digital asset digest

We are starting to see the COVID-19 edition of Crypto’s latest market trend. Last week, we reported some healthy gains across all key markets. This week, the opposite can be said as most of the market is in the red. As traders and investors are stuck at home, we are starting to see the emergence of a crypto cycle, where Bitcoin bounces between the $9,200-$10,000 range and is having trouble getting out of this territory. 

With our usual breakdowns plus some exciting company announcements included in this week’s newsletter, we hope you enjoy the 13th edition of The Digital Asset Digest.

cyclical patterns

Digital Assets – Bitcoin closed out another rough the week at $9,275, down 4.38%. Its been a few weeks of cyclical movement, where once it drops below a certain threshold, we see renewed interest that propels it close to $10,000 again. We expect to see similar volatility this week and moving forward. Ether saw similar struggles, closing the week at $230.50, down 5.56%. Ripple fared no better, trailing almost 6% to $0.178 over the same period.

Indices – The S&P 500 closed down 2.07% for the week, but has begun to recover and is now up 1.47% on the day. The DOW saw similar movements, as it is down 1.65% for the week, but with a 2.32% increase on Monday as well, we hope this is speaking to a larger rebound in the market this week.

Commodities – WTI crude continues its recovery after the sector was one of the worst-hit by COVID-19, up 3.14% on the week. As Gold’s digital cousin had another rough week, the original store of value continues to show the merit behind its risk-averse qualities, finishing up 0.97% over the week.

Presenting the Broker’s Beat

While the Digital Asset Digest providers our readers with a holistic market overview, we have gotten several requests for material that is more focused on crypto trading and market movements. Our trading and liquidity subsidiary, Secure Digital Markets is launching ‘The Broker’s Beat’, a newsletter made especially for crypto-traders. 

The Broker’s Beat will be a weekly newsletter that gives the reader everything they need to know to stay up to date on the crypto sector. Including industry news and updates, in-depth reporting on all key markets, as well as a complete breakdown on all things bitcoin.

Our singular goal with this newsletter is to provide an unbiased source for our community to receive reliable trading and market analysis. If you would like to join us on this journey, please subscribe to The Brokers Beat by clicking here.

news cycle

Crypto Research Report Predicts 397K Bitcoin price by 2030

Source: CoinTelegraph

“In the June 2020 edition of the Crypto Research Report, researchers predicted the price of Bitcoin (BTC) and other altcoins — Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Stellar (XLM) — would get a huge surge before 2025, which may continue for at least five years.  

We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.” 

Crypto Industry Now In Post-Dotcom Bubble Territory, Trading Expert Says

Source: Forbes 

“Hosting a booming period of online creation and technological advancement, the late 90s saw the tech bubble expand to staggering heights, only to pop shortly after the new millennium began. Speculative investments and trading facilitated rapid market gains, for a time, until the party ended in the early 2000s. The cryptocurrency industry saw a similar bubble in 2017. Was 2017 and early 2018 crypto’s dotcom boom, or is it still coming?”

PayPal Plans to Roll Out Crypto Trading and Storage

Source: Investopedia 

“This is not the first time that Paypal has dabbled with cryptocurrency. As far back as 2016 Paypal offered Coinbase users the ability to withdraw their fiat money to Paypal accounts. While Paypal has so far only had one foot in the door, all the while other fintech payments companies are making money in the crypto space, It seems Paypal now wants in. 

Square, a payments solution and competitor to Paypal, gave its CashApp users the ability to purchase and store cryptocurrency as far back as 2018. Back in May of this year, CashApp reported quarterly revenue of over 300 million dollars from Bitcoin purchases and transactions.”

Indian Banks Act Slow to Accept Crypto Industry Despite RBI’s Approval 

Source: CoinTelegraph

“The repeal of a blanket ban on cryptocurrencies in March by India’s central bank, the Reserve Bank of India, has been a boon to the thriving crypto industry in India — with the launch of new exchanges being a catalyst. 

This is despite the country being one of the most severely affected nations by the COVID-19 pandemic, which has led to a deepening economic crisis across the nation. For investors and fintech innovators alike, cryptocurrency and blockchain technology have proven to be a much-needed respite in these challenging times.”

quote

With traders stuck at home and business adoption stalled, we are starting to see the crypto market behave in a very cyclical fashion. However, as society gradually starts to re-open we are curious to see how this will impact the market in the short term. 

Although the fear from COVID-19 was felt during the early stages of quarantine, the speed at which the stock & commodities market has rebounded has excited many, while also puzzling a few analysts along the way. With international trade still operating with a limp, and so much domestic economic uncertainty, we encourage readers to be careful of over-exposing their portfolio in a time that is filled with uncertainty and when everyone is operating in the unknown. 

GDA has spent months working on a special announcement, and we are pleased to share our partnership with Proof Capital Inc. with our readers before announcing it to the public later this week.  

While we will still be bringing you key market updates, this edition of the D.A.D. will be a bit different.

Our goal when we started the Digital Asset Digest was to create a direct line of communication with our community so we can give them real, unfiltered access into what the blockchain industry is really like and how partnerships unfold through growth.

proof capital inc.

Proof Capital Inc. is a private merchant bank and wealth management firm that specializes in private investment in alternative assets. With an investment thesis focused on value identification in alternative asset-classes across underserved industries, they have become increasingly interested in cryptocurrency mining and its high growth potential as cryptocurrency becomes a more ubiquitous financial asset and medium of exchange. 

rhodium project

The Rhodium Mining Project is operated by Imperium Investments, a fund focused on monetizing energy. They use Bitcoin, via one of the largest mining operations in North America, as the arbitrage vehicle to convert energy to cash. Imperium maximizes results by being the lowest cost Bitcoin producer. They achieve this through their expertise in international capital markets, financial products, and large scale industrial operational excellence. The Imperium team calls on the principles of hard work, integrity, and ingenuity to build next-generation computing at an industrial scale. The managing partners have a combined 40+ years of experience in industrial-scale project management, venture capital, and private equity. The Imperium team has completed over 1,200 projects/transactions ranging from $5MM to $7B with successful exits >$300MM.

The Rhodium project will be using immersion cooling for their operation, allowing for significant increases in hash rate while not overheating the equipment. 

Proof Capital Inc. and GDA Capital have come together to create the joint fund ‘Printing Capital, L.P.’ to which they plan to contribute $2 million. 

How Can You Get Involved In Proof Capital Inc.?

To learn more about Proof Capital Inc. and GDA Capital’s investment strategies reach out to mostafa@gda.capital.

Market Summary

Digital Assets – Bitcoin closed at $9,180 Monday morning, down 5.3%, mostly impacted by a 6.3% drop on Thursday as the cryptocurrency tested the key 10,000 resistance level for the fourth time this week. The crypto market as a whole did not fare much better, as Ether fell 7.9% and XRP fell 8.2%. There seems to be no major catalyst to explain the movement, though a CoinDesk article pointed to weakening optimism in the equity markets and a transfer of stolen Bitcoin from the 2016 Bitfinex hack.

Indices – Equity markets finally took a breather after a four-week long rally, as the S&P 500 closed at 3,067 on Monday, down 5.1% for the week. Powell’s comments during his Thursday virtual meeting were more pessimistic than the market anticipated, claiming that unemployment would not return to pre-COVID levels until 2022, and a massive dip in oil drove energy names down to double-digit losses.

Commodities – WTI July futures fell 5.1% as the potential impacts of a second wave of coronavirus came back to the forefront. Brent futures were hit equally as hard. Gold, on the other hand, was up 1.8% as traders returned to more risk-off sentiment.

Although a shorter issue this week, we hope you enjoyed some more insights into what’s going on at GDA and how fundraising really works in the blockchain industry.

Welcome back to the tenth edition of ‘The Digital Asset Digest’. In the last edition, we reported on a welcomed recovery in the crypto market. This week, we saw some resistance in the market once bitcoin attempted to cross the notorious $10,000 marker. 

On top of the crypto volatility, equities continued to bounce out of the corona bubble, a welcome sign as the rest of society slowly and carefully starts to re-open. 

For more market updates and technical analysis, keep reading.

We hope you enjoy this week’s edition of ‘The Digital Asset Digest’!

resistance in the market

Digital Assets Bitcoin closed at $9,692 Monday morning, more or less unmoved from last week on light news flow. The cryptocurrency saw a surge on Monday at around 7 pm ET, crossing the $10,000 mark for the first time since mid-February, although gains were short-lived as Bitcoin faced a massive sell-off the next morning. Ether beat Bitcoin, up 1.8% for the week, while XRP closed down 1.4%.

Indices – Global equity markets had a phenomenal week last week, with the S&P 500 up 5.9% and the S&P/TSX Composite up 4.8% for the week by Monday close. Energy stocks were in the spotlight, as the rally in oil futures boosted O&G names across the board. Airlines were also in focus as improved traveller throughput data from the TSA and American Airlines announcement that it would return to 55% of its domestic schedule drove returns.

CommoditiesWTI July futures rose 11.6% for the week as increased optimism surrounding the economy’s trek to normal propped returns. Brent August futures rose slightly behind, at 10.4%. The big story in the space was OPEC’s Saturday virtual meeting, where allied nations agreed to extend the production cut until July. China also announced that oil demand in the nation had risen to 90% of pre-COVID levels, improving sentiment for energy traders.

bitcoin news

Chinese buyers are kickstarting a generational housing market rally, and Bitcoin may be next

Source: Forbes

“As the tension between the U.S. and China eases and the hefty fee is reduced, the U.S. housing market is likely to see increasing demand from foreign buyers like other international markets. A surge in appetite for American properties from investors in China would also mean that the Asian economy is strengthening. Such a trend is likely to fuel a rally for gold and Bitcoin, which are increasingly being perceived as stable stores of value and a hedge against inflation.”

Bitcoin mining difficulty drops 9% to January levels

Source: CoinDesk

“Bitcoin has just got easier to mine. At block height 633,024, reached on 12:30 UTC Thursday, the Bitcoin blockchain adjusted its mining difficulty to 13.7 Trillion with a 9.29% drop and reached the lowest level since January this year. According to data compiled by CoinDesk Research, today saw the eighth largest negative difficulty adjustment in Bitcoin’s history and the eighth instance of two or more consecutive negative adjustments. The Thursday adjustment also follows a 6% drop recorded on May 20, which was the network’s first difficulty change after Bitcoin’s quadrennial halving event.”

‘Bullish’ — Struggling miners done selling their Bitcoin, says analyst

Source: CoinTelegraph

“Bitcoin (BTC) miners are setting up a bullish trend despite large sell-offs around the halving, a new data metric suggests. According to Glassnode’s Miner Outflow Multiple (MOM), outflows from mining pools compared to their one-year moving average are nearing all-time lows. MOM calculates coins leaving mining pools and compares them to the yearly moving average as a ratio. As of June 3, that ratio was 0.534 — less than half its value one day before the halving on May 10. By comparison, December 2018 saw mass upheaval due to BTC/USD hitting $3,100. This produced a ratio of around 0.28.”

Why the actual cost of mining Bitcoin can leave it vulnerable to a deep correction

Source: Forbes

“In early 2020, researchers predicted the cost to mine Bitcoin will be at around $12,000 to $15,000 after the block reward halving in May. But, it is now much cheaper to mine BTC than the initial estimates. The low breakeven price to mine Bitcoin may leave it vulnerable to a correction. Bitcoin has become more affordable to mine in recent weeks due to two main factors: difficulty adjustments and cheaper electricity in Sichuan, China due to the rainy season. A low breakeven price of Bitcoin can raise the probability of a price pullback because miners have more incentive to sell BTC, which may increase selling pressure in the short-term.”

token highlights

PIVX is a Proof of Stake coin launched in January 2016 as a code fork from DASH. PIVX describes itself as the “fastest and lowest cost privacy-focused digital currency” and aims to be one of the world’s leading digital currencies in both adoption and technological advancement. The organization argues that PoW protocols are fundamentally defective given their scalability issues and defends PoS as the way forward for cryptocurrencies. Two features power PIVX: 1) The Zerocoin protocol and 2) SwiftX technology. The Zerocoin protocol guarantees total anonymity to its users through a built-in coin mixing service using zero knowledge proofs. This allows users to remain private while transacting with the coin, unlike larger projects like Bitcoin. SwiftX drives PIVX’s transaction speed, as each transaction is guaranteed by the network of masternodes. Instead of waiting for multiple confirmations to verify the validity of a transaction, SwiftX allows PIVX to verify transactions securely in seconds, contrasting heavily with other projects in the space.

PIVX is primarily community driven, although the project was founded by James Burden back in 2015. Burden began focusing his attention on a new project called VEIL in 2018 and officially stepped down from his position at PIVX in 2019. Today, PIVX trades for $0.42 at a market cap of $23.6 million.

Market Movers

Top Gainers

Top Losers

Cryptocurrency Weekly Performance

Indices & Commodities

Weekend Opinion

‘Mining’ Bitcoin takes more energy than mining gold

Source: Nature

“It takes approximately the same amount of energy to mine a dollar’s worth of cryptocurrency as it does to mine a dollar’s worth of certain metals. Cryptocurrencies such as Bitcoin have raised environmental concerns because ‘mining’ virtual coins requires energy-intensive computer calculations. But quantifying the environmental impact of cryptocurrency production is difficult. Independent researchers Max Krause and Thabet Tolaymat calculated that it takes about 17 megajoules of computer power to generate US$1 in Bitcoin, even when the energy used for peripheral activities, such as cooling computers, is not factored in. By comparison, it takes 5 megajoules to mine US$1 in gold and 7 megajoules to mine an equivalent value of platinum.”

Technical Review – Resistance in the Market


We continue to be bullish on Bitcoin this week. During last week’s Digital Asset Digest, we argued that Bitcoin’s momentum was likely to continue and that closing above $10,000 would confirm our thesis. While we were correct directionally (Bitcoin closed up for the week), we were wrong to assume that we would see a breakout once Bitcoin crossed resistance. Two points support our bullish sentiment this week: 1) Bitcoin continues to trend higher and resistance at $10,000 has been clearly established and 2) the 21-day EMA has historically acted as dynamic support/resistance. We believe that if Bitcoin can successfully break out of consolidation, we will see momentum drive returns over the weeks ahead.

It’s troubling to see bitcoin face so much resistance at the $10,000 level. However, crypto and equities markets alike, have rebounded admirably. Rumours that some summer sun has shifted the consumer sentiment is one of the many catalysts behind this rebound. However If this is true, we encourage readers to look at the markets with some skepticism. As fear of a second COVID-19 outbreak would erase any of the improvements made in consumer sentiment. 

Welcome back to the ninth edition of ‘The Digital Asset Digest’. Last week, we saw some strange market behaviour after rumours that some Satoshi-owned BTC was liquidated. This week we saw Bitcoin fundamentals improve and the market claw back to normalcy and enjoy some healthy gains. As always, we will be diving into all key markets to provide a holistic overview of what went on across the blockchain and financial markets last week. 

Market Summary

Digital Assets – Bitcoin closed at $9,548 Monday morning, up 8.3% for the week and ending the month of May approximately 10.4% higher. Newsflow in the crypto space was relatively light over the week, with Goldman Sachs denouncing cryptocurrencies on Wednesday and India’s Supreme Court lifted the central bank’s ban prohibiting banks from dealing with cryptocurrencies. Ether was up a staggering 17.0% while XRP followed Bitcoin, gaining 5.3%.

Indices – The S&P 500 closed up 3.4% for the week on Monday, crossing the 3,000 mark again for the first time since early March. Canadian stocks followed suit, with the S&P/TSX Composite up 2.2%. The narrative last week was highlighted by Financials, as the sector drove S&P 500 returns and all Canadian Big Five banks reported earnings over the week.

Commodities – Oil continued its rally as WTI July futures rose 6.7% and Brent August futures trailed slightly behind at 6.1% last week. Newsflow centered around global relations this week as Russia supported plans to start easing supply cuts in July and U.S.-China trade tensions came to the forefront once again. On the side, Alberta informed OPEC that it had cut oil output by about 1 million bpd.

weekly news

Bitcoin hashrate bounces back- 2x the mining pools, farm diversification, 100 exahash

Source: Bitcoin.com

“Mining bitcoin is a competitive industry. The mining competition grows stronger each and every year. After the Bitcoin (BTC) network’s third halving, a number of miners dropped off the network. During the worst of it, the overall SHA256 hashrate lost around 47 exahash per second (EH/s). Since then the hashrate has increased around 15 to 20 EH/s, depending on which monitoring tool you use. For instance, Blockchain.com’s data shows the hashrate measured on May 27, 2020, is around 92 EH/s. According to the web portal fork.lol, which gives a closer look at today’s current hashrate, data shows the BTC hashrate is above the 100 EH/s zone.”

Amazon patents blockchain-based product authenticator

Source: CoinDesk

“Amazon, a kingmaker of e-commerce and shipping, has patented a distributed ledger-based (DLT) system for proving the authenticity of consumer goods. The U.S. Patent and Trademark Office approved the Seattle tech giant’s nearly three-year-old “Distributed ledger certification” filing on Tuesday. The patent describes using DLT to infuse “digital trust from the first mile of an item’s supply chain” to the last. Amazon’s system compiles data from distributors, manufacturers and shippers on an “open framework” that builds a product provenance across information silos. This data could be neatly packaged for the consumer, as shown in the patent drawings.”

The Big Four are gearing up to become crypto and blockchain auditors

Source: CoinTelegraph

“Unsurprisingly, professional services giants are among those taking a larger role in tackling new market challenges. The Big Four firms and Fortune 500 companies are working with a number of blockchain and crypto companies on ways to combat regulatory uncertainty, interoperability challenges, consensus models and development of the technology. Henri Arslanian, PwC’s global crypto leader, told Cointelegraph that the Big Four firms specifically have a very important role to play in the advancement of the cryptocurrency ecosystem, saying: “Although Bitcoin was designed with a trustless ideology, the reality is that the industry still requires trusted entities to catalyze the development of the ecosystem.””

Why big pharma is betting on blockchain

Source: Harvard Business Review

“Unfortunately, today’s chaos may prove to be a practice run for even more concentrated pressure on our health care supply chains. When we do produce effective treatments or, eventually, a vaccine, millions — and even billions — of people around the world will simultaneously want the same thing, and it will be in limited supply. To fix some of these supply chain vulnerabilities, the industry is turning to blockchain technology. With a blockchain — which can make it cheaper, easier, and faster to verify what is true when a business process spans organizations with competing interests — companies can safely work together in a shared, permanent ledger. They can do this without giving up control of or even revealing their data, as mathematical proof of data can stand in as a trustworthy proxy for actual data.”

StormX is a rebranding of prior AdTech leader BitMaker. The company capitalizes on the freelancer market and aims towards building a more transparent market using blockchain. Currently, centralized players such as Upwork, Fiverr, and Amazon charge high transaction fees, making it inefficient for freelancers who use their services. By using blockchain, StormX has designed a network that gamifies micro-tasks and minimizes fees between participants. StormX users must transact with each other in Storm tokens, an ERC20-compliant token developed by the team. Storm tokens can then be sold, exchanged for other crypto, or recirculated in the Storm market. According to its whitepaper in 2017, the Storm platform had over 250,000 monthly active users across 187+ countries.

StormX is based in Seattle. Its co-founder and CEO Simon Yu is a finance graduate from the University of Washington who previously worked as a financial analyst at KeyBank and Amazon. The company completed their ICO in December 2017, raising almost $31 million. In September 2019, two men were arrested for extorting an unnamed cryptocurrency startup for ~$8.75 million in Ether. Given how closely the firm fit the bill, it is widely agreed across the space that the firm in question was StormX. Storm tokens currently trade for less than $0.01 at a market cap of $19.6 million.

bitcoin fundamentals

Top Gainers

Top Losers

Cryptocurrency Weekly Performance

Indices & Commodities

company announcements

GDA Capital has signed on Uptrennd as its latest institutional client. Uptrennd is a disruptive social media project that is trying to redefine the user-issuer relationship. By giving advertising profits back to the users, Uptrennd is poised to create a social media environment where users are not exploited for their data, engagement times, and overall usage. As data integrity and user exploitation become a more pressing issue in our digital world, we are thrilled to be working with a company that is using technology in the right way. 

Check out the full release here for more details! 

Bitcoin is a big opportunity for investors in the debt-fueled Roaring Twenties

Source: CoinDesk

With the destruction of the fixed income markets, the search for investable alpha has already begun. The banking system has lost an asset class that represented a huge share of its annual fees. Bitcoin, young and maturing quickly, is already being offered to select clients by several global asset managers and international banks. It’s when, not if the asset class that cryptocurrency goes mainstream. Bitcoin hit its high in December, 2017 at $20,000/BTC. With accelerated adoption, the current entry point of roughly $9k/BTC seems like a value proposition.”

Technical Review – Bitcoin Fundamentals Improve

We are bullish on Bitcoin this week. BTC had a spectacular rally this week and we believe that this momentum is likely to continue. Last week, we took a neutral stance and argued that if BTC closed below $8,500, we would change to a more bearish stance. However, support was successfully tested on Thursday, and the cryptocurrency is now consolidating between the $8,500 to $10,000 range. With RSI above 50 and MACD poised for a crossover, our bullish conviction is strong. We believe that we are currently in the middle of a bullish rectangle, so we are waiting for Bitcoin to close above $10,000. If this happens this week, we would consider this a confirmation of our bullish thesis.

After a week where BTC was crushed by speculation and rumours, it rebounded based on bitcoin fundamentals. Difficulty rates are up and the network is functioning similar to pre-halvening levels. With a solid week of momentum at its side, we are bullish and excited about where bitcoin can move this week. 

Welcome back to eighth edition of ‘The Digital Asset Digest’. Last week, we provided our network with an exclusive post-halvening analysis, ensuring all of our readers can follow the market in the days following the historic update to bitcoin’s consensus protocol. As we progress toward the end of May, we will be providing an overview of the markets and how they look as we prepare for June.

Overview of the Markets

Digital Assets – Bitcoin closed at $9,110 on Friday morning, cooling off after almost crossing the $10,000 again on Tuesday. This represented a fall of 4.46%, driven by rumours that Satoshi Nakamoto may finally be cashing out after forty early-mined Bitcoins traded hands for the first time last Wednesday. The crypto market as a whole was relatively unmoved, with Ether sitting just above the $200 mark rising 1.3% while XRP trailed Bitcoin down 1.0%.

Indices – The S&P 500 closed up 3.2% after a volatile week as Sino-U.S. trade tensions came back to the forefront. Industrials drove equities as optimism surrounding airlines improved after TSA reported higher traveler throughput throughout the week. On the Canadian side, the S&P/TSX Composite rose 1.9%, although the Health Care sector saw massive gains as cannabis names got a boost from Aurora’s Q3/F20 earnings and the closing of its $40 million acquisition of Reliva.

Commodities – Another stellar week for oil as WTI futures rose 12.6% with Brent trailing slightly behind at 8.1% on improved investor sentiment and optimism around storage and demand shortages. For precious metals, bullish sentiment is brewing around silver as futures rose 3.6% while gold was down 1.1%.

overview of the markets

Crypto faithful flip out on speculation Satoshi sold Bitcoin

Source: Bloomberg

“Crypto Twitter was ablaze Wednesday after the sale of some Bitcoin was reportedly linked to the account of the token’s mystery founder. The price of the largest digital token plummeted on speculation its anonymous creator, who goes by the pseudonym Satoshi Nakamoto, was moving coins mined in early 2009, an act perceived by some as a near-sacrilegious offense. Twitter account @whale_alert, which posts real-time transaction data, was among the first to report of the sale, tweeting that the coins in the transaction were mined in the first month of Bitcoin’s existence.”

Bitcoin mining difficulty drops by 6% in first adjustment after halving

Source: CoinDesk

“The bitcoin network just fine-tuned a key parameter to coax back miners who quit after last week’s halving hammered their profits. More than 20 exahashes per second (EH/s) of computing power – the equivalent of around 1.5 million older-generation mining machines – has been switched off from Bitcoin since the network’s halving. The seven-day rolling average of bitcoin’s hashrate has dropped over 20% from around 122 EH/s just prior to the halving on May 11 to now 97 EH/s. The once-in-four-years event reduced miners’ block rewards from 12.5 to 6.25 bitcoin (BTC) per block.”

China’s Congress proposes blockchain development fund

Source: CoinTelegraph

“National People’s Congress, China’s parliament and Chinese People’s Political Consultative Conference, the most powerful political advisory body in the country, have recently begun their annual sessions. These are widely referred to as the “Two Sessions” or “lianghui” meetings. These meetings have been ongoing since May 22. The National People’s Congress, or NPC, is China’s top legislative body. Nearly 3,000 delegates from around the country meet once a year to submit proposals during the meetings. According to a Beijing News’ report on May 23, Jieqing Tan, deputy to the NPC, suggested setting up a special fund for blockchain industry development. If accepted, this fund would be led by the government.”

Bitcoin miners double revenue: Fees spiked over 200% in 10 days since the halving

Source: Bitcoin.com

Bitcoin (BTC) miners earned 44% more in transaction fees in the nine days since the halving than they did for the whole of April. If this continues miners will have more than doubled their income from transaction fees going forward. According to data from Coinmetrics, miners have collected the equivalent of 1,176 BTC in transaction fees since Bitcoin’s third supply cut on May 11. That compares with 818 BTC earned as fees in April and 1,251 BTC in March, the figures show. Miners reap fewer bitcoin with each halving. The latest event slashed rewards paid to miners by 50% to 6.25 BTC, leaving some operators on the brink of collapse. The bonuses are a major revenue source for mining companies.”

OmiseGO is a network built on speed. With transaction speeds of up to 4,000 TPS, OmiseGO’s P2P network is one of the fastest networks on the market today. The company’s eWalletSuite is an open-source, complete digital asset management tool built for institutional use that allows businesses to manage their digital assets. By engineering the infrastructure in advance, OmiseGO focuses on UI/UX, allowing businesses to integrate seamlessly and get set up nearly instantaneously. OmiseGO also boasts lower operational costs, claiming that users pay up to 90% lower fees than Ethereum, but uses Ethereum-level security to guarantee the safety of users’ assets. Clients already on the platform include Burger King Thailand, Shinhancard, and Hoard Exchange.

The company is run by CEO Vansa Chatikavanj, a former consultant at the World Bank and a graduate of Columbia University. On Thursday, OmiseGO officially launched on Coinbase, and on its first day of trading saw significant premiums over Binance before crashing, sparking accusations of insider trading. OmiseGO officially launched in June 2017 and trades at $1.75 with a market capitalization of $245.8 million.

market overview

Top Gainers

Top Losers

Cryptocurrency Weekly Performance

Indices & Commodities

weekend opinion

We need more software engineering and less financial engineering

Source: Anthony Pompliano

A big difference between Silicon Valley and Wall Street is that Silicon Valley actually encourages failure. The idea is that if no one is failing, then the pace of innovation is not being pushed fast enough. This is a mindset throughout the technology industry. It is also built into the business models of the financial backers. Venture capital funds are predicated on the idea that majority of the companies they invest in will likely lose their money, but the select few that end up working out will create enormous economic value that makes up for the losses.”

technical review

Source: Trading View
Contributor: Samuel Poon

On the technical side, indicators are neutral for Bitcoin coming into the week. RSI, which we treat as one of BTC’s most important indicators, as at an unmoved 50, which indicates that the trend is weakening slightly. Our eyes are on the $8,500 level this week as a clear double top has formed over the last two weeks. If BTC manages to close below support, we will change to a more bearish stance, although for now we are on the sidelines. Indicators are not giving a clear signal this week, which is why we have opted for a neutral position.

As the halvening eliminated the profitability of several small mining groups, it wasn’t a surprise that the price of bitcoin went down. However, the next few weeks are critical for the health of the bitcoin network as investors will carefully be awaiting to see if the network can surpass the notorious $10,000 marker.