BitDigest June 1 · Issue #669
- Crypto prices flat at start of new month; total marketcap holding at $255 billion
- Digital Dollar Project releases whitepaper explaining benefits of US dollar backed stablecoin
- Kingdom Trust looking to tokenize all $13 billion in assets under custody
Galaxy Digital Releases Q1 Update
Galaxy Digital reported a loss of CAD 27.7 million during the quarter ending March 31, 2020. The negative results were driven by $25 million in unrealized losses on crypto holdings. The company’s activities continue to be fueled by crypto investments on its own balance sheet with Q1 holdings ending with approximately 10,000 bitcoin; this figure has increased by 32% in Q2. CEO Mike Novogratz said the company’s trading desk, investment banking and advisory businesses will continue to be the primary focus of his team and should reach break even within 12 months. He added that the next real catalyst for crypto will be the arrival of institutional investors; Novogratz admitted to sounding like a broken record regarding this statement, but feels this time is different.
Crypto’s Influence in Gaming Continuing
So it’s not really news, but I found it interesting that all five of Decrypt’s top stories on their daily update Friday were related to gaming and covered news on Minecraft (Microsoft), Atari, Square Enix, Ubisoft, and battle-royal game Lightnite. This definitely shows the continued cross-over between gaming and crypto.
What I Read (and Watched) This Weekend?
- 100 Acre Ventures reviewed crypto offerings targeting longer term ownership (vs. short term speculation) and suggeted that bitcoin demand is on the rise with net demand likely to turn positive over the next nine months.
- Delphi Digital previewed its upcoming “Institutional Argument for Crypto” report identifying the macroeconomic factors that they believe will drive investors to crypto. Delphi also pre-released an interview with bitcoin author Andreas Antonopoulos. The video will be made available to the public later this week and is highly recommended.
The Headlines
Market Data
Exchange, Custody and Product News
Thoughts on the Ecosystem
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 5.11% falling to $60k and ETH 4.26% approaching the low $2,300s. Aptos (APT -1.11% ) 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 4.11% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 5.11% climbing back above $61,000 and SOL 7.82% moving above $145, while ETH 4.26% is lagging, trading around $2,400. Among today's outperformers is SUI 8.65% , 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 1.92% and QQQ 1.72% 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 5.11% briefly dropping below $62k and ETH 4.26% below $2.5k. Among altcoins, SUI 8.65% is showing...
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