BitDigest August 13 · Issue #720

Aug 13, 2020
  • Crypto prices flat, but bitcoin dominance falls below 60%
  • Venezuela has approved the payment of taxes with the oil-backed petro
  • Coinbase will begin lending customers cash collateralized by bitcoin
BitDigest August 13 · Issue #720

Weekly Stock Review

BitDigest August 13 · Issue #720

Highlights from the North American listed crypto, blockchain and mining stocks:

  • Grayscale Digital Large Cap Fund (OTCQX: GDLC) was the top performing stock in the blockchain and crypto universe, posting a 7.4% return, and the only company that achieved a positive return on the week.
  • Marathon Patent Group (NASDAQ: MARA) and Riot Blockchain (NASDAQ: RIOT) both started the week achieving all-time-highs before beginning a gradual decline in price.
  • Hut8 Mining (TSX: HUT.TO) announced various operational updates last night including the receipt of 2,000 BTC miners from MicroBT, the signing of its first client for hosting at its Medicine Hat, Alberta facility, and the transfer of Bitfury Clark chips from Drumheller, Alberta to Medicine Hat.
  • Grayscale Bitcoin Trust (OTCQX: GBTC) saw a 32% decline in average volume compared to the previous week.
  • Grayscale Ethereum Trust (OTCQX: ETHE) and Ethereum Classic Trust (OTCQX: ETCG) were the bottom performers on the week at -31% and -23.8% respectively, and the price to NAV for both tickers declined by approximately 40%.  Earlier in the week, ETHE filed a voluntary registration statement with the SEC to register its shares under the 1934 Exchange Act and become a SEC reporting company.
  • For the 7-day period bitcoin (BTC) returned -1.4%.

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Market Data

Exchange, Custody and Product News

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 0.95% falling to $60k and ETH 1.30% 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 4.42% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.95% climbing back above $61,000 and SOL 5.77% moving above $145, while ETH 1.30% is lagging, trading around $2,400. Among today's outperformers is SUI 5.45% , 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...

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