BitDigest July 31 · Issue #712
- Digital currencies had a banner week with the market cap of all crypto assets gaining 15.6%
- The Bank of England plans to design its real time settlement platform to allow for the future introduction of a digital pound
- SEC is starting to investigate activity on Binancechain
US Printing Machine
According to leading crypto VC Pantera, the US government printed more money in June than during the first two centuries of its history (1776 – 1979).
Weekend Reading
- Fidelity Digital Assets released its long awaited analysis on bitcoin as a store of value exploring the inherent characteristics that position bitcoin to fulfill this role in the future, consider whether it is being used in this way today, and discuss factors that may drive greater demand for such utility.
- 👍Anicca Research’s Leo Zhang has published part one in a series on the Alchemy of Hashpower arguably one of the best studies I have read on the importance of hashpower as a quasi-asset class underlying the entire cryptoecosystem.
The Future of Comic Books
I bought my first comic book in the early seventies, probably a story depicting Aquaman or one of the characters from the original Justice League of America, but alas that comic book is long gone and can not be found. This week I purchased my first digital comic book as a non-fungible token. I purchased Death by famed cartoonist Jose Delbo, a 43 page, 60 MB limited edition digital comic book telling the adventures of Death and what becomes of those who try and avoid its far-grasping reach. My bet is that this is the future of comic books, a way for collectors to get limited editions and readers to access their favorite superheroes and comic villians in a COVID-19 paperless environment.
Crypto Queen Part II
BBC has announced that the “Missing Crypto Queen,” the podcast telling the story of the Onecoin and its founder Ruja Ignatova, will return with additional episodes following news that two high ranking Onecoin promoters were found dead stuffed inside suitcases at the Mexican resort of Mazatlan.
The Headlines
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 1.00% falling to $60k and ETH 1.37% 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 4.04% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.00% climbing back above $61,000 and SOL 5.44% moving above $145, while ETH 1.37% is lagging, trading around $2,400. Among today's outperformers is SUI 3.29% , 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 1.00% briefly dropping below $62k and ETH 1.37% below $2.5k. Among altcoins, SUI 3.29% is showing...
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