BitDigest May 26 · Issue #910
- Bitcoin re-breaks $40,000 as ether eyes $2,900 to lead second day of market recovery
- The White House has been meeting with top officials to discuss regulatory ‘gaps’ and potential risks associated with digital currencies
- The central banks of Indonesia and South Africa announced further efforts to formulate plans to issue CBDCs
A Win for Readers of BitDigest
Friday is the last day I will be sharing BitDigest with many of you. I occasionally like to change what I am doing with this daily letter and together with Fundstrat have decided to no longer circulate BitDigest to Fundstrat’s clients.
This is bittersweet as I have enjoyed being a contributor to their team. I have been a Fundstrat client for several years and have no plans to change this relationship, but after nearly a year-and-a-half, it’s time to take BitDigest in another direction.
The good news is that Fundstrat is planning to return to publishing their own Daily Crypto Report, and for the first time, I will be opening up BitDigest to allow current readers who do not receive BitDigest directly from me to be added to my daily distribution at 7AM every weekday morning.
So if you would like to be added please sign up to continue receiving your morning update of government and corporate crypto news. If not, thank you for sharing your mornings with me, I hope these updates brought you some new insight into the evolving world of digital currencies and blockchain technology. The best is yet to come!
“Long the Metaverse,” a NFT Gallery
As part of this year’s virtual New York Crypto Week, Consensus developed an exhibition of leading crypto artists. This is a great experience for anyone interested in NFTs – digital art and for a first-time visitor to the Metaverse.
If you want to attend, simply select your gallery: Room 1, Room 2, or Room 3, choose your avatar, decide if you wish to use your microphone to communicate with other visitors (not surprising, there were none at 4:40 this morning), and enter the gallery.
For the gaming inept viewer, use the W-A-S-D keys to go forward, left, back and right and use the Q and E keys to rotate left and right. You can also visit on a mobile phone using your fingers to help traverse the gallery. If you still cannot figure out how to access the site or move around the room, ask the youngest person in your office. I am sure they will be able to assist.
The Headlines
Biden Administration Reviewing Crypto Oversight 'Gaps'
Bank Indonesia Planning to Issue CBDC
South Africa Investigating CBDC for Retail Use
Inner Mongolia Issues New Plans to Curtail Crypto Mining
China's Latest Crypto Mining Crackdown was Response to Illegal Coal Production
Fed Leading "Sprint" for Crypto Regulations Fed Leading "Sprint" for Crypto Regulations
Senators Launch Financial Innovation Caucus
MP Seeking Answer on FCA Crypto Register 'Delays'
DHS to Require Pipeline Operators to Report All Cyberattacks
Nebraska to Allow Banks to Custody Crypto Nebraska to Allow Banks to Custody Crypto
VYGR Reports Strong Q3 Earnings
Mr. Wall Street Goes to Washington
Gemini Forms Partnership with WisdomTree and Onramp to Bring Crypto to Financial Advisors
Exchange, Custody and Product News
Coinbase Launches Prime Services
Thoughts on the Ecosystem
Crypto Could Force SEC to Update Custody Rules
🅱️I typically summarize tweets and commentary, but the following chain by global macro investor and Real Vision Group founder Raoul Pal on the latest crypto sell-off deserve to be shared as tweeted:
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 BTC1.06% (-0.28%) trading at $64k and ETH0.54% ...
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 BTC1.06% ...
After significantly outperforming equities leading up to its halving event on Friday, BTC1.06% continued its upward trend over the weekend, now trading just below $66k. ETH0.54% has generally followed suit, although continuing to lag behind BTC, with its current price around $3200. SOL-0.75% , 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...