11% hold Ether, the survey found.

The survey was conducted by Greenwich Associates between November 2019 and early March, right before the crypto market crashed and quickly rebounded. Fidelity runs a service for trading and securing digital assets.

“These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investible asset class,” Jessop said. Fidelity declined to comment on the amount of customer assets or holdings by institutional groups.

Coinbase Punished

Coinbase experienced the largest net outflow of Bitcoins (BTC) in ages in the wake of the recent service outage. [On] June 7, Coinbase users withdrew 22,000 more Bitcoins than they deposited — worth $214 million. According to Glassnode data, only once in history did Coinbase see a greater net withdrawal — July 28, 2017, when the outflow was 22,500 BTC.

Local Bitcoins

Banning cash transactions and requiring identity verification has not noticeably hurt bitcoin’s oldest operating peer-to-peer exchange, market data shows. Helsinki-based bitcoin exchange LocalBitcoins made significant changes to its policies in June 2019. Rather than permanently stifling its business over the past year, volume on the peer-to-peer bitcoin exchange has ebbed and flowed with leading centralized exchanges like OKEx and Coinbase, for example.

Saudi Banks Use Blockchain For Settlement

The Saudi Arabian Monetary Authority (SAMA) has distributed cash to local banks over blockchain. The central bank announced it had deposited "part" of a recent banking sector liquidity pump through "blockchain technology" after injecting 50 billion riyals ($13.3 billion) into local banks on June 1.

In other News Nasdaq hits all time highs based on ZERO fundamentals.

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