BitDigest July 31 · Issue #712
- Digital currencies had a banner week with the market cap of all crypto assets gaining 15.6%
- The Bank of England plans to design its real time settlement platform to allow for the future introduction of a digital pound
- SEC is starting to investigate activity on Binancechain
US Printing Machine
According to leading crypto VC Pantera, the US government printed more money in June than during the first two centuries of its history (1776 – 1979).
Weekend Reading
- Fidelity Digital Assets released its long awaited analysis on bitcoin as a store of value exploring the inherent characteristics that position bitcoin to fulfill this role in the future, consider whether it is being used in this way today, and discuss factors that may drive greater demand for such utility.
- 👍Anicca Research’s Leo Zhang has published part one in a series on the Alchemy of Hashpower arguably one of the best studies I have read on the importance of hashpower as a quasi-asset class underlying the entire cryptoecosystem.
The Future of Comic Books
I bought my first comic book in the early seventies, probably a story depicting Aquaman or one of the characters from the original Justice League of America, but alas that comic book is long gone and can not be found. This week I purchased my first digital comic book as a non-fungible token. I purchased Death by famed cartoonist Jose Delbo, a 43 page, 60 MB limited edition digital comic book telling the adventures of Death and what becomes of those who try and avoid its far-grasping reach. My bet is that this is the future of comic books, a way for collectors to get limited editions and readers to access their favorite superheroes and comic villians in a COVID-19 paperless environment.
Crypto Queen Part II
BBC has announced that the “Missing Crypto Queen,” the podcast telling the story of the Onecoin and its founder Ruja Ignatova, will return with additional episodes following news that two high ranking Onecoin promoters were found dead stuffed inside suitcases at the Mexican resort of Mazatlan.
The Headlines
BoE Building Settlements Service to Support Digital Currencies
BOJ Chief Economist to Head Department Overseeing CBDCs
SEC Looking at Binance
FinCEN Warns Firms To Watch Out for Crypto Laundering
Celebrity-Endorsed Crypto Ads Are Probably Scams
Circle and Genesis to Develop Offerings for USDC Supported by $25 Million Investment by DCG
eToro Acquires Firm to Issue Debit Card to UK Market
Industry Leaders Joins Together to Promote Crypto and Financial Literacy
Exchange, Custody and Product News
CoinList Launches Spot-Crpto Exchange
Thoughts on the Ecosystem
Crypto Pros and Cons as Replacement to USD
PayPal Cites 'Inflection Point' in 'Death of Cash'
Reports you may have missed
U.S. equity indices are under pressure today following disappointing economic growth in conjunction with hotter-than-expected prices paid, sparking stagflation fears and reducing the chances of rate cuts. The $SPY has declined 0.91% to test $501 and the $QQQ has dropped 1.12% to $421, being weighed down by a 12% drop in META following its Q1 earnings release. Crypto markets are faring better, with BTC-0.69% (-0.28%) trading at $64k and ETH-1.08% ...
The crypto market is pulling back from its recent surge, with $BTC falling below $65,000, $ETH trading under $3,200, and $SOL fighting to stay above $150. As expected, altcoins are also generally declining, although a few notable performers are scattered across the market. Currently, $BONK and $WIF, two prominent memecoins on Solana, are showing resilience, up 12% and 6%, respectively. Additionally, $HBAR initially doubled in price following reports that Blackrock...
Blockchain Association Sues the SEC, Cosmos Patches Potential Reentrancy Vulnerability
U.S. Treasury rates and the DXY (-0.46%) are sliding today following weaker-than-expected S&P Flash PMI data, helping catalyze a 1% rally in equity indices. Manufacturing PMI came in at 49.9 vs. 52.0 expected, and Services PMI read 50.9 vs. 52.0 expected. Bitcoin miners have benefited as rates retreat and transaction revenue remains elevated, with $RIOT, CLSK, and $MARA showing weekly gains of 26%, 16%, and 14%, respectively. Crypto assets are mixed with BTC-0.69% ...
After significantly outperforming equities leading up to its halving event on Friday, BTC-0.69% continued its upward trend over the weekend, now trading just below $66k. ETH-1.08% has generally followed suit, although continuing to lag behind BTC, with its current price around $3200. SOL-4.29% , meanwhile, has continued its strong rebound from the recent price slide, reaching $156 yesterday, currently trading slightly below that level. The crypto market is broadly performing well...
