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BitDigest May 11 · Issue #899

May 11, 2021
Author
Gregory Landegger
Gregory Landegger
  • Crypto prices struggling to break $2.5 trillion level
  • Indonesia looking to impose capital gains tax on crypto trading
  • Kazakhstan releases roadmap for crypto industry
BitDigest May 11 · Issue #899

Crypto Fear & Greed Index

The Fear & Greed Index for bitcoin and other large cryptocurrencies dropped to a 6 day low falling 9 points since yesterday as crypto prices weaken following the general market sell off and Elon Musk’s dogecoin (DOGE) comments. The index remains in a ‘Greed’ range with a print of 61. I expect this range to hold as prices are likely to remain soft for the remainder of the week as US investors look to sell crypto to pay taxes ahead of next week’s IRS tax deadline.

BitDigest May 11 · Issue #899

The Headlines

BitDigest May 11 · Issue #899

Indonesia Looking to Tax Crypto Trading

www.reuters.com
The government of Indonesia is considering a plan to tax crypto trades as “capital gains.”
BitDigest May 11 · Issue #899

Kazakhstan Developing Roadmap for Crypto Market

www.cointelegraph.com
Kazakhstan has released a roadmap to spur development of the crypto industry which includes a proposal to run domestic digital asset exchanges through a national financial hub and establishing standards by which crypto exchanges can interact with local banks and clients.
BitDigest May 11 · Issue #899

South Korea Working to Protect Against Crypto Phishing Activity

www.en.yna.co.kr
South Korea’s Ministry of Science plans to work with the National Police Agency to increase monitoring efforts against crypto-related phishing attacks following an increase in reported phishing attempts on websites.
BitDigest May 11 · Issue #899

Nebraska Starts Review of Digital Asset Bank Charters

www.nebraskalegislature.gov
The State of Nebraska have started to review a bill that will authorize “digital asset depository institutions to be chartered in [the state to] provide a necessary and valuable service to blockchain innovators and depositors.”
BitDigest May 11 · Issue #899

Father of Indian Crypto Bill Calling for Regulation Over a Ban

www.coinnounce.com
The former Finance Secretary of India is taking a softer approach to digital currencies saying his government needs greater clarity before making a decision on crypto-assets, but Subhash Chandra Garg says he is against a ban recommending that instead the government regulate cryptocurrencies to encourage the use of services built on the technology.
BitDigest May 11 · Issue #899

MARA Reports Big Uptick in EBITDA Thanks to NYDIG

www.ir.marathondh.com
📈Marathon Digital Holdings (NASDAQ: MARA) reported Q1 revenue of $9.2 million with adjusted EBITDA of $137.4 million due to a mark-up in the value of an investment in NYDIG; excluding NYDIG, MARA would have reported EBITDA of $5.5 million.
BitDigest May 11 · Issue #899

Riot Shows Major Improvement in Mining Efforts

www.globenewswire.com
📈Riot Blockchain (NASDAQ: RIOT) announced a 91% year-over-year increase in newly mined bitcoin (206) during April bringing its total balance sheet holdings to 1,771 BTC.
BitDigest May 11 · Issue #899

Ninepoint to Offset Carbon Footprint of Bitcoin ETF

www.globenewswire.com
📈Canadian investment manger Ninepoint Partners is introducing a plan to allow investors to get carbon neutral exposure to bitcoin through the funds bitcoin ETF (TSX: BITC.U); the fund manager will fully offset the carbon footprint of the fund by supporting various forest conservation projects in the Amazon – all costs associated with this effort will be paid from the firm’s 0.70% management fee.
BitDigest May 11 · Issue #899

UBS Considering Crypto Offerings

www.bnnbloomberg.ca
📈UBS Group is exploring different alternatives to offer crypto investment vehicles to its high net worth customers including providing access to third party offerings.
BitDigest May 11 · Issue #899

Cboe Files Wise Origin Bitcoin ETF with SEC

www.bloomberg.com
📈Cboe Global Markets filed a form 19-b with the SEC for the Wise Origin Bitcoin Trust ETF (backed by Fidelity) suggesting that concerns about potential manipulation of a bitcoin exchange-traded product have been “sufficiently mitigated.”
BitDigest May 11 · Issue #899

COIN 'Rethinking' Compensation

www.blog.coinbase.com
As an example of Coinbase’s (NASDAQ: COIN) effort to become fully transparent, the digital exchange published a post on how the company “is rethinking its approach to compensation” through greater compensation, the elimination of negotiations with a standard offering, and a move from standard four-year equity grants to a new one-year fully vested program.

Market Data

BitDigest May 11 · Issue #899

Bitcoin Hashrate Hits 190 Ehash/s

www.bitinfocharts.com
Bitcoin’s hashrate has broken the 170 Ehash/s barrier on a run up to a new all-time-high of 190 Ehash/s. Miners reacted to this overnight level by limiting operations bumping bitcoin’s total hashrate back down to 180 Ehash/s.

Thoughts on the Ecosystem

BitDigest May 11 · Issue #899

Crypto is 'Libertarian Derp'

www.twitter.com
🐦📺New York Times economist Paul Krugman is not being swayed by the recent price run up in digital currencies and believes crypto is “a combination of libertarian derp and techno babble.”

Daily Cartoon

BitDigest May 11 · Issue #899

Reports you may have missed

Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

Traditional markets are finding some relief in Thursday’s trading after four consecutive sessions of losses. The SPY and QQQ have gained approximately 0.30%, while the IWM (+0.99%) is showing outsized gains. Crypto markets are finding larger relief, with $BTC rising 3.92% to $63.7k, and $ETH gaining 2.71% to exceed $3,050. Injective ($INJ) is one of the leading tokens today, gaining 9.37% following news of a partnership with JamboPhone to bring blockchain-powered financial solutions to emerging markets. JamboPhone...

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Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. $BTC (-5.49%) has tested the high $59,000s and $ETH (-4.42%) is trading below $3,000. Among a sea of red, $SUI is showing relative strength, gaining 6.44% on the back of a partnership announcement with...

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Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. $BTC continues to range between $61K and $63K following yesterday's afternoon...

Bitcoin could soar an additional 38% after topping its record high of $65,000, according to Fairlead's Katie Stockton

Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. $BTC...

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