Crypto Research
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Given the recent crypto market volatility, we are writing a bit more frequently to help ourselves and our readers better assess where the market may be headed. In our Sunday night note, we discussed how the market may be seeing an exhaustion of sellers. In our Monday night note, we discussed how that may have driven the market bounce we saw. On Tuesday and Wednesday (today), crypto markets have calmed...
Friday is the last day I will be sharing BitDigest with many of you. I occasionally like to change what I am doing with this daily letter and together with Fundstrat have decided to no longer circulate BitDigest to Fundstrat’s clients. This is bittersweet as I have enjoyed being a contributor to their team. I have been a Fundstrat client for several years and have no plans to change this relationship, but after nearly...
THE HEADLINES [Members Area Crypto] DIGITAL DOLLAR BENEFITS AMERICANS www. cnbc. com Fed Governor Lael Brainard believes issuance of a US CBDC could provide a variety of benefits such as providing services to the underbanked, and improvements in efficiency and cross-border payments adding that “introducing safe central bank money that is accessible to households and businesses in digital payments systems… would [also] reduce counterparty risk and the associated consumer protection...
THE HEADLINES [Members Area Crypto] VICE PREMIER LIU VOWS TO CRACK DOWN ON BITCOIN MINING AND TRADING ACTIVITIES www. reuters. com Chinese Vice Premier Liu He told a meeting of the State Council’s Financial Stability and Development Committee that China plans to clamp down on illegal trading activities saying it will crack down on bitcoin mining and trading activities as part of an effort to combat financial risks. [Members Area...
THE HEADLINES [Members Area Crypto] FED TO ISSUE DISCUSSION PAPER ON CBDCS www. federalreserve. gov This summer, the Federal Reserve plans to release a discussion paper that will explore the implications of a central bank digital currency focusing on the possibility of a US issued digital dollar. [Members Area Crypto] BUSINESSES RECEIVING CRYPTO >$10K TO BE REPORTED TO IRS www. home. treasury. gov The Department of Justice released a set...
China crypto ban made the sell-off worse, but PBOC balance sheet growth matters more than posturing and is not the only key market driver - rally remains intact
In our crypto flash Monday night, we laid out 9 reasons we thought Bitcoin was close to a bottom around $40k. But yesterday crypto markets went for a wild ride. We got yet another sharp move lower below $30k but have since bounce back and are now at $41k. Part of this was due to leverage liquidations, but part of the move was also sparked by negative news of China banning crypto. Source:...
THE HEADLINES [Members Area Crypto] FED PRESIDENTS NOT CONCERNED WITH FALLING CRYPTO PRICES www. reuters. com St. Louis Fed President James Bullard said the crypto sell-off does not pose broader risks to the financial system saying he does not see it as a “systemic concern at this point.” Atlanta Fed President Raphael Bostic agreed adding “there’s a lot of volatility in it, but right now it’s not at a scale...
THE HEADLINES [Members Area Crypto] CHINESE FINANCE ASSOCIATIONS ISSUE STATEMENT BANNING CRYPTO SERVICES www. reuters. com Three Chinese industry bodies – the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China – issued a joint statement saying banks and online payment channels should not offer crypto services to their clients adding that virtual currencies “are not supported by real value" nor...
THE RIDE CONTINUES… I have not heard of a good term to describe the feeling in your stomach when you see crypto prices experience the first big drop. (_Any suggestions?_) Anxiety hits and FUD rushes in. Its often compared the bitcoin rollercoaster meme. You experience the first big drop on a rollercoaster and for a split second you want off. You have experienced 5-Gs at over 125 miles per hour, but at the end,...
THE HEADLINES [Members Area Crypto] ARGENTINA REQUIRING CRYPTO EXCHANGES TO DISCLOSE CUSTOMER DATA www. decrypt. co Argentina’s tax authority plans to require monthly reporting on client data, balances and all crypto transactions from digital currency exchanges. [Members Area Crypto] UNAUTHORIZED IRANIAN HOUSEHOLD-MINERS TO BE FINED www. tehrantimes. com Iran’s Energy Ministry plans to raise revenue by targeting unauthorized crypto-miners operating on household electricity in an effort to compensate for weather-related...
THE HEADLINES [Members Area Crypto] BOE SAYS CBDC COMING BUT STILL QUESTIONING CRYPTO AS INVESTMENT VEHICLE www. bloomberg. com Bank of England Governor Andrew Bailey says market factors like the sudden “rocketing up [in share price] for companies that nobody quite knows what they do” and bitcoin, should be a warning that “people are looking for investment opportunities” suggesting these assets have “no intrinsic value.” Separately, Deputy Governor Jon Cunliffe...
