This document is being provided publicly in the following form. Please subscribe to FSInsight.com for more.
Members Area Crypto Daily May 24 · Issue #908
Crypto Daily May 24 · Issue #908
May 24
Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER
May 24 · Issue #908
Crypto prices recovering after latest Chinese driven collapse China announces eforts to prohibit crypto mining (again) South Korea is looking to identify a CBDC technology partner Tezos and Red Bull Winners in Monaco
On Friday F1 Group announced that Tezos would become the NFT partner for Red Bull Racing. Yesterday, Red Bull’s Max Verstappen won his second race of the season by taking the title at the Monaco Gran Prix. This is Verstappen’s frst win on this famed course and as the camera’s focused on Verstappen driving his celebratory lap, Tezos’s logo was clearly visible across the Red Bull’s halo / roll bar.
The Headlines Vice Premier Liu Vows to Crack Down on Bitcoin Mining and Trading Activities
WWW.REUTERS.COM
Chinese Vice Premier Liu He told a meeting of the State Council’s Financial Stability and Development Committee that China plans to clamp down on illegal trading activities saying it will crack down on bitcoin mining and trading activities as part of an efort to combat fnancial risks.
South Korea Selecting Tech Partner for CBDC
WWW.BUSINESSTIMES.COM.SG The Central Bank of South Korea say it plans to initiate an open- bidding process to select a technology partner to build a pilot platform for its digital currency.
Crypto Payments Possible Under Contractual Law
WWW.COINTELEGRAPH.COM The chairman of the Duma’s Committee on State Building and Legislation said that cryptocurrencies are still not legal tender, but Russia is looking to amend legislation on digital currencies to allow payments to be made and accepted under contractual law.
Kuwait Says Crypto Assets Have 'Negative Consequences'
WWW.CBK.GOV.KW The Central Bank of Kuwait issued a warning that cryptocurrencies should not be compared to real currencies and the dealings in crypto- assets “come at a high risk and with an array of negative consequences.”
Iran Using Spies to Target Crypto Miners
WWW.BNNBLOOMBERG.CA
Iran is turning to its Ministry of Intelligence to help combat illegal crypto mining operations using subsidized energy after a spike in power usage forced a nationwide shortfall in electricity supply last week.
MP Asks Treasury for Development of Crypto "Safe Space" WWW.TWITTER.COM
� Conservative MP Tom Tugendhat told members of the House of Commons that he is more “bullish on ether” than bitcoin and called on the Treasury “to create a safe space for cryptocurrency development, because setting a standard for this new economy will shape a new electronic age, a new digital world.”
Teucrium Files Bitcoin Futures ETF
WWW.COINDESK.COM � Agricultural ETF provider Teucrium has fled an application with the SEC to list an ETF that would track a daily benchmark of bitcoin futures contracts.
Elon's Supports Crypto
WWW.TWITTER.COM � Elon Musk says he supports cryptocurrencies by tweeting The true battle is between fat & crypto. On balance, I support the latter.”
Market Data
Iran Using Bitcoin Mining to Evade Sanctions
WWW.ELLIPTIC.CO Blockchain analytics frm Elliptic reports that Iran is mining 4.5% of all bitcoin mining and using these operations to help “circumvent trade embargos and earn hundreds of millions of dollars in cryptoassets that can be used to purchase imports and bypass sanctions.”
Exchange, Custody and Product News
Huobi Acting on Chinese Crackdown
WWW.U.TODAY It is being reported that Huobi is responding by China’s latest anti- crypto proclamation by ending sales of mining rigs and will stop ofering hosting service to bitcoin miners. OKEx is taking similar actions.
Coinbase Pro Add s(and Delays) SOL WWW.BLOG.COINBASE.COM In response to last week’s announcement that it plans to add trading for smart contract platform Solana (SOL), Coinbase Pro announced it was experiencing technical issues and was delaying the launch.
FTX and BitMEX to Become Carbon Neutral
WWW.TWITTER.COM FTX tweeted that the derivatives exchange is “committed to being carbon neutral” and plans to donate $1 million to the world’s most efective carbon ofsetting organizations. In response to a related tweet by FTX CEO Sam Bankman-Fried, BitMEX followed with a similar commitment pledging to donate “at least $0.0026 for every $1 of blockchain fees [its] clients pay out.”
Thoughts on the Ecosystem
Musk Tweets Will Likely Lead to SEC Activity
WWW.NEWS.BITCOIN.COM
NYU Professor Scott Galloway believes the ongoing narrative by Tesla (NASDAQ: TSLA) CEO Elon Musk is drawing increased regulatory scrutiny to the crypto space by “making and destroying small fortunes 280 characters at a time” and will likely lead to an SEC response within the next 30 days.
Crypto is a 'Very Psychological Market'
WWW.CNBC.COM Economist Robert Schiller sees a “wild west” mentality among general investors” and crypto as a “very psychological market” adding “it’s impressive technology, but the ultimate source of value is so ambiguous that it has a lot to do with our narratives rather than reality.”
Diller Not on Crypto Bandwagon
WWW.CNBC.COM �IAC (NASDAQ: IAC) Chairman Barry Diller thinks crypto “is a con” calling ongoing discussions about digital currencies “nutso talk.” Technician Bollinger Sees Good Trade Opportunity in Bitcoin (Just Not for Him)
WWW.TWITTER.COM
� Famed technical John Bollinger says bitcoin is “working on a short term W bottom” leading to a positive “risk/reward…trade opportunity.”
Crypto Becoming ‘Digital Gold’
WWW.BNNBLOOMBERG.CA Former treasury secretary Larry Summers says cryptocurrencies are “probably here to stay” and ofer an alternative to gold for investors seeking an asset “separate and apart from the day-to-day workings of governments.”
BitDigest is a weekday news update on digital currencies and blockchain technology distributed by Parsons & Whittemore, a single-family ofce based in Rye Brook, New York. It is being distributed to subscribers of FSInsight Digital Assets under agreement with 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 anytime 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 verifed or otherwise investigated all such information. Neither the Author, FSInsight nor any of their respective afliates 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 frst consulting his or her own fnancial advisor and conducting his or her own research and due diligence. BitDigest is not making a solicitation or ofer to buy or sell any securities of any kind.
Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER
Disclosures (show)