price correction

DeFi…The New Bull in Town: Digital Asset Digest Volume #23

Welcome to the 23rd edition of ‘The Digital Asset Digest’. Over the last few weeks, we’ve been talking a lot about the sector rotation occurring within crypto. This week, we saw the tumultuous effects of DeFi’s continuing momentum and the new bull market it’s creating.

SushiSwap and the other food tokens are what has dominated the news cycle more recently, but that doesn’t mean that big moves aren’t being made in other sectors.

DeFi...The New Bull in Town: Digital Asset Digest Volume #23


Bitcoin, Ethereum, and Ripple all did well this week, with 6.41%, 6.64%, and 3.03% returns, respectively. However, one of the biggest winners was Binance Coin, which reaped 21.05% returns. This can largely be attributed to it being incorporated into the BurgerSwap protocol.


Equities markets were trending flat this week, with little action after last week’s bear moves. The NASDAQ was up 2.76% and the S&P 500 was up 1.81% on the week, which gives the sense of a calm before the storm (the storm being political in nature). 


Gold continues to deliver a flat performance, with an increase of 1.10% over the week. Crude oil showed more solid returns, with 4.07% increases on the week. The power outages and fires in California are intensifying the energy debate, and we expect that to affect prices for oil in the near and mid-term future.

DeFi...The New Bull in Town: Digital Asset Digest Volume #23

Iran May Fund Car Imports With Cryptocurrency Mining

Source: Nasdaq

“U.S.-led sanctions against the nation, as well as endemic corruption and economic mismanagement, are cited as being major factors behind the high inflation level.

According to Mozaffari, cryptocurrencies are already being mined on Kish Island and he hopes to soon meet with the head of the central bank to discuss the possibility of using that income to fund the auto imports.”

After $250 Million Bitcoin Buy, MicroStrategy Eyes More

Source: Decrypt

“In a filing with the US Securities and Exchange Commission on Friday, the company noted that its board of directors has updated the company’s treasury reserve policy. The new policy notes that aside from cash, cash equivalents, and short-term investments, Bitcoin will now serve as the company’s primary reserve asset.”

Bitcoin’s Hash Rate Surges Higher Despite $2,000 Price Correction

Source: Barchart

Digital asset manager Charles Edwards, a large proponent of using miner trends to predict Bitcoin’s price movements, recently noted that BTC’s hash rate is breaking out.

This breakout comes after the metric, which tracks how much computational power is allocated to mining Bitcoin, consolidated near its all-time highs near 130 exhashes per second for a number of weeks.

This breakout means that Bitcoin’s hash rate has hit an all-time high value, according to data. Other sites, such as BitIfo Charts, have also indicated that they are seeing Bitcoin’s hash rate hitting new all-time highs.”

DeFi...The New Bull in Town: Digital Asset Digest Volume #23


DeFi...The New Bull in Town: Digital Asset Digest Volume #23


DeFi...The New Bull in Town: Digital Asset Digest Volume #23


DeFi...The New Bull in Town: Digital Asset Digest Volume #23
DeFi...The New Bull in Town: Digital Asset Digest Volume #23

Cypherium (CPH) is a scalability platform that uses a combination of Proof-of-Work and HotStuff to achieve commercialization of blockchains. Many of the current solutions fail to maintain the decentralized principle that blockchain was originally designed for, and CPH is helping solve this. CBDCs are the perfect target for CPH, and it is already being considered by several central banks as a potential framework to use in the future. To learn more about Cypherium or to participate in their upcoming token sale, kindly click here.

DeFi...The New Bull in Town: Digital Asset Digest Volume #23

TikTok and the Sorting Hat

Source: Eugene Wei Blog

“It wasn’t just that the U.S. had strong incumbents, or that the Chinese tech companies were still in their infancy. My default hypothesis the veil of cultural ignorance was too impenetrable a barrier. Companies from non-WEIRD countries (Joseph Henrich shorthand for Western, Educated, Industrialized, Rich, and Democratic) would struggle to ship into WEIRD cultures. I was even skeptical of the reverse, of U.S. companies competing in China or India. The further the cultural distance between two countries, the more challenging it would be for companies in one to compete in the other. The path towards overcoming that seemed to lie in hiring a local leadership team, or sending someone over from the U.S. who understood the culture of that country inside-out.”

DeFi...The New Bull in Town: Digital Asset Digest Volume #23
DeFi...The New Bull in Town: Digital Asset Digest Volume #23

Source: Trading View

Our bullish outlook on Bitcoin last week has played out, with a ~3-4% increase over the week. We will continue to support this position until we see something that indicates otherwise. 

The $10,400 level has repeatedly been used as a support level over the last few months, and every time it is tested and BTC fails to drop through it, we see more support for BTC regaining lost ground. 

Bears are pushing down, but the bulls still have quite a strong hold on the market. With capital flight occurring into other areas of the crypto sector, we expect to see some short-term holdbacks on BTC. However, it is still the original coin, and with the chaos occurring in the worldwide economy as we head into the U.S. presidential election, money will likely fly to it as a form of “hedge” or “safe harbor”.

DeFi...The New Bull in Town: Digital Asset Digest Volume #23

This concludes another issue of the ‘Digital Asset Digest’. The DeFi trend seems to be taking over, and are considering adding in a DeFi update. If this is something that would interest you, let us know here.

If you enjoyed this edition of the Digital Asset Digest, then click here to subscribe and have updates sent to your inbox on a weekly basis!

As always, thanks for reading and we hope to hear from you soon.

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