BitDigest May 20 · Issue #906
- Bitcoin finding support as crypto supporters hope bottom has been found
- Central bankers not viewing bitcoin as risk to financial system
- Central bank of Cuba issues warning about crypto Ponzi schemes
Weekly Stock Update
Glass is Half Full…Let’s Celebrate
I wear an Apple watch and you may not be surprised to know that one of the ‘complications’ on my watch face is the price of bitcoin. I look at this every day, every hours, possibly every minute. I love my involvement in the crypto world but my exuberance probably occasionally leads to anxiety especially as I watch bitcoin go up and down. Sometimes its helps to step back and take a reality check.
Bitcoin’s price broke $30,000 for the first time in early January and ether started the new year at $735. This morning the pricing for the top two digital currencies encompassing 61% of the total crypto marketcap is $39,785 and $2,655 respectively, a year-to-date increase of 36% and 261%.
Crypto prices are definitely down over the past two weeks, but rather than worry about the losses you may have encountered in your portfolio by looking at the glass as half empty (or a third empty in man of our cases), look at the glass as half full and let’s celebrate these year-to-date returns and the progress that this technology has achieved. Quoting Mike Novogratz (see below) “the revolution has happened.”
The Headlines
Fed Presidents Not Concerned with Falling Crypto Prices
ECB VP Says Crypto is Not a "Real Investment"
Cuba's Central Bank Issues Crypto Warning
OCC Speaking to Fed and FDIC About Crypto Innovation
Australia to Review Best Regulatory Practices for Digital Currencies
Egypt Building Cross-Border Channels with Ripple
GLXY Successfully Manages Through Yesterday's Sell-Off
Wells Fargo Adding Active Managed Crypto Strategy for Qualified Investors
Tesla has 💎 🙌
Market Data
Ethereum Foundation Positioning itself as Green Platform
Thoughts on the Ecosystem
Investors Leaving Digital World for Traditional Gold
Chinese Crypto Crackdown Will Affect Innovation
A Humpty Dumpty Recovery
Damodaran Says ETH is a Better Commodity than BTC
Bitcoin is a 'Cult that can Survive Indefinitely'
Daily Cartoon
Reports you may have missed
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 BTC0.61% (-0.28%) trading at $64k and ETH0.92% ...
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 BTC0.61% ...
After significantly outperforming equities leading up to its halving event on Friday, BTC0.61% continued its upward trend over the weekend, now trading just below $66k. ETH0.92% has generally followed suit, although continuing to lag behind BTC, with its current price around $3200. SOL-1.30% , 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...
