BitDigest - Tuesday May 11, 2021
Crypto prices struggling to break $2.5 trillion level
Indonesia looking to impose capital gains tax on crypto trading
Kazakhstan releases roadmap for crypto industry
Crypto Fear & Greed Index
The Fear & Greed Index for bitcoin and other large cryptocurrencies dropped to a 6 day low falling 9 points since yesterday as crypto prices weaken following the general market sell off and Elon Musk’s dogecoin (DOGE) comments. The index remains in a ‘Greed’ range with a print of 61. I expect this range to hold as prices are likely to remain soft for the remainder of the week as US investors look to sell crypto to pay taxes ahead of next week’s IRS tax deadline.
The Headlines
Indonesia Looking to Tax Crypto Trading
The government of Indonesia is considering a plan to tax crypto trades as “capital gains.”
Kazakhstan Developing Roadmap for Crypto Market
Kazakhstan has released a roadmap to spur development of the crypto industry which includes a proposal to run domestic digital asset exchanges through a national financial hub and establishing standards by which crypto exchanges can interact with local banks and clients.
South Korea Working to Protect Against Crypto Phishing Activity
South Korea’s Ministry of Science plans to work with the National Police Agency to increase monitoring efforts against crypto-related phishing attacks following an increase in reported phishing attempts on websites.
Nebraska Starts Review of Digital Asset Bank Charters
The State of Nebraska have started to review a bill that will authorize “digital asset depository institutions to be chartered in [the state to] provide a necessary and valuable service to blockchain innovators and depositors.”
Father of Indian Crypto Bill Calling for Regulation Over a Ban
The former Finance Secretary of India is taking a softer approach to digital currencies saying his government needs greater clarity before making a decision on crypto-assets, but Subhash Chandra Garg says he is against a ban recommending that instead the government regulate cryptocurrencies to encourage the use of services built on the technology.
MARA Reports Big Uptick in EBITDA Thanks to NYDIG
📈Marathon Digital Holdings (NASDAQ: MARA) reported Q1 revenue of $9.2 million with adjusted EBITDA of $137.4 million due to a mark-up in the value of an investment in NYDIG; excluding NYDIG, MARA would have reported EBITDA of $5.5 million.
Riot Shows Major Improvement in Mining Efforts
📈Riot Blockchain (NASDAQ: RIOT) announced a 91% year-over-year increase in newly mined bitcoin (206) during April bringing its total balance sheet holdings to 1,771 BTC.
Ninepoint to Offset Carbon Footprint of Bitcoin ETF
📈Canadian investment manger Ninepoint Partners is introducing a plan to allow investors to get carbon neutral exposure to bitcoin through the funds bitcoin ETF (TSX: BITC.U); the fund manager will fully offset the carbon footprint of the fund by supporting various forest conservation projects in the Amazon – all costs associated with this effort will be paid from the firm’s 0.70% management fee.
UBS Considering Crypto Offerings
📈UBS Group is exploring different alternatives to offer crypto investment vehicles to its high net worth customers including providing access to third party offerings.
Cboe Files Wise Origin Bitcoin ETF with SEC
📈Cboe Global Markets filed a form 19-b with the SEC for the Wise Origin Bitcoin Trust ETF (backed by Fidelity) suggesting that concerns about potential manipulation of a bitcoin exchange-traded product have been “sufficiently mitigated.”
COIN 'Rethinking' Compensation
As an example of Coinbase’s (NASDAQ: COIN) effort to become fully transparent, the digital exchange published a post on how the company “is rethinking its approach to compensation” through greater compensation, the elimination of negotiations with a standard offering, and a move from standard four-year equity grants to a new one-year fully vested program.
Market Data
Bitcoin Hashrate Hits 190 Ehash/s
Bitcoin’s hashrate has broken the 170 Ehash/s barrier on a run up to a new all-time-high of 190 Ehash/s. Miners reacted to this overnight level by limiting operations bumping bitcoin’s total hashrate back down to 180 Ehash/s.
Thoughts on the Ecosystem
🐦📺New York Times economist Paul Krugman is not being swayed by the recent price run up in digital currencies and believes crypto is “a combination of libertarian derp and techno babble.”
Daily Cartoon
In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Created with Revue by Twitter.
BitDigest is a weekday news update on digital currencies and blockchain technology for friends and partners of Parsons & Whittemore, a single family office based in Rye Brook, New York. Receipt of BitDigest is by approval of the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. Neither the Author nor any of the Author's affiliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. The Author is not making a solicitation or offer to buy or sell any securities of any kind.