Crypto Weekly – December 21, 2017


Regulators continue to caution retail investors about the speculative nature of the cryptocurrency market especially with BTC going above $20,000 on Dec 17 and BCH and ETH rising to their highest levels so far. BTC has increased 1700% since Jan 2017, possibly the highest increase in an investment class, which many allude cryptocurrencies to be.

CME launched its bitcoin futures, for which data will be pulled from 4 exchanges vs. CBOE which is only linked to one – Gemini.

Data source: as of December 20, 2017.

  • Estonia will launch its TokenEST ICO in January 2018 in a  public private partnership with Ethereum based recruitment company Chronobank. The country expects to raise EUR30 million from its “estcoin” which has three aspects – community, identity and the most controversial – the coin’s value is linked to the euro, but does not stand as an equivalent to the euro. Mario Draghi had rejected a state-backed estcoin in mid September, saying that no country in the Euro Zone could issue a token since they use the same Euro currency.



Developments in the UAE:
  • NCR Corporation, which makes ATMs, teamed up with CoinHub a UAE based cryptocurrency exchange to allow customers to withdraw cryptocurrencies through their ATMs using cardless sessions from their CoinHub account.
  • MAG Lifestyle Development will begin to accept OneGram, a Sharia compliant cryptocurrency backed by gold for its properties beginning 2018. Buyers who use this method of payment effectively buy the equivalent amount of OneGram and receive a 5% discount on the property as an incentive. OneGram then pays the MAG Lifestyle Development company 35% between six to nine months  and 65% once the property is completed at the end of  2019.
  • South Korean cryptocurrency exchange, Youbit is filing for bankruptcy after a second hack this year resulting in a haircut of 25% of users cryptocurrency assets.
  • Coinbase’s exchange GDAX launched bitcoin cash, but faced some major swings in the pricing causing it to halt trading temporarily and then reopen again after a couple of hours.
Cryptocurrencies for charity or to lower tax?
  • Fidelity Charitable, a charitable trust run by Fidelity Investments received $22 million worth of donations in 2017, of which reportedly $11 million was in November. The trust which was setup in November 2015 received only $7 million in bitcoin donations in 2016.
Year-to-date Charts:

Data source:


Contributed by Marvelstone Capital

About the Company

Marvelstone Capital Pte. Ltd. is a data driven Registered Fund Management Company (RFMC) regulated by the Monetary Authority of Singapore (MAS). The principal activities of the company include the management of Hedge Funds and Private Equity Funds. (Biz File No: 201620064C)


Marvelstone Capital Pte. Ltd. distributes content in good faith. The company is not liable to the reader for any implications arising out of the usage of data for any particular purpose. The company makes no representations or warranties for the accuracy or completeness of the data.