BitDigest August 6 · Issue #715
- Bitcoin drives crypto market cap back above $350 billion
- Members of the Congressional Blockchain Caucus tell the IRS staking rewards should be taxed differently
- SEC Director responsible for ICO enforcement stepping down
Weekly Stock Review
Highlights from the North American listed crypto, blockchain and mining stocks:
- The Grayscale Digital Large Cap Fund (OTCQX: GDLC) was the top performer among the North American blockchain and crypto stocks reporting a 142% price increase. GDLC’s premium to NAV jumped from 27.8% to 189.9%.
- For the second week in a row, Marathon Patent Group (NASDAQ: MARA) posted a a considerable return with a new all-time-high of $4.79. MARA is up 130% over the past seven days and investors are moving into the crypto mining stock with average weekly volume increasing 61%.
- Canaan (NASDAQ: CAN) announced that the company has reshuffled it board, separating with five former directors and adding four new independent ones.
- Galaxy Digital (TSX: GLXY.V) spiked over the past few days hitting a new 12-month high of high of $3.48.
- Investors moved into Grayscale’s Bitcoin Trust (OTCQX: GBTC) with the run up in the price of bitcoin; average volume increased 50% this week.
- The Bitcoin Fund (TSX: QBTC-U.TO) reached a new all-time-high of $16.
- Hut 8 Mining (TSX: HUT.TO) announced that it is taking over management from Bitfuty at its Medicine Hat facility to reduce costs and streamline operations.
Bitcoin Needs Electricity
Last week I reported that the Bank of Japan was working to ensure that the digital yuan would be fully accessible to all citizens, and more importantly it would be resilient and able to survive a natural disaster and loss of power.On Tuesday, many parts of New York lost power due to the impact of Hurricane Isais. As I write this, power has yet to return in my neighborhood (I was able to charge my computer in my office and am linking to my phone’s hotspot). While I was very fortunate that the damage I encountered was limited to falling trees and branches, this incident made me think about the impact of the loss of electricity on bitcoin. Without power, bitcoin is not lost – the decentralized structure provides for geographic distribution of the nodes – but on a more personal level, the lack of energy prohibits transactions from being completed. As we continue the path towards a digital world we must address this limitation. Without power, our digital future cannot be achieved.
The Headlines
The IRS Should Consider Staking Rewards Differently than Traditional Gains
SEC’s Director of Enforcement Steps Down
Russia’s Largest Bank Considering Stablecoin
INX Plans to IPO by Years End
Davey is Coming to Bitcoin
Blockchain Salaries More Than Double in China
Market Data
Bitcoin Gaining as Quasi-Currency Store of Value
Bitcoin Still Prevalent on Dark Web
Exchange, Custody and Product News
OKEx Launching P2P Trading Platform in India
Coinbase Adds Support for .Crypto Domains
Kraken Offering Zero-Fee Deposits and Adjusts Minimum Order Sizes
Thoughts on the Ecosystem
Investor Age Influences Choice of Asset Class
Reports you may have missed
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