Header logo
  1. Research
  2. Crypto Research
  3. Market Update

BitDigest March 24 · Issue #621

Mar 24, 2020
Author
Gregory Landegger
Gregory Landegger
Download PDFs
  • Crypto markets regain weekend sell-off as bitcoin’s fixed supply gains greater media attention with seemingly unlimited QE programs available
  • House Democrats suggest government should use digital dollar to distribute economic relief package
  • Bitmain accused of front running; will only release new mining rig after halving
BitDigest March 24 · Issue #621
BitDigest March 24 · Issue #621

The Headlines

BitDigest March 24 · Issue #621

House Democrats Considering Digital Dollar for Crisis Payments

www.news.bloomberglaw.com
House democrats are calling for the development of a digital dollar and wallet to help distribute the direct cash assistance to Americans hurt by the coronavirus pandemic. Legislation issued by House Financial Services Committee Chairwoman Maxine Waters (D-CA) would require the Federal Reserve provide payment of a digital dollar to individuals eligible for the economic relief package. The bill’s text defines a ‘digital dollar’ as “a balance expressed as a dollar value consisting of digital ledger entries” or “an electronic unit of value, redeemable by an eligible financial institution.”
BitDigest March 24 · Issue #621

EU CCP Clearing Houses Support Single Framework for Crypto Assets

www.finextra.com
The European Association of CCP Clearing Houses (EACH) has issued its own response to the EU’s request for commentary on its framework for markets in crypto-assets. The Belgium based organization sees the need for a single EU classification and global approach to digital assets, and recognizing the positive impact that distributed ledgers can have on central counterparty (CCP) clearing houses is encouraging the developing of such technology.
BitDigest March 24 · Issue #621

CFTC Issues Customer Advisory Highlighting Crypto Uses in COVID-19 Scams

www.cftc.gov
The Commodity Futures Trading Commission (CFTC) issued a Customer Advisory on COVID-19 warning the public to be alert for “frauds seeking to profit from recent market volatility related to the …coronavirus pandemic. In providing an example of commonly used scams, the advisory highlighted examples of crypto offerings “involving online digital-asset or forex “brokers” who promise to deliver huge returns in a matter of days. After depositing a few hundred dollars of cryptocurrency, the traders are fed a number of fake statements showing huge returns. When the traders try to cash out” they never get their money.
BitDigest March 24 · Issue #621

Bitmain's New Rig Expected to Ship After Halving

www.twitter.com
Bitmain announced the release of its newest mining rig, the Antminer S19 Series, but the market is crying foul. The first product run of the new unit has already sold out and reportedly will only be ready to ship around May 11th, a day after the next expected bitcoin halving. In the past, accusations have been made that Chinese mining suppliers use their own technology to gain an advantage and mine the digital tokens before competition can enter the marketplace.
BitDigest March 24 · Issue #621

SEC and Kik File Motion for Summary Judgement

www.coindesk.com
The Securities and Exchange Commission and Canadian social messaging company Kik are asking the District Court for the Southern District of New York for a summary judgement rather than going through a delayed and costly jury trial. Both parties filed motions for summary judgment last Friday.
BitDigest March 24 · Issue #621

Microsoft Defender Security Flaw Threatens Crypto Users

www.bitcoinist.com
WARNING: A security error has been discover in the latest version of Microsoft Defender, the anti-malware component of Microsoft Windows. This flaw opens the door to malware affecting Windows 10 that may compromise the integrity of crypto wallets and other sensitive data. Microsoft has yet to address the issue.
BitDigest March 24 · Issue #621

Monex to Pay Another BTC Dividend

www.monexgroup.jp
Japanese financial services company Monex Group announced plans to grant 500 yen dividend in bitcoin (0.00066 BTC) to all company shareholders as of March 31, 2020. The company previously paid a BTC dividend in September 2019.
BitDigest March 24 · Issue #621

"Kanpai," EY Developing "Sake Blockchain"

www.asia.nikkei.com
Global accounting firm EY plans to launch a traceability platform to track authentic Japanese sake and fruit. The “Sake Blockchain” is being developed to share information including origin and delivery records with foreign consumers, in a move that will help brewers and producers differentiate their authentic products from counterfeits.

Market Data

BitDigest March 24 · Issue #621

1 in 9 Indonesians Own Crypto

www.bitcoinist.com
A report by survey purveyor GlobalWebIndex claims that 11% of Indonesians own some form of digital currency. The report claims the country with a population of over 270 million people has 1 out of every 9 citizens owning cryptocurrencies. The figure is more impressive considering only about 64% of Indonesians have access to the internet from any device.

Thoughts on the Ecosystem

BitDigest March 24 · Issue #621

US QE Weakening Dollar

www.twitter.com
Commenting on the statement by Minneapolis Fed President Neel Kashkari that the Fed has an “infinite amount of cash” to fight the current financial crisis, Binance CEO Changpeng Zhao (CZ) tweeted on the impact to the US dollar saying “Ever heard about ‘supply, demand and price’? What happens to price when you have infinite supply?”
BitDigest March 24 · Issue #621

Would China and Russia Add BTC to Strategic Reserves?

www.twitter.com
Financial host Max Keiser tweeted his new theory that Russia and China may announce plans to add bitcoin to their strategic reserves in response to the US’s move to add more gold to its reserves.

Reports you may have missed

Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

Traditional markets are finding some relief in Thursday’s trading after four consecutive sessions of losses. The SPY and QQQ have gained approximately 0.30%, while the IWM (+0.99%) is showing outsized gains. Crypto markets are finding larger relief, with $BTC rising 3.92% to $63.7k, and $ETH gaining 2.71% to exceed $3,050. Injective ($INJ) is one of the leading tokens today, gaining 9.37% following news of a partnership with JamboPhone to bring blockchain-powered financial solutions to emerging markets. JamboPhone...

Art Rachen YJpjLD3c9bU Unsplash

Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. $BTC (-5.49%) has tested the high $59,000s and $ETH (-4.42%) is trading below $3,000. Among a sea of red, $SUI is showing relative strength, gaining 6.44% on the back of a partnership announcement with...

SUI
Bitcoin rises back toward record as first related U.S. ETF begins trading

Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. $BTC continues to range between $61K and $63K following yesterday's afternoon...

Bitcoin could soar an additional 38% after topping its record high of $65,000, according to Fairlead's Katie Stockton

Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. $BTC...

ONDO

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In