Crypto Research
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Crypto Strategy: Bitcoin $100k target intact; corporate buyers offer surprise catalyst; Ethereum growing into our $10k target; crypto market on pace to hit $5T
In this week’s crypto strategy note we discuss:Bitcoin rebounding from a healthy cooling off period last week as the macro backdrop remains accommodative & bull market remains intactEven if Facebook didn’t buy Bitcoin, corporates are coming, and it may not be reflected in earnings announcements yetRemaining overweight Ethereum and maintaining a price target of $10.5k as ETH reaches new highs and continues to outperform BTCContinue to see more upside in...
THE HEADLINES [Members Area Crypto] STABLECOINS WILL HELP SUPPORT US DOLLAR www. reuters. com SEC Commissioner Hester Peirce believes that the continuing growth of dollar pegged stablecoins will help support the US dollar against China’s effort to dethrone the USD with their digital yuan. [Members Area Crypto] EIB OFFERING WAS CBDC EXPERIMENT www. banque-france. fr The Bank of France said that this week’s issuance of a €100 million blockchain-based bond...
THE HEADLINES [Members Area Crypto] POWELL WANTS TO GET CBDC RIGHT www. reuters. com 📺Fed Chair Jerome Powell addressed central bank digital currencies during his Federal Open Market Committee press conference saying he believes the US has an “obligation to understand the technology and policy issues” related to central bank digital currencies while adding that it is “far more important to get it right than to do it fast” and...
THE HEADLINES [Members Area Crypto] TURKEY LOOKING TO ESTABLISH CENTRAL CUSTODIAN BANK www. bloomberg. com In response to the two local digital currency exchange failures within the past week, the government of Turkey is planning to establish a central custodian bank to eliminate counter-party risk. [Members Area Crypto] IRAN TO ALLOW SELECT IMPORTERS TO PAY IN CRYPTO www. financialtribune. com The Central Bank of Iran announced that banks and licensed...
THE HEADLINES [Members Area Crypto] SOUTH KOREA TO TAX CAPITAL GAINS FROM CRYPTO STARTING NEXT YEAR www. reuters. com South Korea’s finance minister said the government will begin taxing capital gains of more than ₩2.5 million ($2,253) derived from trading virtual assets in January [Members Area Crypto] KOREAN FINANCIAL WATCHDOG REQUIRES EMPLOYEES TO DECLARE CRYPTO HOLDINGS www. koreatimes. co. kr South Korea’s Financial Service Commission is requiring all employees to...
THE HEADLINES [Members Area Crypto] TURKEY TO RELEASE DETAIL OF CRYPTO REGULATIONS www. reuters. com According to the governor of Turkey’s central bank, the Ministry of Finance is working on crypto regulations and plans to provide some details within the next two weeks. [Members Area Crypto] SEOUL SEIZES CRYPTO FROM TAX DELINQUENTS www. en. yna. co. kr The metropolitan government of Seoul announced it has seized $22 million in cryptocurrencies...
🚩Grayscale Bitcoin Trust (OTCQX: GBTC) trading at 19% discount THE HEADLINES [Members Area Crypto] LEGAL TASK FORCE RELEASES DIGITAL DISPUTE RESOLUTION GUIDELINES www.35z8e83m1ih83drye280o9d1-wpengine. netdna-ssl. com The government backed UK Jurisdiction Taskforce has released “Digital Dispute Resolution Rules” which intend to provide clarity for legal disputes over crypto assets, smart contracts, and blockchain applications, and foster confidence amongst businesses adopting these technologies. [Members Area Crypto] TURKISH AUTHORITIES INVESTIGATING FAILED CRYPTO EXCHANGE...
THE HEADLINES [Members Area Crypto] CRYPTO TO BE ADOPTED IN CUBA'S 5 YEAR PLAN www. decrypt. co The newly elected government of Cuban President Miguel Díaz-Canel has adopted a proposal to include cryptocurrency as part of the “economic and social policy guidelines of the party and of the revolution” over the next five years. [Members Area Crypto] HOUSE PASSES ELIMINATE BARRIERS TO INNOVATION ACT www. republicans-financialservices. house. gov The House...
THE HEADLINES [Members Area Crypto] UKRAINE PASSES LAW AGAINST CITIZENS HIDING DIGITAL CURRENCIES www. news. bitcoin. com Ukraine’s parliament has passed a law that will prosecute any citizen that fails to disclose digital currencies holdings above $4,000 with up to two-years in jail and a fine of up to $200,000. [Members Area Crypto] CHINA SHOULD NOT RUSH INTO DIGITAL YUAN FOR CROSS-BORDER PAYMENTS www. reuters. com Zhou Xiaochuan, the former...
THE HEADLINES [Members Area Crypto] BOE INTRODUCES BLOCKCHAIN SUPPORTING OMNIBUS ACCOUNTS www. reuters. com The Bank of England plans to introduce an “omnibus” account at the central bank allowing an operator of a payment system to hold funds in the omnibus account to fund their participants’ balances with central bank money on a distributed ledger platform. [Members Area Crypto] UAE USING BLOCKCHAIN FOR AUTHENTICATION SERVICES www. wam. ae The United...
THE HEADLINES [Members Area Crypto] CHINA HAS NO DESIRE TO REPLACE DOLLAR WITH DCEP AND SEES CRYPTO ASSETS AS INVESTMENT ALTERNATIVES www. bloomberg. com The deputy governor of the People’s Bank of China said China is not looking “to replace the U.S. dollar or other international currencies” with the digital yuan and is intending to focus its efforts on domestic use allowing “the market to choose, to facilitate international trade...
A lot happened this week. Bitcoin hit new ATH’s and crypto is showing signs of market rotations. Our current views on the crypto market are the following:Crypto bull market cycle intactBitcoin valuations haven’t peakedMacro picture mixed but favorableCrypto cooling off would be heathyInstitutions more cautious on cryptoSigns of retail money entering pictureStill favor buying GBTC over spot BitcoinStill see Ethereum outperforming BitcoinSize leadership shifting to retail midcapsExchange tokens to DeFi...
