BitDigest April 16 · Issue #638
- Crypto marketcap back above $200 billion as bitcoin retests $7,000
- China to trial DCEP with payments of transportation subsidies
- The Netherland’s plans to increase charges on crypto businesses to adhere to new European AML regulations
Quick notes on above chart:
- I added The Bitcoin Fund (TSX: QBTC-U.TO) and Riot Blockchain (NASDAQ: RIOT) to my weekly update on digital currency and blockchain stocks
- Grayscale’s Diversified Large Cap Fund. Grayscale changed its ticker from GDLCF to GDLC, as such its key metrics like the 52-week price range have been reset.
The Headlines
Why isn’t China’s DCEP being covered in traditional media?
Today I am starting the headlines section of BitDigest with some thoughts on the lack of news, rather than actual news.
Over the past two days, numerous crypto sources across the globe have carried reports that China has begun testing its digital currency electronic payment (DCEP) platform. Additionally, the Chinese government released its national blockchain and announced plans to roll this out globally next week.
This is major news. This is not just a cryptocurrency story, this is a fully backed government stablecoin and the release of a national blockchain which will help spread China’s Belt and Road Initiative. Crypto believers may question the value of the digital yuan especially during our current period of QE on steroids, but these Chinese actions are ground breaking and will lead a change in financial structures equal to if not greater than their development of paper money during the Tang Dynasty in the 7th century.
As of this morning, none of my primary news sources such as Reuters, The Financial Times, Wall Street Journal, Bloomberg, CNBC and/or the New York Times have carried any coverage on this news. Why not?
Market Data
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -1.31% falling to $60k and ETH 0.91% approaching the low $2,300s. Aptos (APT N/A% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 4.58% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -1.31% climbing back above $61,000 and SOL -0.01% moving above $145, while ETH 0.91% is lagging, trading around $2,400. Among today's outperformers is SUI 5.23% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 0.40% and QQQ 0.80% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -1.31% briefly dropping below $62k and ETH 0.91% below $2.5k. Among altcoins, SUI 5.23% is showing...
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