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DigitalX Weekly Crypto Update: Market Trends and Analysis
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DigitalX Weekly Crypto Update: Market Trends and Analysis
Market Commentary
Following the 50 basis point rate cut by the U.S. Federal Reserve, the price of Bitcoin experienced an immediate surge, now sitting above US$63,000 to close out the week. With an aggressive start to the rate cut cycle by the Fed, analysts are predicting more favourable conditions for risky assets such as cryptocurrencies, expecting the total market to rise in Q4. Prior to the cuts, global digital asset investment products rebounded with US$436 million in net inflows led by Bitcoin, with Bitcoin ETFs logging the highest daily inflows in nearly two months. The US-based Ethereum ETFs however continued to struggle, experiencing weekly outflows of US$19 million.
Blockchain analytics firm Arkham Intelligence, recently revealed that the Kingdom of Bhutan currently ranks fourth globally among government holdings of Bitcoin, with 13,000 BTC, worth approximately US$750 million. Accounting for nearly one-third of the nation’s GDP and the fourth-largest state-owned stash, it is the second nation after El Salvador to officially hold BTC. The country’s involvement in cryptocurrency mining dates as far back as 2019, utilising its rich hydroelectric power to fuel green mining operations. These mines are likely related to mining giant Bitdeer, establishing operations in Southeast Asia and Bhutan’s mining capacity after raising over US$500 million for the venture. This sits under the custody of Bhutan’s state investment wing, Druk Holding and Investment (DHI), who focus on technology-driven investment strategies for the nation, with digital assets as one of the primary focus points.
BIS Project Agora gains 41 participants to advance unified ledger applications. In efforts to address structural inefficiencies with the existing global payments infrastructure, BIS is developing a unified ledger concept with central banks and private-sector participants. Now progressing to the design stage, the project is exploring how tokenised commercial bank deposits can be interoperable with tokenised CBDCs using a single platform to make cross-border payments in a more cost-effective, transparent, accessible and faster manner.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
The Shift List
Tinkering with Tokenisation
Macro and Regulatory Environment
About DigitalX
DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.
Disclaimer:
The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).
DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Asset Reference Token Fund (DxART). All three funds are open to wholesale investors only.
DigitalX is also a corporate authorised representative (CAR) of K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244 393) (K2), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782). K2 is the Responsible Entity and Issuer of the DigitalX Bitcoin ETF (ASX: BTXX) (ARSN 650 945 216) which is open to retail investors. Offers to invest in the DigitalX Bitcoin ETF (BTXX) will only be made in the product disclosure statement (PDS) and this material is not intended to substitute the PDS which outlines the risks involved and other relevant information. You should also consider the Target Market Determination (TMD) issued when ascertaining if the product is appropriate for your needs. A PDS & TMD for BTXX can be obtained at https://www.digitalx.com/funds/bitcoin-etf/. You should consider the PDS & TMD before making a decision to acquire an interest in BTXX.
The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.
