BitDigest June 1 · Issue #669
- Crypto prices flat at start of new month; total marketcap holding at $255 billion
- Digital Dollar Project releases whitepaper explaining benefits of US dollar backed stablecoin
- Kingdom Trust looking to tokenize all $13 billion in assets under custody
Galaxy Digital Releases Q1 Update
Galaxy Digital reported a loss of CAD 27.7 million during the quarter ending March 31, 2020. The negative results were driven by $25 million in unrealized losses on crypto holdings. The company’s activities continue to be fueled by crypto investments on its own balance sheet with Q1 holdings ending with approximately 10,000 bitcoin; this figure has increased by 32% in Q2. CEO Mike Novogratz said the company’s trading desk, investment banking and advisory businesses will continue to be the primary focus of his team and should reach break even within 12 months. He added that the next real catalyst for crypto will be the arrival of institutional investors; Novogratz admitted to sounding like a broken record regarding this statement, but feels this time is different.
Crypto’s Influence in Gaming Continuing
So it’s not really news, but I found it interesting that all five of Decrypt’s top stories on their daily update Friday were related to gaming and covered news on Minecraft (Microsoft), Atari, Square Enix, Ubisoft, and battle-royal game Lightnite. This definitely shows the continued cross-over between gaming and crypto.
What I Read (and Watched) This Weekend?
- 100 Acre Ventures reviewed crypto offerings targeting longer term ownership (vs. short term speculation) and suggeted that bitcoin demand is on the rise with net demand likely to turn positive over the next nine months.
- Delphi Digital previewed its upcoming “Institutional Argument for Crypto” report identifying the macroeconomic factors that they believe will drive investors to crypto. Delphi also pre-released an interview with bitcoin author Andreas Antonopoulos. The video will be made available to the public later this week and is highly recommended.
The Headlines
Video Posted Showing Chinese DCEP Conversion
Digital Dollar Project Releases Whitepaper
Kingdom Trust Wants to Tokenize All Custodial Assets
Core Scientific and Bitmain Establish US-based Ant Training Academy
BCH May Become Sovereign Digital Currency
McAfee's $1 Million Promise was a Joke
Market Data
Blockchain Investments Hit 13-month Low
Tether is Used for Arbitrage on Centralized Exchanges
Crypto Spreads 4X Faster in Developing Countries
Why Traditional Managers Are Not Investing in Crypto
Kraken Issues Report on Monero
Exchange, Custody and Product News
Coinbase Pro Adding Maker
Thoughts on the Ecosystem
Cryptos Are 'High Speculative Assets'
Reports you may have missed
Tether Outlines New Organizational Structure, Aptos Partners with Microsoft, Brevan Howard, and SK Telecom
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