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back in the green

Back in the Green: Digital Asset Digest #14

Welcome back to the 14th edition of The Digital Asset Digest. The market went back in the green over the last week, yet things look about the same as last week.

Last week, we reported some mild losses across the industry, but this week, the opposite can be said as there is green mostly across the board. As you’ll see in our technical analysis section, some cyclical patterns are starting to emerge and Bitcoin shows no sign of breaking them anytime soon. 

With our usual breakdowns plus some exciting company announcements included in this week’s newsletter, we hope you enjoy the 14th edition of The Digital Asset Digest.

Digital Assets – Bitcoin is currently at $9,265.30, up 1.25% on the week. Last week, Bitcoin, Ether, and Ripple all closed down a significant amount. This week we have seen a recovery of those losses, with ETH up 4.85% and XRP up 4.86%. Notably, Cardano is up 32.32% on the week, which is a rare jump for a coin in the top 10.

Indices – Global equity markets had a solid week last week. We started to see a mild recovery of losses near the end of last week and are now up 2.47% as of the time of publication. Many of the top performers were in the pharmaceutical industry and oil industry as the energy sector continued its recovery.

Commodities – WTI is still on its long path to recovery after COVID-19 hammered it down to historic lows. In the last week, it returned a mild 2.51%. Gold, on the other hand, is running flat, with only a 0.65% return on the week.

Tether Briefly Passes $10 Billion in Market Cap

Source: Be In Crypto

“The Tether (USDT) stablecoin recently passed $10 billion in market capitalization on June 30, briefly sitting at this level before dropping back to $9.1 billion. The dollar reserve-backed stablecoin continues to dominate the space and challenge some of the most prominent tokens, and even dethroned XRP from the third spot earlier this year.”

U.S. Senate Debates Digital Dollar; New Mystery Bitcoin Fund Disclosed

Source: Forbes

“The New York Digital Investment Group disclosed in an SEC filing Tuesday that it closed a $190 million bitcoin fund with 24 unnamed investors. It closed a similarly-named bitcoin fund at $140 million in May, making NYDIG quietly one of the largest institutional investors in bitcoin in the U.S. NYDIG is staying mum on any details about the new fund.”

Ethereum Activity Metric Hits Highest Level in 2 Years

Source: Nasdaq

“Some observers would argue that address growth is not a reliable indicator of adoption, as a single user can own multiple addresses. Crypto exchanges also store coins belonging to traders in multiple addresses. While that’s true, Ether’s active addresses metric is more reliable compared to that of bitcoin. Active addresses are inflated on bitcoin because of the UTXO model.”

ERD is a novel architecture that goes beyond state of the art technology by introducing a genuine state sharding scheme for practical scalability. The goal is to eliminate energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus.

Having a strong focus on security, Elrond’s network is built to ensure resistance to known security problems. In an ecosystem that strives for interconnectivity, Elrond’s solution for smart contracts offers an EVM compliant engine to ensure interoperability by design.

Elrond is currently 22 days away from releasing its mainnet. The protocol made the news last month when they revealed their “secure proof-of-stake” sharding protocol and offered up to $60,000 to node-runners who can successfully wreak havoc upon their code. 

The ERD token is a unit of value that is native to the Elrond network. It represents a medium of exchange between users & developers who pay to use the network and validators who take the fees as payment for the services they provide.

Right now, the price is at $0.007597 USD and it is up 128% on the week. Beniamin Mincu founded the network out of Transylvania in 2018.

Biggest Gainers

Biggest Losers

Tokenised ownership is the best coordination tool since equity

Source: Medium

The thesis was the following: given tokens have a maximum supply, investors were hoping that with enough demand for the future service and a limited token supply, this would increase the token value. This belief was probably founded upon the success of Ethereum, which by 2017 had already reached record-breaking returns, with a very similar token design based on future demand and with no clear value capture mechanics — which prevented many traditional investors from getting involved with Ethereum.”

Company Announcements

Secure Digital Markets, GDA Capital’s liquidity and trading subsidiary is launching ‘The Brokers Beat’. A newsletter tailored specifically for the world of digital asset trading and investment. Our singular goal with this newsletter is to provide an unbiased source for our community to receive quality trading insights and analysis.

We are excited to be going on this journey, if you would like to join us please subscribe here!

Although we continue to be bullish long-term for Bitcoin, we are starting to see a bearish trend play out. The chart above shows that we are hitting lower highs and lower lows. We do expect Bitcoin’s momentum to continue, but its ability to break through the $10,000 resistance level has been tested and failed in the last month. Bitcoin is showing 1.51% returns on the week. The price has dropped below the $9,000 level 8 times in the last 2 months. Even though it has recovered, we can see that this support level is being tested. For this reason, we see Bitcoin as being short-term bearish. In the long-term, we believe that if Bitcoin can successfully break out of consolidation, we will see momentum drive returns over the weeks ahead.

That wraps up another edition of the Digital Asset Digest. As always, we hope you found it educational and informative. Just a reminder in case you missed it: last week, we released our ShareRing (SHR) research report. Inside, we go through the current state of this interesting and undervalued company. If this piques your interest, download the report here.

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