BitDigest November 25 · Issue #792

Nov 25, 2020
  • Bitcoin and ether holding above $19,000 and $600 respectively as total crypto marketcap inches toward $600 billion
  • South Korea may delay new tax policy for digital assets until 2022
  • Nigeria is looking to develop its own regulatory framework for cryptocurrencies
BitDigest November 25 · Issue #792

What We Are Watching 📈

With numerous exchanges trading bitcoin, defining an all-time-high is a difficult number to establish. Coinmarketcap.com has bitcoin hitting $20,052 on December 17, 2017 and among the bitcoin community, I think it’s commonly stated that bitcoin surpassed $20k that year. But among many institutional investors bitcoin’s high is $19,511 as this figure is what Bloomberg is reporting. With the increasing entrance of institutional investors entering the cryptosphere, we believe this figure is more meaningful for today’s market.

🦃 🦃 🦃 🦃 🦃

This will be the last issue of BitDigest for the week. Have a very happy Thanksgiving holiday.

The Headlines

BitDigest November 25 · Issue #792

South Korean Proposing a Move to Delay New Digital Currency Tax

www.theblockcrypto.com
South Korean lawmakers are looking to move the start of the new crypto tax rule – charging a 20% tax on crypto gains over $2,000 – from October 2021 to January 2022; a final decision is expected next week.
BitDigest November 25 · Issue #792

Nigeria Working on Crypto Framework

www.beincrypto.com
Nigeria’s Ministry of Finance reported it is working with the country’s Securities and Exchange Commission to provide a regulatory environment for distributed ledger technologies especially as it related to cryptocurrencies.
BitDigest November 25 · Issue #792

Lithuanian Sells Confiscated Crypto

www.eng.ambcrypto.com
Lithuania’s government sold $7 million in tax confiscated digital currencies to help fund the state budget.
BitDigest November 25 · Issue #792

Coinbase Breaks into Top 100 Free Apps on Apple Store

www.theblockcrypto.com
Coinbase’s mobile app has entered into uncharted land moving into Apple Top 100 Free Apps and is now sitting at the 71st position.

Market Data

BitDigest November 25 · Issue #792

Bitcoin Hashrate Drops 22% in 2 Days

www.bitinfocharts.com
Since jumping back to a near high of 154 Ehash/s, BTC’s hashrate has fallen to 119 Ehash/s over the past two days signifying miners may be seeing better opportunities elsewhere in crypto. That said, this move could also be strategic ahead of the next difficulty reset this weekend, as of right now BTC’s difficulty is forecasted to increase up to 8.6% on Sunday.
BitDigest November 25 · Issue #792

Binance's Daily Volumes Hit New High

www.twitter.com
🐦Binance’s daily crypto volume have surged to all-time-highs around $9 billion.

Exchange, Custody and Product News

BitDigest November 25 · Issue #792

Coinbase Disabling Margin Trading

www.blog.coinbase.com
Coinbase Pro is responding to new guidance from the Commodity Futures Trading Commission and is disabling margin trading at the end of this afternoon’s trading session.
BitDigest November 25 · Issue #792

Coinbase Issuing Different Tax Forms

www.forbes.com
In response to confusion over the proceeds versus gains (losses) reported on Coinbase’s previously issued 1099-K reports, the digital exchange is planning to issue a new tax form (1099-MISC) to customers who receive more than $600 from Coinbase Earn, USDC rewards and/or staking income during the calendar year. No word yet on how trading activity will be reported.
BitDigest November 25 · Issue #792

OKEx Announces Compensation Program

www.okex.com
To compensate traders who remain on OKEx after withdrawals are permitted later this week, the digital currency exchange announced a new reward program that will set aside 20% of OKEx’s total income from futures and perpetual swap transaction fees over the past seven weeks into an incentive fund that will be issued as a one-time payment of up to $1,0000 (in USDT) to users based on their assets and transaction conditions.

Thoughts on the Ecosystem

BitDigest November 25 · Issue #792

Cramer Says We Can Still Buy Bitcoin

www.twitter.com
🐦CNBC’s Jim Cramer tweeted a message to his 1.4 million followers: “it is not too late for Bitcoin.. great alternative to gold.”
BitDigest November 25 · Issue #792

CBDCs to Make Crypto Market 'More Lively'

www.reuters.com
The CEO of Japanese financial giant Monex says he welcomes the Bank of Japan’s issuance of a central bank digital currency saying “CBDCs will significantly enhance the interoperability of cryptocurrencies,” and “make the cryptocurrency market more lively.”

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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