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BitDigest February 26 · Issue #850

Feb 26, 2021
Author
Gregory Landegger
Gregory Landegger
  • Crypto prices endure difficult week with new late night slide driving prices down 8%
  • The Financial Action Task Force is releasing updated guidelines on virtual assets and plans to address regulatory requirements and new stipulations on stablecoin
  • Coinbase files S-1 ahead of direct listing
BitDigest February 26 · Issue #850

👀🅱️Premium to NAV for top crypto products Grayscale’s Bitcoin Trust (OTCQX: GBTC) and Ethereum Trust (OTCQX: ETHE) as well as the new Purpose Bitcoin ETF (TSX: BTCC.U) are all negative as of the close of market last night.

BitDigest February 26 · Issue #850

The Headlines

BitDigest February 26 · Issue #850

FATF to Revise Virtual Asset Guidelines

www.fatf-gafi.org
The Financial Action Task Force plans to release an update to its 2019 guidelines on virtual assets requiring virtual asset service providers to be regulated, licensed and registered, and subject to effective systems for monitoring and supervision, and will address revised requirements for stablecoins and the use of digital assets across low-capacity income countries.
BitDigest February 26 · Issue #850

Maduro Planning to 'Surprise' Nation with Digital Bolivar

www.decrypt.co
Venezuelan President Nicolás Maduro plans to announce a “surprise” related to a new “digital bolivar;” no further information was related but it is rumored that the digital bolivar could be a fully-backed central bank digital currency. The failed oil-backed digital currency, the petro, was not considered legal tender.
BitDigest February 26 · Issue #850

Coinbase Files S-1

www.blog.coinbase.com
📈Coinbase filed a public registration statement (form S-1) with the US Securities and Exchange Commission relating to its proposed direct listing on NASDAQ. The digital exchange added a bit of humor by copying bitcoin’s anonymous creator Satoshi Nakamoto on its cover page.
BitDigest February 26 · Issue #850
BitDigest February 26 · Issue #850

Mt. Gox Creditors Can Vote on Rehabilitation Plan

www.mtgox.com
The Japanese Rehabilitation Trustee overseeing the 2014 Mt. Gox bankruptcy announced that creditors will have the opportunity to vote on the proposed Rehabilitation Plan ahead of a meeting on October 20, 2021.
BitDigest February 26 · Issue #850

Ebang to Mine LTC and DOGE Itself

www.ir.ebang.com.cn
📈Ebang International (NASDAQ: EBON) announced plans to launch a Litecoin (LTC) and Dogecoin (DOGE) mining business. This announcement follows an earlier statement this month that the company would release a new product allowing miners to simultaneously mine the two digital currencies.
BitDigest February 26 · Issue #850

Arca Files Paperwork for Bitcoin Investment Trust

www.sec.gov
📈Digital asset investment firm Arca filed a notice with the US Securities Exchange Commission of its intention to establish a bitcoin investment trust; according to the filing this offering will have a minimum investment for accredited investors of $25,000.
BitDigest February 26 · Issue #850

CI and Galaxy File for Ethereum ETF

www.sedar.com
📈Canadian-based investment firm CI Global Asset Management has filed and obtained a receipt for a preliminary prospectus for the first ether ETF, the CI Galaxy Ethereum ETF.

Opening Bids on Beeple Artwork Reach $2.4 million on First Day

www.onlineonly.christies.com
Online bids for Beeple’s digital artwork “The First 5000 Days” are being placed at Christie’s auction house and as of this morning, 121 bids have been received with the highest offer at $2.4 million. Final bids are due by March 11th.

Market Data

BitDigest February 26 · Issue #850

New Crypto Investors Flocking to Robinhood

www.robinhood.engineering
Investment platform Robinhood reports that so far 2021 has resulted in an increase of 6 million new customers investing an average amount of $500 on its crypto platform compared to a monthly average of only 200,000 new customers in all of 2020.

Thoughts on the Ecosystem

BitDigest February 26 · Issue #850

JPMorgan Says Investors Should Consider 1% Crypto Allocation

www.bloomberg.com
Strategists at JPMorgan Chase are finally recommending that investors consider an allocation of up to 1% in digital currencies “to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.“
BitDigest February 26 · Issue #850

Consumers Need Crypto ‘Use Cases’

www.bloomberg.com
📺Venture capitalist Glenn Hutchins says consumers are waiting for use cases and real world applications before fully embracing digital currencies suggesting that people consider the comparison of a song or movie which becomes “more valuable to the owner of the copyright, to the extent to which it’s played more.”
BitDigest February 26 · Issue #850

El-Erian Identifies Three Concerns for Central Banks About Bitcoin

www.decrypt.co
Economist Mohamed El-Erian says that bitcoin captures three things that central banks should be concerned about: bitcoin investors believe BTC will become money as opposed to a commodity, investors are “adopting bitcoin for negative reasons” to protect themselves and mitigate risks, and investors are using bitcoin to speculate.

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