• Tesla CEO Elon Musk sends Bitcoin price crashing by tweeting that the electric vehicle maker will no longer accept the cryptocurrency as payment
  • Hard to imagine that Musk is only just coming to realize that Bitcoin is mainly powered by fossil fuels, timing of tweets could suggest some manipulation of price

  • Bitcoin volatility starting to come down even as volumes increase, suggesting slightly elevated levels of institutional participation
  • While most larger U.S. banks have avoided cryptocurrencies, others are caving to client pressure to provide the institutional grade services necessary to support cryptocurrency investments

  • Non-fungible tokens or tokens that are uniquely identified, present an opportunity for artists and creators to gain a more equitable share of revenue from their creations
  • Recent sale of digital art by Beeple for US$69.3 million is drawing in more creators to NFTs

  • U.S. Federal Reserve Chairman Jerome Powell’s comments about central bank digital currencies or CBDCs the closest the Fed has ever come to considering the issuance of its own digital dollar
  • A Fed-issued digital dollar likely to have limited impact on cryptocurrencies as the pre-existing alternatives still have their use

  • While many Bitcoin maximalists are touting the inflation hedging properties of Bitcoin, the empirical evidence is too patchy to demonstrate any clear property for the nascent asset class to do so
  • Recent spike in U.S. Treasury yields followed by a sharp selldown in Bitcoin suggests that at its core, Bitcoin remains highly speculative

  • Thinner trading volumes for Bitcoin over the weekend saw a surge to new all-time-high only to come crashing down on Monday against sharp profit-taking
  • Some data to suggest that a sharp selloff in older vintages of Bitcoin (some addresses dating as far back as 2013 and which had never been moved previously) responsible for the flash crash to as low as US$54,000 at one stage

  • Cardano’s spectacular rise this year has some investors, including institutional names, wondering if they should be looking more closely at the cryptocurrency
  • Cardano has been around since 2015, but development on the blockchain has been minimal at best, making it more speculative akin to betting on GameStop (+3.24%)

  • Fiscal stimulus is fueling Bitcoin towards a new all-time-high as risk-on sentiment is fueling inflows into the cryptocurrency
  • Race to launch a Bitcoin ETF is heating up in the U.S. with Grayscale the latest to launch another attempt and hiring a dedicated ETF team to get across the finish line

Phuong Nguyen

Business Development of Novum Alpha, a leading quantitative cryptocurrency trading firm that specializes in Managed Account and DeFi products

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