BitDigest September 14 · Issue #741
- Crypto prices show 24-hour decline but overall market cap up 2.3% since Friday
- European leaders call for regulations around stablecoins
- China explains digital yuan should be considered like cash
Growing focus on Ethereum
Digital exchanges are looking to grow by supporting Ethereum based projects. In recent days both Binance and Kraken have made statements showing their desire to help this ecosystem grow. Binance CEO Changpeng Zhao tweeted he would like to see more DeFi projects moving over to Binance Smart Chain and Kraken has posted a new position to hire an “external advocate” bridging mainstream investors and the Ethereum community.
China’s Public Blockchain Companies Blockchain Not Living Up to Hype
The Blockchain 50 Index, an index of the top 50 public companies affiliated with blockchain technology that trade on China’s Shenzhen Stock Exchange, are not operating as expected with many of the companies not even discussing their blockchain efforts. Out of a larger group of 262 public companies self-categorized as “blockchain companies,” only 23 mentioned live blockchain use cases.
The Headlines
European Leaders Ask ECB to Draw Up Stablecoin Framework
ECB to Define Role for Digital Assets without Hindering Benefits
Digital Yuan to be Considered "M0"
Bank of France Governor Sees Digital Payments Across "Strategic Square"
Seoul Government Proposes Blockchain Voting to Expand the Democratic Process
DAML to Become Exclusive Standard for BSN dApps
Market Data
Bitcoin's Growing Energy Consumption
Exchange, Custody and Product News
Gemini to Start Trading PAX Gold, Amp, and Compound
DeFi Swap Goes Live
Thoughts on the Ecosystem
Japan Does Not Need to Rush with Digital Yen
Apple Not Listening to Coinbase
Reports you may have missed
MARKET COMMENTARYINVESTORS WELCOMED THIS MORNING’S SLIGHTLY SOFTER THAN EXPECTED CPI DATA AND A LARGE DOWNSIDE MISS ON U.S. RETAIL SALES, ALLEVIATING INFLATION CONCERNS AND HELPING TO PROPEL STOCK INDICES TO NEW INTRADAY ALL-TIME HIGHS. The SPY 1.14% and QQQ 1.54% have gained over 1% to surpass $528 and $451, respectively, while US treasury rates have turned significantly lower, with the US10Y dropping below 4.34%. Crypto is responding in similar fashion with BTC 4.01% ...
Tornado Cash Developer Sentenced to 5 Years in Prison, LayerZero Succeeding Against Sybils
CRYPTO MARKET COMMENTARYAPRIL PPI CAME IN MIXED THIS MORNING, WITH A LARGE UPSIDE SURPRISE IN MOM READINGS (0.5% VS. 0.3% EXP.) AND YOY METRICS LARGELY IN LINE WITH EXPECTATIONS. The upside in the MoM reading was offset by March figures being revised downwards. Yields initially spiked upon the data release but have turned negative across the curve. Equities are showing mild gains as attention shifts towards tomorrow’s CPI data release. The SPY 1.14% has gained 0.17% and the QQQ 1.54% has gained 0.31%. Crypto assets are...
CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC 4.01% is now trading just below $63k. Meanwhile, both ETH 1.90% and SOL 8.81% have lagged, trading at $3950 and $146, respectively. Altcoin flows seem to have shifted towards memecoins, which are outpacing the rest of the market today, with gains exceeding 5% from BONK 1.76% , DOGE -8.48% , and PEPE. This interest in memecoins likely stems from...
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 4.01% fell from...