BitDigest June 22 · Issue #684

Jun 22, 2020
  • Crypto markets basically flat (±1%) over the weekend.
  • Jay Clayton is leaving SEC to become US Attorney for the Southern District of New York
  • Singapore working with China on development of DCEP
BitDigest June 22 · Issue #684

Crypto Startup School

Andreessen Horowitz has released the next videos in its Crypto Startup School. The latest releases include Celo Product Manager Nitya Subramanian speaking about ‘Protocols vs. Projects’ and Parity CEO Jutta Steiner talking about secure smart contract development.

The Headlines

BitDigest June 22 · Issue #684

Clayton Leaving SEC
Attorney General William Barr has nominated SEC Chairman Jay Clayton to service as the new US Attorney for the Southern District of New York. No word on a replacement, but given Clayton’s conservative approach to crypto during his 3 year term at the SEC, the crypto community has cause to be concerned.
BitDigest June 22 · Issue #684

Singapore Exploring DCEP with China
The Monetary Authority of Singapore announced that it is working with the People’s Bank of China to discuss different DCEP (digital currency electronic payment) development scenarios.
BitDigest June 22 · Issue #684

Italian Bankers Joining Digital Euro Project
The Italian Banking Association announced it would join the European Central Bank’s effort to develop a central bank digital currency.

Market Data

BitDigest June 22 · Issue #684

Compound has Great Week
Since the announcement Thursday that Compound (COMP) was being added to Coinbase Pro on Thursday, the ethereum lending protocol has surpassed Maker in the total value locked ($607 million vs. $437 million) and now has the largest market capitalization of any DeFi protocol ($3.3 billion vs. Maker’s $510 million).
BitDigest June 22 · Issue #684

Miners Are Hodling Bitcoin
Glassnode analysis is depicting that miner’s bitcoin outflow volumes based on a seven-day moving average has declined to the lowest level in 10 years.
BitDigest June 22 · Issue #684

Ethereum Miners Increasing Transaction Rate
Ethereum miners are increasing the network’s gas limit from 10,000,000 to 12,500,000 eth which is intended to increase the total number of transactions – from 35 to 44 per second – the Ethereum network can process.

Exchange, Custody and Product News

BitDigest June 22 · Issue #684

GhostX Goes Live
John McAfee’s new privacy focused exchange, GhostX went live this weekend.

Thoughts on the Ecosystem

BitDigest June 22 · Issue #684

Bitcoin's Digital and Trust-less Features Make it 'Radically' Different
Economists at the Federal Reserve of New York do not believe bitcoin is a type of new money, and suggest that bitcoin’s digital structure and its ability to be issued without a trusted third-party is the real ‘radical’ innovation.
BitDigest June 22 · Issue #684

Crypto Investing is 'Gambling'
Famed investor Jim Rogers says crypto investing “is a clear bubble and [he doesn’t] know the right price. Virtual currency is not an investment target. It’s just gambling.”
BitDigest June 22 · Issue #684

Crypto's Biggest Lie
Former Ethereum CEO and current Cardano developer Charles Hoskinson believes that crypto’s biggest lie is that “Ethereum has achieved the network effect” and suggests that while it is a dominant platform, it’s much too early to identify Ethereum as the winning protocol.

Reports you may have missed

CRYPTO MARKET UPDATE Despite rates moving lower today, the DXY is surging higher due to weak economic data from Europe. This is a major driver behind the move lower in crypto, with BTC -0.96% breaking below $67k, ETH 0.04% finding support around $3500, and SOL -2.20% hovering near $152 after bouncing off $150 this morning. Investors are treading carefully ahead of tomorrow's CPI and FOMC announcements, where headline inflation is expected at 3.4%...

MARKET UPDATE EQUITIES ARE GAINING TO START THE WEEK, WITH THE ^SPX -0.43%  RISING ABOVE $5,350 AND THE NDQ ABOVE $19,060, AS THE MARKET PREPARES FOR AN EVENTFUL MACROECONOMIC WEEK. May CPI data and a FOMC meeting are slated for Wednesday, followed by PPI on Thursday and consumer sentiment data on Friday. Rates spiked aggressively on Friday after higher-than-expected non-farm payrolls, but a soft CPI report could result in a dovish...

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