Crypto Research
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Premium to NAV for leading trusts and Canadian ETF remain negative. THE HEADLINES [Members Area Crypto] BANK OF JAMAICA SEES CBDC IN 2022 www. jamaicaobserver. com The Bank of Jamaica announced plans to develop and implement the use of a central bank digital currency and hopes to launch the digital currency in early 2022. [Members Area Crypto] INNER MONGOLIA PROPOSES CRYPTO MINING BAN www. bloomberg. com In an effort to...
IOTA (MIOTA) is an alternative Distributed Ledger Technology (DLT) platform, which uses the “Tangle”, a Directed Acyclic Graph (DAG), to enable applications primarily for the Internet of Things (IoT). IOTA is scheduled to undergo a two-part protocol upgrade, IOTA 1.5 (Chrysalis) and IOTA 2.0 (Coordicide) (Slide 2), aimed at implementing a series of major DLT technology advancements to improve network functionality and achieve greater decentralization. If successful, the upgrade could...
👀🅱️Premium to NAV for top crypto products Grayscale’s Bitcoin Trust (OTCQX: GBTC) and Ethereum Trust (OTCQX: ETHE) as well as the new Purpose Bitcoin ETF (TSX: BTCC.U) are all negative as of the close of market last night. THE HEADLINES [Members Area Crypto] FATF TO REVISE VIRTUAL ASSET GUIDELINES www. fatf-gafi. org The Financial Action Task Force plans to release an update to its 2019 guidelines on virtual assets requiring...
THE HEADLINES [Members Area Crypto] DIGITAL DOLLAR MAY REQUIRE CONGRESSIONAL APPROVAL www. reuters. com Fed Chairman Jerome Powell expanded his thoughts on the issuance of a digital dollar by suggesting that congressional authorization may be needed for the central bank to proceed with the development and roll-out of a CBDC. [Members Area Crypto] ECCB COMPLETES FOR DCASH TRANSACTION www. coindesk. com The East Caribbean Central Bank (ECCB) announced it has...
MARKET RECAP: NEW ATHS & CONTINUED VOLATILITY Bitcoin rallied to a high of $58,367 on Sunday before commencing a 23% sell off down to $44,888 yesterday morning and bouncing to its current price of $48,770. In our view, the recent move is nothing more than a nice healthy correction and we think recent events have de-risked the market. We continue to believe the fourth crypto bull market remains intact and...
Investors will be watching closing pricing on GBTC and BTCC today as the premium to NAV for the Grayscale Bitcoin Trust fell into negative territory at yesterday’s close, dropping below the premium for leading Canadian ETF Purpose Bitcoin. THE HEADLINES [Members Area Crypto] ECB WANTS VETO POWER OVER STABLECOINS www. reuters. com The European Central Bank has issued a legal position stating the Europoean central bank should have the final word on whether...
I have added the Purpose Bitcoin ETF (TSX: BTCC.U), the first and largest bitcoin ETF (so far) to the daily market recap. Of interest to many is the premium to NAV of BTCC.U compared to the premium to NAV for the Grayscale Bitcoin Trust (NASDAQ: GBTC). _CRYPTO FEAR & GREED INDEX_ It may surprise you that the Fear & Greed Index for bitcoin and other large cryptocurrencies is basically unchanged on the week posting...
THE HEADLINES [Members Area Crypto] SOUTH KOREA TO TAX CRYPTO TRADING, GIFTS AND INHERITANCE www. koreaherald. com South Korea’s Ministry of Economy and Finance announced that a 20% tax on crypto trading will be imposed on profits over 2.5 million won ($2,247) starting in 2022 – this compares to the 50 million won ($44,958) tax-free waver on public stocks. Additionally, taxes will be levied on inheritance and gifts of digital...
THE HEADLINES [Members Area Crypto] RUSSIA LOOKING TO ALLOW BANK TO OPEN DIGITAL RUBLE ACCOUNTS www. rt. com Russia’s Central Bank plans to introduce a new two-level model for the digital ruble allowing commercial banks to open wallets for their clients on the central bank’s platform to conduct operations. [Members Area Crypto] CRYPTO REGULATION MUST SAFEGUARD INVESTORS www. cnbc. com Treasury Secretary Janet Yellen says bitcoin is a “high speculative...
THE HEADLINES [Members Area Crypto] MASTERCARD PARTNERS WITH SAND DOLLAR www. mastercard. com The Central Bank of the Bahamas announced a new program allowing users of the nation’s digital Sand Dollar to pay for goods and services using Mastercard’s payment platform. [Members Area Crypto] RIKSBANK PILOTING SOLUTION FOR E-KRONA www. riksbank. se Sweden’s Central Bank announced it is conducting a pilot program to develop proposals for a technical solution for...
As we noted last week, Tesla recently announced it had added $1.5 billion of Bitcoin to its balance sheet. The announcement came less than two weeks after Elon Musk added Bitcoin to his Twitter bio, an act that caused a huge buzz amongst crypto enthusiasts. Tesla’s Bitcoin purchase adds to the growing list of public companies that are buying and holding Bitcoin in their treasuries. Source: https://bitcointreasuries. org/ Excluding Tesla,...
THE HEADLINES [Members Area Crypto] DIGITAL CURRENCIES WILL NOT THREATEN DOLLAR www. cnbc. com St. Louis Federal Reserve President James Bullard does not believe bitcoin poses a serious threat to the US dollar’s reserve currency status comparing the current increase in privately issued digital currencies to the nonuniform currencies issued by commercial banks before the civil war. Calling this “currency competition,” Bullard added that “investors want a safe haven. They...