BitDigest July 2 · Issue #692

Jul 2, 2020
  • Crypto pricing flat, unchanged over 24-hours
  • US Appeals Court finds that blockchain’s decentralized and transparent structure does not require a warrant if a search is necessary
  • Russian court rules that bitcoin’s lack of legal status means that theft of BTC is not a crime
BitDigest July 2 · Issue #692

Weekly Stock Review

Highlights from the North American listed crypto, blockchain and mining stocks:

  • Buyers for Chinese miner Ebang (NASDAQ: EBON) are lacking as it share price has declined 24% since its IPO last Friday
  • Volume for the Grayscale Ethereum Trust (OTCX: ETHE) increased 32% over the past 7-days and it’s premium to NAV increased 18% after the ETH traded trust declined in price last week
BitDigest July 2 · Issue #692

The Headlines

BitDigest July 2 · Issue #692

Court Rules Blockchain Analysis Does Not Require Warrant

www.coindesk.com
The Fifth Court of Appeals has ruled that the Fourth Amendment – unreasonable search and seizures – does not protect individuals, requiring a warrant, when a public blockchain transaction is reviewed.
BitDigest July 2 · Issue #692

DC Bar Approves Receipt of Crypto for Legal Services

www.dcbar.org
The District of Columbia Bar issued a legal opinion allowing attorneys to accept digital currencies as a payment for legal services as long as the “fee arrangement is reasonable, objectively fair to the client, and has been agreed to only after the client has been informed in writing of its implications and given the opportunity to seek independent counsel.”
BitDigest July 2 · Issue #692

Theft Bitcoin is Not a Crime if Bitcoin is Not Property

www.cointelegraph.com
A Russian Court has ruled that since bitcoin lacks a legal status, it should not enjoy the same property protection as other assets.
BitDigest July 2 · Issue #692

Senators Want to Know How Virtual Currencies Are Used for Illicit Activities

www.aboutblaw.com
Members of the Senate Banking Committee have proposed a bill instructing the Government Accountability Office to “conduct a study on how a range of payment systems and methods, including virtual currencies in online marketplaces, are used to facilitate human trafficking and drug trafficking.”
BitDigest July 2 · Issue #692

Kazakhstan Doubling Investment in Crypto Mining

www.cointelegraph.com
The Government of Kazakhstan is planning to double its investment into digital currency mining (a total of $80 million) as the Central Asian country continues its efforts to develop a central bank digital currency.
BitDigest July 2 · Issue #692

Sri Lanka Developing Blockchain-based KYC Platform

www.dailymirror.lk
The central bank of Sri Lanka has shortlisted the software providers under consideration to provide a proof of concept for a shared blockchain-based know-your-customer (KYC) facility for banks on the Indian Ocean island.
BitDigest July 2 · Issue #692

Core Scientific to Install 17,000 New Antminers

www.businesswire.com
Leading contract crypto miner Core Scientific announced plans to invest an estimate of over $40 million in the purchase over 17,0000 new S19 Antminer mining rigs – the largest single purchase of the new miners by a single blockchain hosting company.
BitDigest July 2 · Issue #692

Core Scientific to Install 17,000 New Antminers

www.businesswire.com
Leading contract crypto miner Core Scientific announced plans to invest an estimate of over $40 million in the purchase over 17,0000 new S19 Antminer mining rigs – the largest single purchase of the new miners by a single blockchain hosting company.

Market Data

BitDigest July 2 · Issue #692

Volume on Decentralized Exchanges Reach New Highs

www.duneanalytics.com
June trading volumes on decentralized exchanges like 0x, Bisq, and Airswap reached $1.44 billion, surpassing the previous six month average volumes by 129%.

Exchange, Custody and Product News

BitDigest July 2 · Issue #692

Coinbase to Custody 21Shares ETP

www.blog.coinbase.com
Coinbase has been identified as the custodian of record for 21Shares’ new bitcoin exchange traded product, replacing traditional custodian Kingdom Trust who previous custodied assets held by the manager.

Thoughts on the Ecosystem

BitDigest July 2 · Issue #692

Only Bitcoin and Gold are Money

www.twitter.com
Morgan Creek Capital Mark Yusko suggested that only gold, and its digital compatriot bitcoin are money, “everything else is just credit.”
BitDigest July 2 · Issue #692

Comedian Bill Burr is "Getting Bitcoin"

www.twitter.com
Bitcoin advocate and investor, turned financial commentator, Anthony Pompliano has called yesterday, July 1, 2020, the beginning of “a historic 18 month bitcoin bull market” after comedian Bill Burr announced “I’m getting bitcoin!”

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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