BitDigest April 9 · Issue #633

Name: FS Insight
Price range: $$$

Apr 9, 2020

Author

Gregory Landegger

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Crypto’s market capitalization is flat overnight, however bitcoin cash (BCH) slid following its halving yesterday yesterday
Galaxy reports improved earnings based on increased value of digital assets
Overstock to release digital dividend in May

The Headlines

Quiet day in the world of governmental crypto news…

Galaxy Digital Reports Q4 and Full Year 2019 Financial Results

www.newswire.ca

Galaxy Digital reported total revenue for the year ending December 31, 2019 of CAD$132 million driven by a gain on digital assets holdings. Income was positive at CAD$25 million. This compares to a loss in 2018 of CAD$272 million. Net book value per unit increased 11% to CAD$1.62. Assets under management ended the year at $357 million and the company invested $48 million in 10 new and 20 follow-on investments. Galaxy is continuing to repurchase shares.

Overstock to Release Digital Token in May

www.sec.gov

Overstock (NASDAQ: OSTK) announced the dividend date for its digital series preferred stock dividend (security token) will be April 27th and it will airdrop the token to shareholders on May 19th.

Crypto Executives Make Forbes Billionaires List

www.forbes.com

Forbes released its annual list of the Billionaires and four people were identified as having made their wealth from “cryptocurrency” and “cryptocurrency mining chips”. The four people are Riplpe’s Chris Larson (804), Coinbase CEO Brian Armstrong (1990) and Bitmain’s Chinese co-founders and warring-partners Jihan Wu (1196) and Micree Zhan (616). Dropping from this year’s list are Binance CEO Changpeng Zhao and ConsenSys’ Joe Lubin.

Market Data

Bitcoin Cash Miners Jump After Halving

www.news.bitcoin.com

Bitcoin cash (BCH) started the quadrennial halving yesterday with bitcoin SV (BSV) expecting to halve around 10PM eastern tonight. BCH’s mining award has now decreased from 12.5 to 6.5 BCH. BCH miners have jumped overnight driving BCH’s hashrate down 21% to 2.8 Ehash/s, while increasing BSV’s hashrate up 26% to 3.3 Ehash/s. Bitcoin’s (BTC) hashrate is basically unchanged at 108 Ehash/s showing miners are still supporting the original cryptocurrency. BTC is expected to halve around May 11th.

Blockchain Transaction Volume Spiked in Q1

www.dapp.review

Dapp Review issued their Q1 Market Report stating total transaction volume on the 13 blockchains it tracks reached $7.9 billion, an increase of 82% over the same period last year. The major three protocols, Ethereum, TRON and EOS, contributed over 99.1% of the total volume, but out of the three, only Ethereum had year-over-year growth, TRON and EOS both suffered decreases in users and transaction volume.

Exchange, Custody and Product News

Abra Transitioning All Assets to a Custodian

www.abra.com

Abra announced it will transition all assets” to a hosted environment provided by a qualified custodian,” this will include previously non-custodial assets like BTC, LTC, BCH and ETH. The crypto trading app said the new feature will lead to faster confirmation of trades and improved user experiences.

Coinbase Updates Trading App

www.blog.coinbase.com

Coinbase has updated its app making it easier to send and receive digital currencies. The user interface has been simplified allowing customers to switch more easily between currencies and initiate a transaction with an action button regardless of where they are in the app.

Judge Rules in Favor of Crypto Holders in Cryptopia Bankruptcy

www.twitter.com

A New Zealand Judge ruled in the Cryptopia bankruptcy that digital currencies are property and were owned by individual account holders. They are therefore not assets of the company and will not be liquidated to creditors. Cryptopia filed for bankruptcy protection last summer.

Huobi to Relaunch in US Exchange

www.coindesk.com

Huobi expects their digital exchange to be back operating in the US very soon, four months after announcing its US exchange would stop operations. Representatives from Huobi says the exchange will to relaunch in partnership with a locally licensed trading platform.

Thoughts on the Ecosystem

Halving Will Benefit From Macro Events to Drive BTC Pricing

www.financialmirror.com

Nigel Green of deVere Group expects bitcoin (BTC) to “surge” following the upcoming halving, but expects other effects to impact its positive move. The CEO of the financial advisory group explained, “we’re moving towards an era of zero-interest rates. This reduces the incentive to keep fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies… Therefore, Bitcoin, and other decentralised cryptocurrencies, become more attractive and the price will adjust upwards accordingly.”

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