Header logo
  1. Research
  2. Crypto Research
  3. Market Update

BitDigest January 13 · Issue #820

Jan 13, 2021
Author
Gregory Landegger
Gregory Landegger
  • Bitcoin trading back in low to mid $30,000 range
  • Gensler expected to head SEC, Brooks to resign
  • UK tells unregistered crypto entities to cease operations
BitDigest January 13 · Issue #820

The Headlines

BitDigest January 13 · Issue #820

Gary Gensler to be Named SEC Chair

www.reuters.com
In a boost to digital currencies, MIT crypto professor and former CFTC chair Gary Gensler is expected to be named chair of the Securities and Exchange Commission by President-elect Biden.
BitDigest January 13 · Issue #820

Brooks Expected to Step Down

www.americanbanker.com
It is being reported that crypto-friendly, acting Comptroller of the Currency Brian Brooks is planning to step down from his position within the next few days.
BitDigest January 13 · Issue #820

Brooks Expected to Step Down

www.americanbanker.com
It is being reported that crypto-friendly, acting Comptroller of the Currency Brian Brooks is planning to step down from his position within the next few days.
BitDigest January 13 · Issue #820

New Zealand Regulator Issues Crypto Warning

www.nzherald.co.nz
The New Zealand Financial Markets Authority issued a warning on investing in digital currencies saying that “cryptocurrencies are not regulated in New Zealand” and that anyone “considering purchasing cryptocurrencies, such as Bitcoin, should be aware that these are high risk and highly volatile assets.”
BitDigest January 13 · Issue #820

Pakistan Government Starting to Mining Crypto

www.decrypt.co
Reports claim the provincial government of Khyber Pakhtunkhwa in Pakistan has launched crypto mining operations in an effort to help support the local economy.
BitDigest January 13 · Issue #820

Kentucky May Exempt Crypto Mining Taxes

www.apps.legislature.ky.gov
In an effort to draw new crypto businesses to the Blue Grass state, legislators in Kentucky have proposed a bill that would exempt digital currency miners from paying sales and excise taxes on its operations.
BitDigest January 13 · Issue #820

MARA Raises $250 Million

www.ir.marathonpg.com
Publicly traded digital currency miner Marathon Patent Group (NASDAQ: MARA) announced that it has entered into securities purchase agreements with several institutional investors for the direct purchase and sale of 12.5 million shares netting the company gross proceeds of $250 million.
BitDigest January 13 · Issue #820

500.com to Enter Mining Space

www.finance.yahoo.com
NYSE traded Chinese online betting site 500.com (NYSE: WBAI) announced plans to enter the bitcoin mining space through a new $14 million share issuance with the proceeds being used to purchase 918.5 Phash/s in mining capacity.
BitDigest January 13 · Issue #820

Marks Family Buying 'Meaningful Amount' of Bitcoin

www.oaktreecapital.com
Admitting that his initlal skepticism “has not borne out to date,” billionaire investor Howard Marks told readers of his famed memos that his son has “thankfully” purchased a “meaning amount [of bitcoin and other digital currencies] for [his] family.”
BitDigest January 13 · Issue #820

eToro Raising Minimum Deposit for New Users

www.twitter.com
eToro announced it has temporarily increased its minimum deposit for new users from $200 to $1,000 in response to “an unprecedented demand for services” on the social trading platform.

Market Data

BitDigest January 13 · Issue #820

Financial Advisor Activity Increasing in Crypto

www.static.bitwiseinvestments.com
Crypto asset manager Bitwise issued the results of a survey of financial advisor finding their crypto allocation to client portfolios rose 49% in 2020 to nearly 10% with 17% of respondents who do not currently allocate to crypto saying they will “definitely” or “probably” allocate this year.

Exchange, Custody and Product News

BitDigest January 13 · Issue #820

Gemini Surpasses $10 Billion in AUC

www.gemini.com
Gemini Trust announced that it has surpassed the $10 billion level for assets under custody (AUC).
BitDigest January 13 · Issue #820

Huobi Adds Support for Ruble

www.pressat.co.uk
Chinese, Seychelles-based, digital exchange Huobi is adding support for the Russian ruble (RUB) against 11 popular cryptocurrencies for trading.

Thoughts on the Ecosystem

BitDigest January 13 · Issue #820

Institutional Investors Make Up Only 1% of Bitcoin Marketcap

www.cnbc.com
Goldman Sachs’ Head of Commodities Research Jeff Currie admits the bitcoin market is becoming “more mature” but believes that only 1% of capital invested in digital assets are institutional money.
BitDigest January 13 · Issue #820

Bitcoin Trading Like its in a Bubble

www.cnbc.com
DoubleLine Capital’s Jeffrey Gundlach believes that bitcoin is acting like it has entered bubble territory suggest that he does not like bitcoin at the current price.

Reports you may have missed

Executium 7cmA9ZL5dDk Unsplash

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 0.46%  has gained 0.17% and the QQQ 0.62%  has gained 0.31%. Crypto assets are...

BTC ETH GBTC IBIT QQQ SPY
New bitcoin futures ETF could trigger rally to $168,000, analyst asserts

CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC 0.33% is now trading just below $63k. Meanwhile, both ETH -0.47% and SOL -2.28% 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 0.85% , DOGE -3.10% , and PEPE. This interest in memecoins likely stems from...

BONK BTC CLSK DOGE DXY ETH GME GME MARA PEPE QQQ SAFE SOL SPX
Bitcoin's all-time high rise reignites $100,000 speculation

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 0.33% fell from...

AKT BTC ETH FTM MARA QQQ RNDR SOL SPX
Executium Lta5b8mPytw Unsplash

U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY 0.00% (-0.21%) and rates. The SPY 0.46%  has gained 0.36%, approaching the $520 mark, while the QQQ 0.62%  has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC 0.33% (+1.57%) rising above $62k and ETH -0.47% (+1.05%) surpassing $3,000. The Render Network’s mobile app, OctaneX, was featured in Apple’s keynote presentation earlier...

BTC ETH MARA QQQ RNDR SPY

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In