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
Vietnam's Warns Against Crypto Investments and Plans to Develop Local Regulations
BitGo Receives BitLicense
MARA Announced Hashing Capacity
Gemini Develops Unified Crypto Solution for Fund Managers
Charles Schwab Exploring White-label Crypto Offering
Square's Looking to Use Blockchain to Transform Music Industry
Blockchain Association Working to Educate Biden Administration on Real Value of Crypto Networks
Market Data
Goldman Clients Looking to Increase Crypto Exposure
Exchange, Custody and Product News
Bybit Closing UK Operations
Thoughts on the Ecosystem
Ron Barron Does Not Get Bitcoin
Reports you may have missed
CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY 0.00% . BTC 0.39% is trading just north of $65k, while ETHBTC continues to struggle, with ETH 3.38% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL 4.27% works to regain the $160 level....
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 -0.24% and QQQ -0.25% 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 0.39% ...
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 -0.24% has gained 0.17% and the QQQ -0.25% 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 0.39% is now trading just below $63k. Meanwhile, both ETH 3.38% and SOL 4.27% 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 -1.25% , DOGE -12.93% , and PEPE. This interest in memecoins likely stems from...
