BitDigest May 26 · Issue #665
- Bitcoin failed to build new support at the $9.600 resistance levels and has dropped back below $9,000 over the long weekend
- China says no timetable for DCEP launch
- Switzerland denies COVID-19 assistance package for Crypto Valley
Crypto Fear and Greed Index
The Crypto Fear and Greed Index dropped 11 points this week falling back into a more cautious “fear” range as the sentiment index declined to levels last seen in the days around BTC’s Halving two-weeks ago.
Goldman to Address Economic Outlook and Bitcoin
Goldman Sachs got the cryptoverse excited when they announced the Investment Strategy Group’s next client call on the US economic outlook would discuss “Implications of Current Policies for Inflation, Gold and Bitcoin.” The call is Wednesday and I will report after.
The Story of Coinbase
One of the books I have been excitedly waiting to read is Jeff John Roberts story on Brian Armstrong and creation of Coinbase. “Kings of Crypto: One Startup’s Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street is only being released in January, but its Audiobook is already available for download.
New Videos for Crypto Startup School
Andreessen Horowitz released three new videos as part of the curriculum for their Crypto Startup School. The video are “Building Crypto Companies” by Coinbase CEO Brian Armstrong, “The Future of Apps” by former Andreessen Horowitz General Partner and Coinbase CTO Balaji S. Srinivasan, and “Gaming & Crypto” by Forte CEO Josh Williams.
Giving for Bitcoin Pizza Day
I want to recognize Gemini and bitFlyer. Both companies used the celebration of Bitcoin Pizza Day to help the less fortunate. Gemini donated to organizations supporting New York’s frontline workers, and children in need, and bitFlyer donated to San Francisco based organizations helping the homeless.
The Headlines
China's Has No Timetable for Sovereign Crypto
RBI Acknowledges Banks Can Provide Services to Crypto Companies
Sberbank Bank Buying Blockchain ATMs
Switzerland Denies Coronoavirus Assistance for Crypto Valley
China’s Proposes Blockchain Development Fund
Louisiana Senate to Vote on Crypto Framework
WEF Publishes Blockchain Bill of Rights
Telegram Withdraws Appeal to SEC Injunction
Market Data
Mining Revenue Returning to Normal
Ethereum Usage Hits All Time High
Bitcoin Energy Consumption Increases
ZEC Users Not Achieving Anonymity of Transactions
Exchange, Custody and Product News
Binance Adds New Options Contracts
Thoughts on the Ecosystem
Sovereigns May Reconsider How to Own Gold
Reports you may have missed
Happy Halving Day to all. It has been another volatile 24 hours for crypto markets, with war-related headlines sending risk assets lower overnight. BTC1.04% briefly dipped below the $60k mark but has since recouped all its losses and is now trading above $64k. ETH0.35% followed BTC's initial drop, trading below $2900 last night, but it has now rebounded to above $3000. SOL0.82% has shown remarkable resilience amid the turmoil, now...
Tether Outlines New Organizational Structure, Aptos Partners with Microsoft, Brevan Howard, and SK Telecom
Traditional markets are finding some relief in Thursdayâs 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...
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...
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...
