Crypto Research
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Unpopular opinion --> We expect stable/rising prices. Setup for Bitcoin and crypto is "less bad" into the weekend = good.
_PS: HOW DOES BITCOIN SPILL OVER INTO EQUITIES?_ These crypto sell-offs have potential impacts on equity and broader markets, for several reasons: - many US crypto holders also own equities (ala Robinhood) - Bitcoin futures are traded by macro funds, hence, drawdowns/limit down moves impact macro markets - Bitcoin has become somewhat loosely connected to the equities, because both are "risk-on" assets -- more apparent these days
The weekly returns for the Rebel coins was obviously poor but do not overlook the returns achieved over the first 5 months of the year. ☀️Have a good long weekend, BitDigest will be back on Tuesday June 1st. THE HEADLINES [Members Area Crypto] KURODA CALLS FOR REGULATION OF STABLECOINS www. click. revue. email Bank of Japan Governor Haruhiko Kuroda provided his thoughts on bitcoin saying it is for “speculative” trading...
THE HEADLINES [Members Area Crypto] CANADA WORKING TO ENSURE DIGITAL DOLLAR PROVIDES CONSUMER PROTECTION www. click. revue. email Bank of Canada Deputy Governor Timothy Lane said the central bank is actively working on developments for a digital loonie and has competed several “proof of concepts,” but while suggesting that it would be important that the CBDC is not fully anonymous to ensure that consumers’ personal data is not tracked, there...
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...
