BitDigest July 15 · Issue #700
- Bitcoin may be boring but are altcoins really exciting the market? BTC Dominance appears to support this belief
- Japan and Thailand proceeding with respective digital currency projects
- Iran weakens stance on crypto mining and will support licensed mining farms
Happy Tax Day
While I can be critical of the overall amount of crypto adoption, one area that has shown a dramatic improvement over the past several years is the creation of tax preparation and tracking applications for digital currencies. Look no further than Lukka, CryptoTraderTax and EY’s CryptoPrep to see the great improvements in this market. If you do not appreciate these advancements, ask a friend who had to prepare tax worksheets in 2015 and 2016 to describe what those experiences were like. I still wake up in tremors thinking about those days and complain that we were charged to teach our tax accountants how to calculate returns on crypto.
The Headlines
Market Data
Exchange, Custody and Product News
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 0.96% falling to $60k and ETH 1.36% 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 4.41% 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 5.29% moving above $145, while ETH 1.36% is lagging, trading around $2,400. Among today's outperformers is SUI 3.44% , 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 0.96% briefly dropping below $62k and ETH 1.36% below $2.5k. Among altcoins, SUI 3.44% is showing...