BitDigest June 2 · Issue #670
- Bitcoin breaks above $10,000
- Venezuela ends its national gas subsidies and offers citizens opportunity to buy gas with petro
- US issues $5 million reward for information leading to arrest Venezuelan Crypto Superintendent
Crypto Fear and Greed Index
The Crypto Fear & Greed Index has spiked 17 points jumping back into positive territory. This repeats the level attained in early May and is the second pick-up since beginning its downward slide in February.
The Headlines
Venezuela Ends Free Gas Subsidy and Enables Petro Payments
Canadian Crypto Companies Must Now be Regulated MSBs
WANTED: Venezuela's Superintendent of Crypto
Western Union Makes Offer for MoneyGram
SEC Wins Blockvest Case Due To Forged Docs
Bitmain Launches New Mining Rig
Market Data
Coinbase is the Largest BTC Hodler Among Exchanges
Exchange, Custody and Product News
Kraken Adding USDT (USDT-ERC20) and OXT
Thoughts on the Ecosystem
Blockchain Immutability has Weaknesses
Crypto-custodian Insolvency Hindered by Differing Regulatory Definitions
Bitcoin Is Digital Manifestation of Austrian Economics
Reports you may have missed
Major equity indices are rallying on the back of solid earnings, with both the $SPX and $QQQ up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week's FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a...
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-1.24% (-0.28%) trading at $64k and ETH-0.46% ...
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-1.24% ...
