Bitcoin rebounded to $40,000 as Binance futures liquidations skyrocketed — increasing the spot-derivatives price spread by $8,000 in a matter of minutes.

Meanwhile, the higher echelons of Amazon have reportedly drawn up plans to accept bitcoin and other cryptocurrency payments by the year’s end.

Finally, Stone Ridge asset manager will be participating in the Bitcoin market via futures contracts, in addition to the spot BTC it purchased in October of last year.

Let’s dig in.

$10 Bn Asset Manager Registers New Bitcoin Fund with SEC

The parent company of New York Digital Investment Group (NYDIG), Stone Ridge Asset Management, has been actively pursuing new investment options for Bitcoin.

Per the…

Having scared the market with sub-$30,000 prices and a dwindling market cap, BTC has rebounded as bulls make a last-ditch attempt to salvage the pivotal psychological level.

Meanwhile, JP Morgan has had to contend with outside pressure to offer bitcoin products for their wealthy clients. As of this moment, JPM clients can gain exposure to bitcoin via the MSTR stock proxy.

Let’s dig in.

JPM Says Clients See Bitcoin as an Asset to Invest in

JP Morgan Asset & Wealth Management CEO Mary Callahan Erdoes says the banking giant views bitcoin as an asset and “want to invest”.

The comments came in a video clip from “Bloomberg Wealth with David Rubenstein”…

Bitcoin lost about 6% of its value in 48 hours — which is saying something considering that the top coin has effectively become a stablecoin of late. The question is: have derivatives short-sellers over-exposed themselves in this ever-tightening trading range?

Let’s dig in.

Grayscale Adds BNY Mellon as Service Provider, Eying ETF Approval

Grayscale has selected BNY Mellon — the oldest bank in the United States — to be the asset service provider for its bitcoin trust, which it will convert into an Exchange Traded Fund (ETF) soon.

Check out the full article here!

Technically speaking

BTC Market Cap Dips Below $600 billion

The world’s most valuable digital asset lost about 6% of its value in the last 48…

A multi-trillion-dollar asset manager has bought bitcoin via proxy, acquiring a 12.2% stake in MicroStrategy. But all eyes are on Grayscale’s GBTC unlock later this week in anticipation of what it could mean for prices.

Meanwhile, the ECB has revealed the next steps in its CBDC digital Euro project, unironically stating that only the ECB will be able to determine how to protect citizens’ privacy.

Let’s dig in.

$2 Trillion Investment Firm Buys 12.2% Stake in MicroStrategy

A multi-trillion dollar asset manager has bought bitcoin by proxy.

Capital International Investors, a subsidiary investment firm of Capital Group with over $2.3 trillion in assets under management, has purchased 953,242 shares…

TikTok has taken a blanket heavy-handed approach against financial services influencers on its platform which includes cryptocurrencies.

Meanwhile, the bitcoin hashrate has started to recover as Chinese hardware relocates to North America and Europe. Miners have also begun accumulating bitcoin as historical precedent suggests that significant BTC/USD volatility is days if not hours away.

Let’s dig in.

TikTok Bans Influencers From Promoting Cryptocurrencies

Popular social media app TikTok has updated its branded content policy, banning financial services advertising which includes cryptocurrencies.

The China-owned social media giant has taken a drastic step to not only banning crypto influencers on its platform but all creators promoting financial services…

Interest in bitcoin and the crypto industry at large is at record lows as lockdowns are lifted and people spend more time in the sun. While correlation does not equal causation, bitcoin exchange flows have also reached 5-year lows, all the while hedge funds quietly enter the market.

At the same time, miner revenues have witnessed a temporary jolt as a portion of the bitcoin network relocates to greener pastures. From a technical standpoint, a banana is more interesting than bitcoin’s price action.

Let’s dig in.

$55 Bn London-based Hedge Fund Invests in Crypto

According to people familiar with the matter, London hedge fund Marshall Wace is planning…

Bitcoin’s block times are back to normal as the largest network adjustment in history took place without a hiccup. As it happened, Canada’s Purpose ETF crossed the 22,000 BTC under management (AUM) landmark, with demand increasing notably during the downturn from the all time highs. Such figures are among several data points which extinguish concerns over Grayscale’s GBTC unlock later in July.

Let’s dig in.

Bitcoin network undergoes largest difficulty adjustment in history

Bitcoin’s mining difficulty has dropped off a cliff, falling 27.9% as the network adjusts to the China-led drop in hash rate.

This is the largest decrease in mining difficulty since the network went live in…

As the top cryptocurrency chops about in all-too-familiar territory amidst a Chinese miner exodus, a historically accurate indicator suggests that bitcoin is undervalued from a macro standpoint.

Meanwhile, Grayscale’s GBTC premium appears to be recovering after a Morgan Stanley filing revealed crypto purchases via the asset manager.

However, the interesting story lies in one of Grayscale’s secondary assets, Litecoin, for which the asset manager could tip the scales considerably in the coming months.

Let’s dig in.

Technically speaking

Bitcoin Hashrate Plummets After China Crackdown

Bitcoin’s hashrate had a significant tumble in recent weeks, caused primarily by an exodus of miners out of the Chinese regime.

While the…

Photo by Richard Sagredo on Unsplash

The Bitfinex whale who successfully managed to suppress BTC/USD over the weekend has closed his short position, opening the door for price-action to progress unmanipulated. Meanwhile, the latest on-chain data shows that short-term bitcoin holders have sold their coins to stronger hands.

Let’s dig in.

Mexican Billionaire Claims His Bank Will Accept Bitcoin

Billionaire businessman Ricardo Salinas Pliego, who leads one of Mexico’s largest conglomerates, launched a barage of tweets in support of Bitcoin, revealing on Sunday that he is working to make his Banco Azteca the country’s first bank to accept bitcoin.

Salinas’ Twitter post was in reaction to Michael Saylor who was responding to a video…

Bitcoin bounced 17% from the lows on Tuesday shortly after MicroStrategy announced another major bitcoin bet. The firm now holds 105,084 BTC and has unveiled plans to buy even more in the future.

Meanwhile, BTC/USD is at an important crossroad, the choice of which shall rule the fate of many.

Let’s dig in.

MicroStrategy Bets Big on Bitcoin, Holding 105,084 BTC in Total

MicroStrategy has acquired 105,084 bitcoin ($489 million), purchased from the proceeds of the sale of $500 million in senior debt notes last week.

The US intelligence firm added 13,000 Bitcoin to its treasury from $489 million raised from corporate bonds sale to investors, averaging a buy in…


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