- Crypto and traditional markets each moved higher today - $BTC and $ETH are up 0.88% and 1.31%, while the SPX and NDQ have risen 0.14% and 0.35%. This rally comes as the U.S. dollar (DXY) continues turning over - down 0.66% today. Litecoin ($LTC) is a surprising standout this week, up 9.0% today and 30% this week. LTC has been a laggard in the crypto market the past couple of years but is getting increased attention ahead of its halvening in August 2023. Litecoin's halvening precedes bitcoin's halvening (in March 2024) and leads to favorable supply dynamics where the LTC block reward to miners is cut in half. $BNB, the native coin of Binance Smart Chain and the Binance exchange is another standout today - up 9.41%. The market remains focused on DCG and Genesis to assess the extent of contagion from FTX. DCG CEO, Barry Silbert, released a statement yesterday to shareholders, giving a high-level overview of the situation.
- Bitcoin miner, Core Scientific, has warned investors of "substantial doubt" that the company will be able to continue operations over the next 12 months due to uncertainty regarding the company's financial position. In its quarterly report filed on November 22nd, the company showed a net loss of $434.8 million from the third quarter of 2022. This brings Core Scientific's total losses for 2022 to $1.71 billion. The company believes that continuing operations through 2023 will require additional liquidity, as its cash balances are beginning to run low - down from $118 million at the end of 2021 to $30 million on September 30th, 2022. Core Scientific isn't the only bitcoin miner to be struggling this year - a declining price of bitcoin paired with increasing energy costs has made the cyclical bitcoin mining business far less profitable than the past couple of years.
- The Bank of Japan (BoJ) has planned experiments on a digital yen with three megabanks and regional banks in the country. Beginning in the spring of 2023, the BoJ will work with these banks to test a CBDC and ensure that the technology will work in areas with no internet access and through natural disasters. These CBDC experiments are set to last for two years, with the country making its final decision on a CBDC in 2026. Japan isn't the only nation looking into issuing a CBDC - China, the Bahamas, Sweden, the US, and the EU, among others, have been researching the possibility of a CBDC as well.
Crypto Daily Report – November 23
Nov 23, 2022
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