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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
With U.S. presidential elections approaching and the ‘Uptober’ phenomenon in full swing, Bitcoin surged past US$73,000, reaching an all-time high this week. Spot Bitcoin ETFs also saw strong inflows, coinciding with Bitcoin’s rise on Tuesday, marking their third-largest daily inflow of $870 million since launching in January. Soon, U.S. spot Bitcoin ETFs are expected to collectively hold nearly one million BTC – a figure close to Satoshi Nakamoto’s estimated holdings of 1.1 million BTC.
The state of Florida eyes creating a Bitcoin stockpile for retirees. Inspired by Trump, Florida’s Chief Financial Officer Jimmy Patronis filed a letter to the state’s investment managers to build a Bitcoin stockpile for the U.S., shifting some state pension money into crypto in order to support retired state workers. Mr. Patronis further stated that Bitcoin could “help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes”. As one of the three trustees alongside the governor and state attorney general, Patronis is adamant into further study to understand how crypto investing may fit into one of Florida’s funds to “provide the best returns for Floridians”.
Paxos CEO Charles Cascarilla argues that stablecoins are vital for the U.S. dollar’s future. In an open letter to leading U.S. presidential candidates, Cascarilla urges adoption of stablecoins to ‘ensure the supremacy of the U.S. dollar for years to come,’ enabling broader participation in the global economy and providing a critical upgrade from the traditional banking system’s inefficiencies. Other prominent voices, including Circle CEO Jeremy Allaire and Tether CEO Paolo Ardoino, continue to advocate for U.S. leadership in stablecoin innovation to support the underbanked and preserve the U.S. dollar’s role as the global reserve currency.
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 Real World Asset Tokenisation Fund (RWAx). 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.
