BitDigest February 23 · Issue #847
- Crypto market cap falls 16% in overnight sell off
- South Korea reportedly ready to ban trading of privacy coins
- China and UAE join Thailand and Hong Kong’s CBDC study
I have added the Purpose Bitcoin ETF (TSX: BTCC.U), the first and largest bitcoin ETF (so far) to the daily market recap. Of interest to many is the premium to NAV of BTCC.U compared to the premium to NAV for the Grayscale Bitcoin Trust (NASDAQ: GBTC).
Crypto Fear & Greed Index
It may surprise you that the Fear & Greed Index for bitcoin and other large cryptocurrencies is basically unchanged on the week posting a one-point decline to 94, but it should be noted that the index is updated daily and was last adjusted before the current crypto market sell off saw a significant effect. Based on historic movement, I expect the index to drop below 50 later today.
The Headlines
South Korea to Force Delisting of Privacy Coins
China and UAE join Hong Kong and Thailand's Digital Currency Initiative
Bitcoin is an "Extremely Inefficient" Way to Conduct Transactions
Crypto is 'Unsuitable' for Retail Investors
India Wants IPO Promoters to Sell Crypto
Thailand Looking to Limit Crypto Trading by Retail Investors
BOK Chief Says Crypto has No Intrinsic Value
Thailand Targeting Crypto Tourists
Hut 8 Looks to Identify New Revenue Opportunities
Long Blockchain Delisted
MoneyGram Suspends Activity on Ripple Net
SBI Joins JPMorgan Blockchain Payment Network
Khurram Shroff Pledges 100,000 Bitcoin to Build Miami Blockchain Foundation
Reports you may have missed
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Traditional markets are finding some relief in Thursdayâs trading after four consecutive sessions of losses. The SPY and QQQ have gained approximately 0.30%, while the IWM (+0.99%) is showing outsized gains. Crypto markets are finding larger relief, with $BTC rising 3.92% to $63.7k, and $ETH gaining 2.71% to exceed $3,050. Injective ($INJ) is one of the leading tokens today, gaining 9.37% following news of a partnership with JamboPhone to bring blockchain-powered financial solutions to emerging markets. JamboPhone...
Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. $BTC (-5.49%) has tested the high $59,000s and $ETH (-4.42%) is trading below $3,000. Among a sea of red, $SUI is showing relative strength, gaining 6.44% on the back of a partnership announcement with...
Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. $BTC continues to range between $61K and $63K following yesterday's afternoon...
