Header logo
  1. Research
  2. Crypto Research
  3. Market Update

BitDigest May 27 · Issue #911

May 27, 2021
Author
Gregory Landegger
Gregory Landegger
  • Pricing for the top digital currencies finding resistance after recovering from the mid May sell-off
  • The Bank of Canada is continuing development on a CBDC but does not see a “ strong case” for its immediate launch
  • Coinbase CEO Brad Armstrong has used the dip to acquire more than 50% of his company’s outstanding stock giving him beneficial voting control of the company
BitDigest May 27 · Issue #911

Weekly North American Stock Updates

BitDigest May 27 · Issue #911

The Headlines

BitDigest May 27 · Issue #911

Canada Working to Ensure Digital Dollar Provides Consumer Protection

www.click.revue.email
Bank of Canada Deputy Governor Timothy Lane said the central bank is actively working on developments for a digital loonie and has competed several “proof of concepts,” but while suggesting that it would be important that the CBDC is not fully anonymous to ensure that consumers’ personal data is not tracked, there is not a “strong case” for issuing it yet.
BitDigest May 27 · Issue #911

Iran Bans Crypto Mining Through the Summer

www.click.revue.email
Iranian President Hassan Rouhani banned has banned crypto mining through the end of September in response to a surge in blackouts across the nation’s major cities.
BitDigest May 27 · Issue #911

Congress Introduces Legislation to Protect Reserve Status of USD

www.click.revue.email
Congressmen French Hill (R-AR) and Jim Himes (D-CT) have introduced a bipartisan bill that would require the Department of Treasury, together with the Federal Reserve, to implement a strategy to combat the development of central bank issued alternative money including digital currencies ensuring that the US dollar maintain its status as the primary global reserve currency.
BitDigest May 27 · Issue #911

Mauritius Planning CBDC Pilot in 2021

www.click.revue.email
Suggesting that central bank digital currencies will “complement” and “address gaps..the traditional monetary system is not able to fulfill,” the governor of the Bank of Mauritius announced plans to roll out a pilot for a CBDC for the Indian Ocean island nation by the end of year.
BitDigest May 27 · Issue #911

Chile Building Renewable Energy Accreditation Ledger

www.click.revue.email
The government of Chile is launching a blockchain-based platform to track renewable energy by monitoring the supply to consumption cycle for every megawatt hour of wind and solar energy to ensure end users get the clean power they are buying to offset the production of copper.
BitDigest May 27 · Issue #911

Soto Reintroduces Act to Overseas Government Uses of Blockchain Technology for Non-Defense Activities

www.click.revue.email
Representative Darren Soto (D-FL) has reintroduced the Blockchain Technology Coordination Act aiming to establish a Blockchain Center of Excellence within the US Department of Commerce to oversee all non-defense related deployment and activities related to the use of distributed ledger technology within the federal government.
BitDigest May 27 · Issue #911

COIN CEO Controls 52% of Voting Shares

www.click.revue.email
📈Coinbase (NASDAQ: COIN) reported that CEO Brian Armstrong has acquired additional shares of company stock bringing his total voting control over the company to more than 50%.
BitDigest May 27 · Issue #911

BITF Actives Top Line Growth of 209% During Q1

www.click.revue.email
📈Quebec-based crypto miner Bitfarms (TSXV: BITF) reported revenue of $28.4 million and adjusted EBITDA of $19.7 million from a high of 1.2 Ehash/s of mining capacity during the recently completed first quarter.
BitDigest May 27 · Issue #911

RIOT Completes Acquisition of Whinstone US

www.click.revue.email
📈Riot Blockchain (NASDAQ: RIOT) has completed the previously announced acquisition of Whinstone US adding 300 MW and up to 750 MW of Texas-based crypto mining capacity to its New York operations.
BitDigest May 27 · Issue #911

CAN See Central Asia, North America and Europe as Alternatives to China for Mining Products

www.click.revue.email
📈A senior executive at Canaan (NASDAQ: CAN) said his firm would begin to focus the Chinese mining rig manufacturer’s effort on “develop[ing] markets such as Kazakhstan, Canada, and North[ern] Europe, where energy resources are abundant and cheap, while regulations are clear and predictable.”
BitDigest May 27 · Issue #911

NVDA (Thinks) it is Seeing Continued Growth from Crypto Mining

www.click.revue.email
📈GPU and chip supplier Nvidia (NASDAQ: NVDA) reported Q1 revue of $155 million with guided Q2 revenue of $400 million for its line of cryptocurrency mining processors, adding that miners are also purchasing GPU’s initially designed for gaming, but while accretive to earnings, the company’s CEO deterred investors buy stating that “it’s hard to estimate exactly how much and where crypto mining is being done.”
BitDigest May 27 · Issue #911

Luno Told to Add Warnings to Crypto Ads

www.click.revue.email
The UK’s Advertising Standards Authority ruled that posters for DCG’s digital currency exchange Luno displayed across London’s transportation system will need to include “an appropriate risk warning” in a response to Luno’s claim that “it’s time to buy [bitcoin].”
BitDigest May 27 · Issue #911

PayPal and Robinhood Plan to Offer Crypto Withdrawal Features

www.click.revue.email
The head of digital currencies at PayPal (NASDAQ: PYPL) said the company is planning to add support for third-party wallet transfers to both the PayPal and Venmo payment networks. The COO of Robinhood’s crypto product announced similar plans for the commission-free trading platform.

Exchange, Custody and Product News

BitDigest May 27 · Issue #911

Ripple Launching Mobile Banking Transfers Between India and Oman

www.click.revue.email
Ripple is partnering with the second largest bank in Oman to provide cross border mobile banking transfers between the Arabian peninsula located-nation and India.
BitDigest May 27 · Issue #911

Gemini to Pay 7.4% Interest GUSD

www.click.revue.email
Holders of Gemini’s US dollar stablecoin (GUSD) will now be able to earn 7.4% on the exchange’s app saving program Gemini Earn.

Thoughts on the Ecosystem

BitDigest May 27 · Issue #911

Icahn Looking to Invest Billions of Dollars in Crypto Market

www.click.revue.email
Activist investor Carl Icahn is looking to get involved in the crypto ecosystem and says anyone who believes cryptocurrencies have no underlying value is a “little wrong headed” explaining that “the only value of the dollar is because you can use it to pay taxes.”

Daily Cartoon

BitDigest May 27 · Issue #911
Note: Zcash (ZEC) and Monero (XMR) are privacy coins

Reports you may have missed

Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

Traditional markets are finding some relief in Thursday’s 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...

Art Rachen YJpjLD3c9bU Unsplash

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...

SUI
Bitcoin rises back toward record as first related U.S. ETF begins trading

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...

Bitcoin could soar an additional 38% after topping its record high of $65,000, according to Fairlead's Katie Stockton

Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. $BTC...

ONDO

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In