BitDigest March 5 · Issue #855

• Crypto sells down in risk-off market
• Vietnam plans to investigate the crypto industry and develop regulatory policies
• Square acquires Tidal streaming service with plans to disrupt music industry

Mining Stock Performance

🅱️Many investors have been looking to publicly traded miners as proxies for bitcoin. While BTC is up 425% over the past year, mining stocks have outperformed the underlying coin price with returns as high as 3000%. That said, there is real concern that miner pricing is frothy due to their valuations based on future hashing capacity (something I will address next week). For now, I want to take a look at the impact of the recent market resetting and how the miners have fared. Below you will see last night’s closing price for each of the North American publicly traded miners compared to their respective 52-week highs and corresponding decline percentage. As a comparison bitcoin has declined 17% since its $58,000 high on February 21st.

The Headlines

Market Data

Exchange, Custody and Product News

Thoughts on the Ecosystem