BitDigest July 13 · Issue #698
- Alt-coins increase market cap as bitcoin dominance continues to weaken
- The G20 plans to draw-up a framework allowing its members to accept digital payments
- Singapore releases report on final stages of blockchain roll-out
What I Read This Weekend
- The South American nation of Uruguay was the first nation to explore the viability of a central bank digital currency in 2017 and although they developed it using their local mobile phone network instead of on a decentralized ledger, the system appears to have been successful.
- Ripple’s Executive Chairman has initiated a program to fund the installation of high definition security cameras across San Francisco to enable local communities to monitor and police their neighborhoods.
- In an interview with the US Secret Service, Forbes reports the cryptocurrency is only an ‘element’ of a crime, not its own separate ‘category’, and it is not relevant to the prosecution whether cryptocurrency is involved. only an ‘element’ of a crime, not its own separate ‘category’, and it is not relevant to the prosecution whether cryptocurrency is involved
The Headlines
G20 to Lays Regulatory Groundwork for Digital Payments
Singapore Readies Blockchain Payments System for Commercial Rollout
OCC Launches Program to Promote Financial Inclusion in Capital Markets
Judge Rules Telegram Case has no Precedence on KIK
Data on Russia’s E-Vote Participants Leaked
Coinbase to Hold Investor Day in August
Market Data
Signature and SVB Helped Most Crypto Firms Access PPP Program
$24 Million Stolen in Bitcoin Scams Over First Half of Year
Daily Activity in Blockchain Gaming Down in 2020
Reports you may have missed
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC 4.06% now testing $60k, ETH 4.22% just below $3k, and SOL 14.07% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this...
Investors will have a lot to digest this week, including various data releases such as consumer confidence, ADP Employment, JOLTS, and non-farm payrolls. Likely more important is the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA), both set for Wednesday. Equities are gaining to start the week with the $SPY and $QQQ both up approximately 0.30% as the DXY 0.00% (-0.44%) slides after the BOJ intervened to support the Yen against the dollar. Crypto assets are struggling so...
Major equity indices are rallying on the back of solid earnings, with both the $SPX and $QQQ up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week's FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a...