Metrics Coinmetrics research issued their latest report this week which gives some insight into the fundamentals behind bitcoin. The full report is here and we provide a summary of the highlights below. Daily value transfer Currently $2.3 billion per day in value is transmitted across the bitcoin network. For context, in 2018, Visa processed an average of
Short Squeeze +40% When was the last time an asset with a market cap of over $180 billion experienced a 40% price spike in hours? The answer is hard to find, but the oil price in the 1970s is the best example. It happened again on Saturday morning with bitcoin registering a 40% upward move
Grayscale Report Q3 reporting season in the US and the first to go were Grayscale who manage the largest bitcoin fund in the world. Some highlights from this quarter: US$2.1 billion in AUM $250 million invested in the last three months with $171 million of that invested directly in bitcoin (they took in more in
Libra Bingo As we suggested last week, with Paypal gone from the Facebook Libra project, others would likely follow. The Association members didn’t disappoint us either, Mastercard, VISA and Stripe all quit the project. Followed then by Mercado, Ebay and Stripe. Once again governments were in action putting pressure on companies who challenge their power.
Encryption On Friday last week Facebook received a letter from the US Attorney General, Britain’s Home Secretary and Australia’s Minister for Home Affairs. “We are writing to request that Facebook does not proceed with its plan to implement end-to-end encryption across its messaging service without including a means for lawful access to the content of
Australia Australia is rich. Really, really rich. My perception is that most Australian’s don’t appreciate this fact but as a recent immigrant, I can tell you, it’s rich. I’ll labour the point because it’s important; cold water fish, tropical fish, gold, uranium, rare earth metals, every edible animal, all vegetables, most fruit, natural gas, virtually
Price action After months of minimal volatility we got a strong price move, with bitcoin down over 10% on the week. Alternative currencies also continue to suffer with many dropping more than 30% over the same period. One of the causes was multiple legal cases brought this week by the SEC against ICOs, including KiK
The Emperors’s New Clothes “The new target interest rate is 1.75% – 2%” As expected the Federal Reserve cut its interest rate by 0.25% yesterday. The target rate is now 1.75% – 2%. It wasn’t very exciting, except something strange happened and the overnight rate immediately went above the target rate causing the Federal Reserve
