BitDigest July 14 · Issue #699

Jul 14, 2020
  • Crypto pricing remaining range set as market looks for new catalyst
  • Bank of England expects to have digital currency in “a few years”
  • South Korea may raise crypto tax to 20% rate
BitDigest July 14 · Issue #699

Crypto Fear and Greed Index

Driven by “boring bitcoin,” the crypto sentiment index is unchanged this week suggesting investors continue to foresee the possibility of weakness in digital currency markets as the majority of cryptocurrencies continue to be range-set.

BitDigest July 14 · Issue #699

The Headlines

BitDigest July 14 · Issue #699

Bank of England Sees Digital Currency Coming

www.bloomberg.com
Governor Andrew Bailey says the Bank of England is reviewing whether the BOE should create a digital currency, and believes “in a few years time, we will be heading toward some sort of digital currency.”
BitDigest July 14 · Issue #699

South Korea May Tax Digital Goods at 20% Rate

www.cointelegraph.com
South Korea lawmakers appear ready to classify digital currencies as virtual assets which would be considered electronically tradable certificates of electronic value rather than “currencies” and it is believed crypto taxes could rise as high as 20%.
BitDigest July 14 · Issue #699

Word Bank Sees Smart Contracts Driving Financial Inclusion

www.blogs.worldbank.org
A World Bank report suggests that smart contracts – “self-executing code-based agreements that are typically hosted on blockchain networks” – can drive inclusion among consumers and micro, small, and medium-sized enterprises in certain financial services, such as insurance and supply-chain finance
BitDigest July 14 · Issue #699

PayPal Tells EC about Crypto Development Plans

www.theblockcrypto.com
In a just released March letter to the European Commission, Paypal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area.”
BitDigest July 14 · Issue #699

Fidelity Owns Over 10% of Hut 8

www.sedar.com
Global asset manager Fidelity announced it acquired 4.1 million units of Canadian traded crypto miner Hut 8 (TSX: HUT.TO) bringing Fidelity’s investment in company to over 10.58% of outstanding shares.
BitDigest July 14 · Issue #699

Abra Settles with SEC and CFTC for Unregistered Security-Based Swap Transactions

www.sec.gov
Crypto investment app Abra announced a settlement with both the SEC and CFTC for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a registered national exchange; Abra and a related Phillipines entity agreed to pay a penalty of $150,000 to each agency without admitting or denying any guilt.

Market Data

BitDigest July 14 · Issue #699

Bitcoin Hits Difficulty High

www.sec.gov
Crypto investment app Abra announced a settlement with both the SEC and CFTC for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a registered national exchange; Abra and a related Phillipines entity agreed to pay a penalty of $150,000 to each agency without admitting or denying any guilt.
BitDigest July 14 · Issue #699

Stablecoin Supply Growth Could be Bullish for Bitcoin

www.insights.glassnode.com
Bitcoin’s (BTC) stablecoin supply ratio, representing the ratio between the supply of money in BTC and the supply of stablecoins, is reaching new lows suggesting large inflows of capital could be moving into BTC on a short notice; other options for the stablecoins could be to purchase altcoins or even act as a store of value by storing US dollar wealth digitally.
BitDigest July 14 · Issue #699

Altcoins Spurred by Crypto Microcaps

www.coindesk.com
The recent decrease in bitcoin dominance has been driven by a growth in altcoins and the so-called S@#tcoin Index – an index of 50 low-capitalized crypto currencies, the microcaps of the crypto world –is up 11.4% this year outperforming bitcoin by 88 percentage points this year.

Exchange, Custody and Product News

BitDigest July 14 · Issue #699

Huobi Launching Bitcoin Options

www.financemagnates.com
Singapore based crypto exchange Huobi will launch European style (exercised at expiration) bitcoin options trading later this quarter with minimum positions as low as 0.001BT (<$10).
BitDigest July 14 · Issue #699

Coincheck Adds Support for BAT

www.ihodl.com
Japanese crypto exchange Coincheck plans to start trading the Brave browser’s Basic Attention Token (BAT) next week.

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...

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