BitDigest May 7 · Issue #897
- Crypto prices post strong weekly returns but weaken on Gensler comments
- SEC Chairman calls for greater regulatory oversight for crypto markets
- Square doubles traditional revenue with bitcoin sales in first quarter
Two quick highlights on public crypto proxies:
- The premium to NAV on the Bitwise 10 Crypto Index Fund (OTCQX: BITQ) has been weakening and dropped below 20% for the first time
- The Grayscale Ethereum Classic Trust has increased 200% over the past 5 trading sessions
Live, From New York…
Just a reminder that on Saturday, the self-proclaimed ‘Dogefather,’ Elon Musk is hosting Saturday Night Live. I have to assume that cryptocurrencies will play a major theme in his monologue and skits.
The Headlines
Crypto-Soft Gensler Shows Tough Side
Iran Bans Trading of Foreign-Mined Bitcoin
Mining Costs Can be Expensed Under South Korean Regulations
Central Bank Agency Not Willing to Make Crypto Decision on Behalf of Banks
Cryptocurrencies Have 'No Intrinsic Value'
Fed Lists Crypto and Stablecoins as Potential Shock to Financial Markets
SQ Increases Revenue by 2.2x Due to Bitcoin Sales
Bit Digital Reports 141% Increase in Mining Revenue
Bitfarms Adding 6,600 Bitmain Pro Miners
COIN Announces Shareholder Q&A Platform
MILE to Allow Payment of Premiums and Claims in BTC
Goldman Offering Crypto Products
VanEck Launches Digital Assets Equity ETF
Citi Considering Crypto Offering
ETA Issues Guiding Principles for CBDCs
Crypto.com Becomes Official Cryptocurrency & NFT Sponsor of the 2021 Coppa Italia
Exchange, Custody and Product News
FTX Adding Lumber Futures
Daily Cartoon
Reports you may have missed
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The subpar consumer sentiment numbers released today likely did not help asset prices, but geopolitics seems to be in the driver's seat today, with rumors of escalation in the Middle East pushing rates lower while driving the DXY and gold higher. Most risk assets, including crypto, have sold off based on these reports. $BTC has retreated from nearly $72k in the overnight hours to $69.5k, while $ETH has dipped below...
