Hong Kong and Latin America Continue Crypto Efforts

Name: FS Insight
Price range: $$$

Aug 30, 2023

Author

Tom Couture ^AC

BTC -5.85% ETH -1.24%

Market Update After lower-than-expected JOLTS numbers yesterday, both Q2 GDP and ADP Employment numbers similarly came in below expectations, causing U.S. Treasury yields and the DXY to fall as the market reprices how much more monetary tightening may be needed. Conversely, equity indices are responding positively to the economic data, with the SPX and QQQ both rising more than 0.30% at the time of writing. After closing yesterday up over 6% following Grayscale’s massive victory, $BTC (-2.06%) has cooled off a bit. $ETH (-1.63%), along with most altcoins, are performing similarly and retracing some of yesterday’s gains. GBTC’s discount to NAV closed yesterday at its lowest level (18.06%) since 2021, and now many expect it to move to near-zero as the chances of a spot bitcoin ETF seem increasingly likely.Source: CoinGlassSEBA Bank, a Swiss crypto bank, has received an approval-in-principle (AIP) from the Hong Kong Securities and Futures Commission (SFC) to operate regulated activities related to securities and crypto in the region. The AIP clears the way for the license’s full approval, which will subsequently lead to the bank offering crypto services such as OTC derivatives, structured products, investment advisory, and asset management. SEBA will be one of the first c

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