BitDigest January 13 · Issue #820

Jan 13, 2021
  • Bitcoin trading back in low to mid $30,000 range
  • Gensler expected to head SEC, Brooks to resign
  • UK tells unregistered crypto entities to cease operations
BitDigest January 13 · Issue #820

The Headlines

BitDigest January 13 · Issue #820

Gary Gensler to be Named SEC Chair

www.reuters.com
In a boost to digital currencies, MIT crypto professor and former CFTC chair Gary Gensler is expected to be named chair of the Securities and Exchange Commission by President-elect Biden.
BitDigest January 13 · Issue #820

Brooks Expected to Step Down

www.americanbanker.com
It is being reported that crypto-friendly, acting Comptroller of the Currency Brian Brooks is planning to step down from his position within the next few days.
BitDigest January 13 · Issue #820

Brooks Expected to Step Down

www.americanbanker.com
It is being reported that crypto-friendly, acting Comptroller of the Currency Brian Brooks is planning to step down from his position within the next few days.
BitDigest January 13 · Issue #820

New Zealand Regulator Issues Crypto Warning

www.nzherald.co.nz
The New Zealand Financial Markets Authority issued a warning on investing in digital currencies saying that “cryptocurrencies are not regulated in New Zealand” and that anyone “considering purchasing cryptocurrencies, such as Bitcoin, should be aware that these are high risk and highly volatile assets.”
BitDigest January 13 · Issue #820

Pakistan Government Starting to Mining Crypto

www.decrypt.co
Reports claim the provincial government of Khyber Pakhtunkhwa in Pakistan has launched crypto mining operations in an effort to help support the local economy.
BitDigest January 13 · Issue #820

Kentucky May Exempt Crypto Mining Taxes

www.apps.legislature.ky.gov
In an effort to draw new crypto businesses to the Blue Grass state, legislators in Kentucky have proposed a bill that would exempt digital currency miners from paying sales and excise taxes on its operations.
BitDigest January 13 · Issue #820

MARA Raises $250 Million

www.ir.marathonpg.com
Publicly traded digital currency miner Marathon Patent Group (NASDAQ: MARA) announced that it has entered into securities purchase agreements with several institutional investors for the direct purchase and sale of 12.5 million shares netting the company gross proceeds of $250 million.
BitDigest January 13 · Issue #820

500.com to Enter Mining Space

www.finance.yahoo.com
NYSE traded Chinese online betting site 500.com (NYSE: WBAI) announced plans to enter the bitcoin mining space through a new $14 million share issuance with the proceeds being used to purchase 918.5 Phash/s in mining capacity.
BitDigest January 13 · Issue #820

Marks Family Buying 'Meaningful Amount' of Bitcoin

www.oaktreecapital.com
Admitting that his initlal skepticism “has not borne out to date,” billionaire investor Howard Marks told readers of his famed memos that his son has “thankfully” purchased a “meaning amount [of bitcoin and other digital currencies] for [his] family.”
BitDigest January 13 · Issue #820

eToro Raising Minimum Deposit for New Users

www.twitter.com
eToro announced it has temporarily increased its minimum deposit for new users from $200 to $1,000 in response to “an unprecedented demand for services” on the social trading platform.

Market Data

BitDigest January 13 · Issue #820

Financial Advisor Activity Increasing in Crypto

www.static.bitwiseinvestments.com
Crypto asset manager Bitwise issued the results of a survey of financial advisor finding their crypto allocation to client portfolios rose 49% in 2020 to nearly 10% with 17% of respondents who do not currently allocate to crypto saying they will “definitely” or “probably” allocate this year.

Exchange, Custody and Product News

BitDigest January 13 · Issue #820

Gemini Surpasses $10 Billion in AUC

www.gemini.com
Gemini Trust announced that it has surpassed the $10 billion level for assets under custody (AUC).
BitDigest January 13 · Issue #820

Huobi Adds Support for Ruble

www.pressat.co.uk
Chinese, Seychelles-based, digital exchange Huobi is adding support for the Russian ruble (RUB) against 11 popular cryptocurrencies for trading.

Thoughts on the Ecosystem

BitDigest January 13 · Issue #820

Institutional Investors Make Up Only 1% of Bitcoin Marketcap

www.cnbc.com
Goldman Sachs’ Head of Commodities Research Jeff Currie admits the bitcoin market is becoming “more mature” but believes that only 1% of capital invested in digital assets are institutional money.
BitDigest January 13 · Issue #820

Bitcoin Trading Like its in a Bubble

www.cnbc.com
DoubleLine Capital’s Jeffrey Gundlach believes that bitcoin is acting like it has entered bubble territory suggest that he does not like bitcoin at the current price.

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In