BitDigest July 14 · Issue #699
- Crypto pricing remaining range set as market looks for new catalyst
- Bank of England expects to have digital currency in “a few years”
- South Korea may raise crypto tax to 20% rate
Crypto Fear and Greed Index
Driven by “boring bitcoin,” the crypto sentiment index is unchanged this week suggesting investors continue to foresee the possibility of weakness in digital currency markets as the majority of cryptocurrencies continue to be range-set.
The Headlines
Bank of England Sees Digital Currency Coming
South Korea May Tax Digital Goods at 20% Rate
Word Bank Sees Smart Contracts Driving Financial Inclusion
PayPal Tells EC about Crypto Development Plans
Fidelity Owns Over 10% of Hut 8
Abra Settles with SEC and CFTC for Unregistered Security-Based Swap Transactions
Market Data
Bitcoin Hits Difficulty High
Stablecoin Supply Growth Could be Bullish for Bitcoin
Altcoins Spurred by Crypto Microcaps
Exchange, Custody and Product News
Huobi Launching Bitcoin Options
Coincheck Adds Support for BAT
Reports you may have missed
MARKET COMMENTARYA PRETTY SIZEABLE MISS IN TODAY'S CONSUMER SENTIMENT SURVEY REVERSED MOST OF THE GAINS EXPERIENCED IN THE CRYPTO MARKET OVER THE PAST 24 HOURS. Consumer sentiment came in at 67.4, well below market expectations of 77.2. 1Y inflation expectations came in at 3.5%, well above the market forecast of 3.2%. We saw the DXY 0.00% turn sharply higher on the move, and most risk assets sold off. BTC -2.65% fell from...
U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY 0.00% (-0.21%) and rates. The $SPY has gained 0.36%, approaching the $520 mark, while the $QQQ has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC -2.65% (+1.57%) rising above $62k and ETH -3.09% (+1.05%) surpassing $3,000. The Render Networkâs mobile app, OctaneX, was featured in Appleâs keynote presentation earlier...
The crypto market declined overnight, with BTC -2.65% dropping from $63k to $61k, SOL -4.28% from $150 to $145, and ETH -3.09% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY 0.00% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE -8.04% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC -3.33% ), possibly driven by...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the $SPX and $QQQ showing gains today. Crypto performance is mixed so far, with BTC -2.65% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -3.09% is still hovering just...