BitDigest May 13 · Issue #657

May 13, 2020
  • Bitcoin remains positive in followup to Halving
  • The Bank of England says it will not allow technology to dictate the design of a CBDC design, but adhere to its prevailing design and principles
  • Telegram announced it is ending development on the TON Network
BitDigest May 13 · Issue #657

Technical Roundup Analysis

Bitcoin tested but was unable to break the past $9,600 resistance suggesting further retracement could occur at the $7,860 – $8,050 level. Technical Roundup is neutral on bitcoin at the current moment.

BitDigest May 13 · Issue #657

Importance of Grayscale

Yesterday Grayscale Investments added 2000 bitcoin to its holdings. As Cosima Capital reports, Grayscale’s ongoing purchases is a “very important piece of bitcoin’s price. BTC’s daily inflation was just cut in half from 1800 to 900 BTC per day and GBTC bought 2000 BTC today – thats like buying 2 days worth of new coins effectively making bitcoins inflation rate 0!”

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Market Data

Exchange, Custody and Product News

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.96% falling to $60k and ETH -0.65% approaching the low $2,300s. Aptos (APT 0.29% ) 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 1.70% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.96% climbing back above $61,000 and SOL -0.48% moving above $145, while ETH -0.65% is lagging, trading around $2,400. Among today's outperformers is SUI -0.23% , 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...

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