BitDigest June 30 · Issue #690
- Bitcoin continues to hold at $9,000+ level
- Reserve Bank of Zimbabwe suspends the use of mobile payment apps in effort to stabilize currency
- The Bank of Canada does not believe existing crypto-privacy technology can meet the levels needed for cash-like usage by a central bank digital currency
Crypto Fear and Greed Index
The Crypto Fear & Green Index rose 3 points this week as the sentiment index for crypto markets moved closer to neutral territory after sliding back into a 40-range two-weeks ago.
Gold Lacks Bitcoin-like Verification System
Expect to hear a lot about fake gold in the coming days as 83 tons of gold that creditors of Chinese based Kingold Jewelry (NASDAQ: KGJI) held as collateral against a $2.8 billion loan was found to fake and not actual gold but just gilded copper. This is an equivalent to 22% of China’s annual gold production. Shares in KGJI slid 22% in yesterday’s trading session.
Debunking Common Bitcoin Myths
Thematic research firm ARK Invest has responded to last month’s Goldman Sach’s report on bitcoin by addressing several common bitcoin myths. ARK argues that bitcoin’s volatility is not a weakness but highlights the credibility of its monetary policy; bitcoin is not a financial bubble and is actually a contender for the role of global money; bitcoin is a censorship-resistant platform that is not built for criminals; bitcoin’s value cannot just be replicated by forks or digital copies; and bitcoin’s energy consumption is more efficient than that of gold and traditional banks.
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 1.47% falling to $60k and ETH 1.76% approaching the low $2,300s. Aptos (APT -1.53% ) 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 2.82% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.47% climbing back above $61,000 and SOL 4.86% moving above $145, while ETH 1.76% is lagging, trading around $2,400. Among today's outperformers is SUI 4.92% , 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 2.07% and QQQ 2.31% 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 1.47% briefly dropping below $62k and ETH 1.76% below $2.5k. Among altcoins, SUI 4.92% is showing...