BitDigest July 22 · Issue #705
- Crypto prices continuing to trade sideways
- Numerous governmental announcements supports that ‘China Knows Blockchain’
- Singapore’s Monetary Authority wants to increase its jurisdictional scope over crypto services provided by Singaporeans outside its country
The Headlines
MAS Proposes Expanding Crypto Oversight Outside Singapore
Philippines to Issue Bonds on Blockchain
China's Supreme Court Wants to Improve Digital Asset Ownership Rights
China's BSN Integrating with Decentralized Blockchains to Extend Global Reach
China Looking to Bring Blockchain to Equity Markets
South Korea Finalizes Plan to Charge 20% Crypto Tax
Kazakhstan Looking at Crypto to Fight Corruption
CipherTrace Introduces Risk Scoring for Crypto Transaction
Dr. Seuss NFTs Coming to Blockchains
Market Data
Tether About to Pass Bitcoin in Daily Transaction Value
Q2 BTC State of the Network Report
Thoughts on the Ecosystem
Pierce Explains Her Objection to Telegram Case
Fed Has No Immediate Plans to Launch Digital Dollar
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 1.60% now testing $60k, ETH 2.71% just below $3k, and SOL 11.01% 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...