The State of the Market: Bitcoin (BTC) dominance has been rising since mid-April, and recently surpassed 48% — the same level of dominance the preceded the flagship cryptocurrencies run-up to it’s $20,000 all-time high in early January 2018. BTC has been hovering around the $7,000 level with a meagre gain of 0.25% over the last 24 hours. Ethereum (ETH) has fared worse — breaking below the $400 price support level. ETH is currently trading at $391 with a 3.3% decrease on the day. Of the top ten coins, IOTA (MIOTA) has posted the worst performance after falling just over 10% over the past 24 hours.

1) Coinbase, the leading U.S. cryptocurrency exchange, recently announced two exchange changes designed to improve functionality for traders. The exchange is making the default daily trading cap $25,000, which will be rolled out in the coming weeks. Coinbase is also facilitating immediate cryptocurrency trading for funds that are deposited via bank transfers, removing a previously required five-day waiting period for fund settlement. Funds must still remain on the Coinbase platform for the settlement period. The changes apply to U.S. investors and place greater control in the hands of traders (read more).

2) Just days ago, an Australia-based crypto startup called CoinJar introduced the Digital Currency Fund — an index-style cryptocurrency-based financial product that allows customers to buy into either Bitcoin or a basket of different cryptos. The fund is aimed at giving wholesale investors easy access to cryptocurrency markets through more traditional financial channels. However, to participate in the fund, investors must have at least AUD$2.5 million in net assets or AUD$250,000 in annual income. Once invested, CoinJar has stated that they “take on the management and security of the assets on behalf of the investor”(read more).

3) A new Ethereum (ETH) derivatives product from decentralized fintech startup dYdX will allow investors to trade ETH for tokens that are inversely tied to the price of ETH — effectively allowing the possibility of ‘shorting’ or betting against the #2 digital currency. The platform, which is built on the decentralized exchange (DEX) protocol 0x, uses smart contracts to facilitate these trades. The new platform also allows margin trading in a decentralized manner. In an interview with TechCrunch, dYdX founder Antonio Juliano said that he believes there is a “big opportunity” for a derivatives market built using a DEX as opposed to a more conventional centralized order book (read more).

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