BitDigest May 28 · Issue #912

May 28, 2021
  • Crypto prices sell-off as options are liquidated on last trading day of month
  • Central bankers are finding that crypto is not as threatening as previously believed
  • South Korea warns that leveraged cryptocurrency trading could put financial system at risk
BitDigest May 28 · Issue #912
BitDigest May 28 · Issue #912

The weekly returns for the Rebel coins was obviously poor but do not overlook the returns achieved over the first 5 months of the year.

☀️Have a good long weekend, BitDigest will be back on Tuesday June 1st.

The Headlines

BitDigest May 28 · Issue #912

Kuroda Calls for Regulation of Stablecoins

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Bank of Japan Governor Haruhiko Kuroda provided his thoughts on bitcoin saying it is for “speculative” trading and “barely used as a means of settlement,” but highlighted the benefit of stablecoins saying they could become a convenient form of future payment and therefore must be regulated.
BitDigest May 28 · Issue #912

Big Tech Issued Digital Assets Are Real Threat to Central Banks

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The governor of Denmark’s central bank said cryptocurrencies are not currencies calling the a “very speculative asset[s], at best” and does not expect central bankers to respond to combat the competitive nature of crypto, but is more interested “if big tech invades the currency area” which he sees as a potential “real threat to the autonomy and independence of central banks.”
BitDigest May 28 · Issue #912

Leveraged Crypto Trading Threatens Financial System

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Bank of Korea Governor Lee Ju-yeol warned that the “excessive level of leveraged cryptocurrency trading puts households at risk of financial damages considering the instability” and volatility of digital assets, adding that increased crypto-trading could “have a negative impact on the financial system.”
BitDigest May 28 · Issue #912

Digital Currencies Will 'Come to Life' in Nigeria

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The Governor of the Central Bank of Nigeria said that although the domestic “banking and payment facilities are no longer available for cryptocurrency transactions,…a substantial percentage of [Nigerians] are getting involved in cryptocurrency,” therefore committing that he can “assure everybody that digital currency will [eventually] come to life even in Nigeria.”
BitDigest May 28 · Issue #912

Dubai Issues Warning Again 'DubaiCoin'

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🐦The Government of Dubai issued a warning that the recently released DubaiCoin (DBIX) which is already up 1,000% in its first week of trading was not issued nor approved by any official authority and “the website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”
BitDigest May 28 · Issue #912

Sweden Chooses Handelsbanken as First e-Krona Partner

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Sweden’s central bank has selected Handelsbanken, the oldest company on the Swedish stock exchange, to publicly test how the proposed e-krona will operate in a real world setting.
BitDigest May 28 · Issue #912

FinCEN to Hold Privacy Tech Workshop

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The Financial Crimes Enforcement Network plans to hold a September even to tackle the need for privacy in transacting digital currencies while still maintaining a transparent system.
BitDigest May 28 · Issue #912

HIVE Announces Green Expansion

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📈 Hive Blockchain (TSX.V:HIVE) is adding 10 MW of green energy at its Swedish GPU data center, and separately announced that it plans to mine and sell ethereum classix (ETC) to help cover costs while hodling bitcoin (BTC) and ether (ETH).
BitDigest May 28 · Issue #912

WisdomTree Files for Ethereum ETF

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📈ETF sponsor WisdomTree (NASDAQ: WETF) filed a form S-1 with the SEC to issue an ETF whose sole objective would be to gain exposure to the price of ether.
BitDigest May 28 · Issue #912

Diem Will ‘Fade Out’ Stablecoin if Fed Issues Digital Dollar

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Two weeks after announcing a pivot and plans to issue a US dollar backed-stablecoin, the chief economist of Diem explained that the public sector has a “large comparative advantage” in anything linked to “stability, money [and] value preservation” and therefore his firm would “fade out” its stablecoin if the Federal Reserve issued its own central bank digital currency.
BitDigest May 28 · Issue #912

Sheetz to Accept Crypto

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Just in time for the Memorial Day weekend, privately owned convenience chain Sheetz announced it will begin to allow customers to use digital currencies to pay to fill their tanks and purchase sundries at their convenience stores.

Mergers & Acquisitions

BitDigest May 28 · Issue #912

Hello Pal Acquires DOGE, LTC Miner

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📈Hello Pal (CSE: HP), a social-messaging app, announced the acquisition of a 51% stake in DOGE and litecoin (LTC) miner Crypto Pal.

Market Data

BitDigest May 28 · Issue #912

Elliptic Issues Crypto Compliance Guide

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Blockchain analytics firm Elliptic has issued a Guide to Sanctions Compliance in Cryptocurrencies which defines new techniques of sanctions invasion in crypto, including the use of privacy coins and decentralized exchanges (DEXs), the sanctions risks associated with crypto mining activity, and an explanation as to why pre-transaction wallet screening is an essential component of any crypto sanctions compliance framework.

Thoughts on the Ecosystem

BitDigest May 28 · Issue #912

Investing in Bitcoin and Smoking Marijuana are Personal Choices

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JP Morgan CEO Jamie Dimon told the House Financial Services Committee that his “own personal advice to people is [to] stay away from” bitcoin adding that this “does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not going to stop our people from banking it. I don’t tell people how to spend their money.”

Daily Cartoon

BitDigest May 28 · Issue #912

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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