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BitDigest May 12 · Issue #900

May 12, 2021
Author
Gregory Landegger
Gregory Landegger
  • Ether reaches $500 billion marketcap
  • Israel committing greater effort to prepare for digital shekel
  • SEC issues warning to investors about mutual funds with exposure to bitcoin
BitDigest May 12 · Issue #900

The Headlines

BitDigest May 12 · Issue #900

Bank of Israel 'Accelerating' Preparation for Digital Shekel

www.boi.org.il
The Bank of Israel said it has been examining the issuance of a central bank digital currency since 2017 and while it has not yet decided whether to issue a sovereign currency, the central bank has decided to accelerate its research and preparation for the potential issuance of a digital shekel.
BitDigest May 12 · Issue #900

SEC Warns About Mutual Fund Risks with Bitcoin Exposure

www.sec.gov
The Securities and Exchange Commission issued a warning to investor’s investing in a mutual funds with exposure to bitcoin futures suggesting they should “carefully consider the risk disclosure of the fund, the investor’s own risk tolerance, and the possibility, as with all investing, of investor loss.”
BitDigest May 12 · Issue #900

House Passes Crypto Commercial Recognition Bill

www.capitol.texas.gov
The Texas House of Representatives has passed a bill recognizing virtual currencies under the state’s uniform commercial code; the bill will now move to the Senate.
BitDigest May 12 · Issue #900

IRS Partnering with TaxBit

www.prnewswire.com
The Internal Revenue Service has selected crypto tax preparation service TaxBit to provide data analysis and compliance and calculation support to help audit taxpayers with reported crypto transaction.
BitDigest May 12 · Issue #900

Galaxy Reports AUM of $1.6 Billion

www.newswire.ca
📈Galaxy Digital Holdings (TSX: GLXY) reported assets under management of $1.6 billion, a 27% increase over the prior month and 100% gain since the beginning of the year.
BitDigest May 12 · Issue #900

Revolut Adding Elliptic's Software Services

www.elliptic.co
UK-based digital banking platform Revolut has partnered with blockchain analytics firm Elliptic to record all customer crypto trades onto the blockchain and provide the company with visibility over risks, and the knowledge to block high-risk cryptoasset transactions.
BitDigest May 12 · Issue #900

Palantir Accepting Bitcoin and May Add Digital Currency to Balance Sheet

www.cnbc.com
📈Palantir (NYSE: PLTR), the maker of software and analytics tools for the defense industry, used its Q1 earnings call to announce the company was considering adding bitcoin to its balance sheet, saying the cryptocurrency was “definitely on the table” and telling investors that it was now accepting bitcoin as a form of payment.
BitDigest May 12 · Issue #900

EBay Adds NFTs to Platform

www.reuters.com
📈Ebay (NASDAQ: EBAY) announced the e-commerce platform will allow the sale of non-fungible tokens for digital collectibles like trading cards, images or video clips on its platform. 🅱️ I took a look at some offerings this morning, and the item’s description asks the buyer to send a wallet address to the seller to allow for the NFT to be transferred after payment.
BitDigest May 12 · Issue #900

Christie's Sells Rare 'CryptoPunks'

www.twitter.com
🐦Christie’s auction house reprted the sale of 9 rare CryptoPunks NFTs for $16.9 million.
BitDigest May 12 · Issue #900

Coinbase App Ranked #1 on Apple App Store

www.apple.com
📈Coinbase (NASDAQ: COIN) is now not only the top Finance app, but the digital exchange’s mobile app now hold the number one stop on the entire Apple’s App Store for Free Apps.
BitDigest May 12 · Issue #900

Merriam-Webster Offering NFT of "NFT"

www.prnewswire.com
Merriam-Webster has added a definition of NFT to its dictionary and announced it plans to auction the NFT of its definition of “NFT.”
BitDigest May 12 · Issue #900

Exchange, Custody and Product News

BitDigest May 12 · Issue #900

Gemini Reaches $30 Billion in AUC

www.gemini.com
Gemini has passed the $30 billion crypto-assets under custody (AUC) level, tripling its AUC since the beginning of the year.

Thoughts on the Ecosystem

BitDigest May 12 · Issue #900

Fed is Endangering Dollar's Global Reserve Status

www.cnbc.com
Investor Stanley Druckenmiller said that Fed policies are threating the long-term status of the US dollar as the global reserve currency and suggested that “within 15 years…some kind of ledger system invented by some kids from MIT or Stanford” could become the ultimate challenger to the US dollar.
BitDigest May 12 · Issue #900

Crypto Mining Could Undermine Global Sustainability Efforts

www.ecb.europa.eu
European Central Bank board member Fabio Panetta suggested that environmental impact of crypto-assets should be a global discussion warning that “enormous energy consumption and associated CO2 emissions of crypto-asset mining could undermine global sustainability efforts.”
BitDigest May 12 · Issue #900

Gold is 'Less Efficient Bitcoin'

www.bloomberg.com
📺Bain Capital co-chair Steve Pagliuca sees blockchain technology as being “extremely valuable” but says it is hard to see bitcoin as a viable currency saying the digital currency has “ a long way to go to be accepted in a lot of places and have convertibility.” He calls gold a “less efficient bitcoin” as gold’s value is “based on what people think it is worth [and] the intrinsic value is no where near where the price is.”

Daily Cartoon

BitDigest May 12 · Issue #900

Reports you may have missed

Executium PCWOez71S1E Unsplash

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 -0.07% (-0.28%) trading at $64k and ETH -0.40% ...

BTC ETH META QQQ SPY
Executium ClCAEiWideU Unsplash

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...

BONK WIF
Executium TN 6BYSMrQs Unsplash

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 -0.07% ...

MARA
Andre Francois Mckenzie Vh7U Z75L3U Unsplash

After significantly outperforming equities leading up to its halving event on Friday, BTC -0.07% continued its upward trend over the weekend, now trading just below $66k. ETH -0.40% has generally followed suit, although continuing to lag behind BTC, with its current price around $3200. SOL -2.30% , 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...

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