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BitDigest March 16 · Issue #615

Mar 16, 2020
Author
Gregory Landegger
Gregory Landegger
  • Crypto stocks continue to lack buyers falling another $28 billion since Friday. Bitcoin (BTC) traded between a Sunday evening high of $5,823 to this morning’s low of $4,601 while ether (ETH) declined from a high of $131 to a current low below $107.
  • The Bank of England issued a Discussion Paper asking for feedback on its central bank digital currency efforts
  • HODLs be ware. Illinois passed an amendment allowing unclaimed digital currencies to be seized and liquidated.
BitDigest March 16 · Issue #615

The Headlines

BitDigest March 16 · Issue #615

BoE Looking for Feedback on Digital Currencies

www.finextra.com
The Bank of England knows “the way we pay is changing” and has released a Discussion Paper on central bank digital currencies. The BoE is calling on the public to share feedback on the challenges and risks associated with the BoE’s efforts to provide an innovated digital money while meeting its objective of maintaining monetary and financial stability.
BitDigest March 16 · Issue #615

Unclaimed Crypto to Be Seized and Liquidated in Illinois

www.legiscan.com
Lawmakers in the state of Illinois have amended a bill related to unclaimed property to include virtual currencies. Under the revised bill an virtual currency that not been claimed in 5 years will be presumed abandoned and liquidated within 30 days, however if the virtual currency is held in a tax deferral; or tax emption account like a pension, the currency will be considered abandoned sooner – if there is no claim 3 years after the apparent owner becomes 72.
BitDigest March 16 · Issue #615

Consensus 2020 Going Virtual

www.coindesk.com
Responding to Coronavirus fears, Coindesk announced speakers and attendees would not need to travel to May’s Consensus 2020 conference in New York. Instead the digital media company explained “Consensus 2020 will now be a completely virtual experience, where attendees from all over the world can participate online at no charge.” The company said it planned to offer a “TV-like experience.”

Market Data

BitDigest March 16 · Issue #615

Bitcoin Hashrate Fall Below 100 Ehash/s

www.bitinfocharts.com
Bitcoin’s (BTC) has rate declined 6.8% falling below the symbolic 100 Ehash/s level to 98.75 Ehash.s, Since hitting an all-time-high of 133.2 Ehash/s on March 5th, BTC’s hashrate has decline 25.9%.
BitDigest March 16 · Issue #615

Coinbase Volumes Reach YTD Highs

www.theblockcrypto.com
Coinbase volumes hit year-to-date highs last week. On Thursday, volume surpassed $1.1 billion jumping from under $400 million the prior day. Friday’s trading volumes jumped even further surpassing $1.5 billion.
BitDigest March 16 · Issue #615

USDC Hits New Circulation High

www.twitter.com
Jeremy Allaire reports that demand for us dollar pegged stablecoin USDC has surged with market weakness reaching a new high in circulation of $568 million. While admitting it is “not as exciting to see markets so crushed, the Circle CEO added, “it’s still rewarding to see that this entirely new, entirely digital, blockchain based monetary infrastructure is working.”

Exchange, Custody and Product News

BitDigest March 16 · Issue #615

Poloniex Introduces Off-Chain Transfers

www.support.poloniex.com
Poloniex implemented a new feature called “off-chain transfer” that allows customers to instantly send any listed digital asset between Poloniex accounts without a withdrawal fee.
BitDigest March 16 · Issue #615

Binance.US Adding Tezos

www.support.binance.us
Binance.US announced plans to begin listing tezos (XTZ). Trading pairs for XTZ / USD and XTZ / BUSD will go live this morning.v
BitDigest March 16 · Issue #615

Coinbase Pro Adds Orchid

www.twitter.com
Coinbase Pro has added trading for quasi VPN / blockchain privacy network Orchid (OXT). OXT is available “in full-trading mode.”

Thoughts on the Ecosystem

BitDigest March 16 · Issue #615

Crypto Sell Off Was Not Institutional Traders

www.twitter.com
Galaxy Digital Chairman Mike Novogratz has been tweeting a lot over the past few days trying to explain the sudden crypto plunge. Replying to a tweet from bitcoin advocate, author and programmer Jimmy Song that the sell off was driven by institutions liquidating positions: “today proves that institutions buying Bitcoin has a flip side,” Novogratz said “that wasn’t institutions. That was a leveraged washout. Institutions aren’t fast enough to sell like that. That [was] panic selling from people who bought on margin.”
BitDigest March 16 · Issue #615

Crypto Leaders Questioning Market

www.twitter.com
Two often cited business leaders in the crypto community Gemini’s CEO Tyler Winkelvoss and Galaxy Chairman Mike Novogratz appeared unable to explain the bitcoin sell off and asked their Twitter followers for feedback. Winlklevoss said, “If bitcoin isn’t gold 2.0, then what is it?,” adding that “the fact that it’s not acting how you might expect only underscores just how early it is,” while Novogratz tweeted bitcoin “was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back[?]” A third business leader, Digital Currency Group’s Barry Silbert was much direct in his tweet. “I’m buying. This is why bitcoin was invented,” he said.

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