BitDigest June 30 · Issue #690

Jun 30, 2020
  • Bitcoin continues to hold at $9,000+ level
  • Reserve Bank of Zimbabwe suspends the use of mobile payment apps in effort to stabilize currency
  • The Bank of Canada does not believe existing crypto-privacy technology can meet the levels needed for cash-like usage by a central bank digital currency
BitDigest June 30 · Issue #690

Crypto Fear and Greed Index

The Crypto Fear & Green Index rose 3 points this week as the sentiment index for crypto markets moved closer to neutral territory after sliding back into a 40-range two-weeks ago.

BitDigest June 30 · Issue #690

Gold Lacks Bitcoin-like Verification System

Expect to hear a lot about fake gold in the coming days as 83 tons of gold that creditors of Chinese based Kingold Jewelry (NASDAQ: KGJI) held as collateral against a $2.8 billion loan was found to fake and not actual gold but just gilded copper. This is an equivalent to 22% of China’s annual gold production. Shares in KGJI slid 22% in yesterday’s trading session.

Debunking Common Bitcoin Myths

Thematic research firm ARK Invest has responded to last month’s Goldman Sach’s report on bitcoin by addressing several common bitcoin myths. ARK argues that bitcoin’s volatility is not a weakness but highlights the credibility of its monetary policy; bitcoin is not a financial bubble and is actually a contender for the role of global money; bitcoin is a censorship-resistant platform that is not built for criminals; bitcoin’s value cannot just be replicated by forks or digital copies; and bitcoin’s energy consumption is more efficient than that of gold and traditional banks.

The Headlines

BitDigest June 30 · Issue #690

Zimbabwe Halts Mobile Money Platforms

www.bloomberg.com
The Reserve Bank of Zimbabwe has suspended the use of mobile phone monetary transaction platforms and accused “the phone-based mobile-money systems of Zimbabwe [of] conspiring… in illicit activities that are sabotaging the economy.”
BitDigest June 30 · Issue #690

Existing Privacy Technology Lacks Maturity for CBDC

www.bankofcanada.ca
The Bank of Canada believes current techniques to achieve cash-like privacy for central bank digital currencies are still immature, include hidden vulnerabilities, a lack fo scalability and complicated operations, and do not properly comply with know-your-customer (KYC) and anti–money laundering (AML) regulations.
BitDigest June 30 · Issue #690

Russia's Voting Blockchain Exeriences DDoS Attack

www.tass.com
Hackers used an observer node to facilitate a DDoS attack on Russia’s exploratory blockchain but officially reported that no disruption in voting occurred and that all votes were still recorded on the blockchain and will be accepted.
BitDigest June 30 · Issue #690

Changes in Swiss Tax Laws Not Required for Blockchain

www.decrypt.co
Switzerland’s Federal Department of Finance stated it does not believe the use of blockchain technology requires any changes to existing tax laws.
BitDigest June 30 · Issue #690

South Korea to Store Clinical Diabetes Information on Blockchain

www.coindesk.com
The government of South Korea is looking to develop a blockchain registry system to help analyze, anonymize and store clinical data for diabetes.
BitDigest June 30 · Issue #690

Ebang Looking to Start Bitcoin Exchange

www.bnnbloomberg.ca
Chine crypto mining equipment manufacture Ebang (NASDAQ: EBON) announced it plans to launch an offshore digital asset exchange and could see total revenue grow by 40% in 2020 after expanding into the newer business of helping clients manage crypto datacenters.
BitDigest June 30 · Issue #690

Blockchain Firms Join Confidential Computing Consortium

www.siliconangle.com
Enterprise blockchain firm R3 and internet-of-things blockchain company IoTeX are among the newest members of the Confidential Computing Consortium, a group of companies looking to standardize a method for ensuring that data can be encrypted while it’s being processed in-memory, without exposing it to other parts of a computer system.

Market Data

BitDigest June 30 · Issue #690

Bitcoin Hodling Gaining Momentum

www.insights.glassnode.com
Blockchain intelligence firm Glassnode reports that 61% of all bitcoin (BTC) has not moved in over a year and the number of BTC that has not moved in over two years is at 44%.
BitDigest June 30 · Issue #690

Bitcoin Could be Stolen from Lightning Network

www.medium.com
Researchers at Israel’s Hebrew University have identified a flaw in bitcoin’s Lightning Network that could allow hackers to steal bitcoin from open channels on nodes.

Exchange, Custody and Product News

BitDigest June 30 · Issue #690

Binance Launching COMP/USDT Perpetual Contract

www.binance.com
Binance is launching a COMP – USDT perpetual contract with up to 50x leverage.
BitDigest June 30 · Issue #690

CoinFLEX Introducing Crypto Repo Market

www.medium.com
Physically delivered crypto futures exchange CoinFLEX announced the launch of the industry’s first centrally traded repo market with a 250x leveraged trading spreadCoinFlex also
BitDigest June 30 · Issue #690

OKEx Adds COMP

www.prnewswire.com
Malta based crypto exchange OKEx has listed COMP, the native token of Compound, an algorithmic, autonomous interest-rate DeFi protocol.

Thoughts on the Ecosystem

BitDigest June 30 · Issue #690

WEF Highlights Crypto Risk from Quantum Computing

www.weforum.org
The World Economic Forum says quantum computers have the potential to breach public-key cryptography which could prevent the crypto / blockchain technology’s true value from every being released.

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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