BitDigest December 17 · Issue #806
- Bitcoin breaks $23,000 to lead crypto market cap above $650 billion before pulling back in early morning hours
- Germany eliminates need for ‘paper’ securities
- Massachusetts regulators claim Robinhood does not provide enough investor protection
Weekly Stock Review
Highlights from the North American listed crypto, blockchain and mining stocks:
- The Bitwise 10 Large Cap Crypto Index (OTCQX: BITW) was the best performing stock this week returning 364%.
- Riot Blockchain (NASDAQ: RIOT) announced a 8MW pilot cool project in Texas
- Marathon Patent Group (NASDAQ: MARA) filed a prospectus to issue up to $200 million in new stock.
- 3iQ’s new Ether Fund (TSX: QETH.U) has been added to the week tracking list.
- Galaxy Digital Holdings (TSX: GLXY) publicly traded bitcoin fund, CI Galaxy Bitcoin Fund (TSX: BTCG.U), closed up 1% in its first day of trading.
- Miner BitDIgital (NASDAQ: BTBT) was this week’s sole laggard returning negative 11%.
- Bitcoin’s 14.9% 7-day return underperformed the market compared to the equity mean return of 48.8% and median of 25.1%.
Dear Exchanges,Please Improve Your Platforms. Bitcoin is Expected to Continue its Upward Trend.
🅱️A Reuters’ headline yesterday read “Crypto exchange Coinbase hit by tech trouble as bitcoin breaks $20,000 for first time.” Binance also reported difficulties as the digital exchange experienced scaling problems.
I continue to be surprised by these reoccurring headlines. Each time bitcoin makes a major move, the large exchanges seem to have technical issues. As an industry, we need to build the necessary infrastructure to eliminate these errors or crypto will continue to be overlooked as a significant marketplace.
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 -0.90% falling to $60k and ETH 1.38% approaching the low $2,300s. Aptos (APT -0.88% ) 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 6.65% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.90% climbing back above $61,000 and SOL -1.04% moving above $145, while ETH 1.38% is lagging, trading around $2,400. Among today's outperformers is SUI 5.57% , 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 0.40% and QQQ 0.80% 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 -0.90% briefly dropping below $62k and ETH 1.38% below $2.5k. Among altcoins, SUI 5.57% is showing...
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