DigitalX Funds Weekly Wrap (9 Dec - 16 Dec 2022)
DigitalX Limited (ASX:DCC)
Transparent investment management at the intersection of technology and finance #Web3 #DigitalAssets
Statement on FTX, Alameda, BlockFi and Genesis.
The DigitalX Funds do not have any exposure to FTX, Alameda, BlockFi or Genesis.
As reported in the?AFR article?on November 8, 2022, our DigitalX actively managed fund liquidated our FTT holding on 7 November. FTT is now down 93% from our exit price. This demonstrates our disciplined risk management strategy, using a combination of top-down and bottom-up fundamental research to assess our portfolio composition. The majority of DigitalX Fund assets are secured with an institutional-grade custodian with insurance.
Weekly Price Action?
*All figures below are in USD unless otherwise specified.
Week in review
The Shift List
Market Updates
Macro/Regulatory Updates
In the spotlight?
Starbucks Odyssey, the coffee chain’s new Web3 rewards platform built on Ethereum sidechain network Polygon, is officially rolling out to the world. And the company says that demand for the platform so far has been “unprecedented.” Starbucks launched the platform on Thursday for an initial group of beta testers chosen from its waitlist. Additional testers will be added to the platform in January 2023 ahead of increasing functionality and access to come early next year.
Altcoins
Chainlink (LINK) - Chainlink, a provider of price feeds and other data for blockchains, had its first-ever staking pool draw in 24.27 million tokens worth some $170 million, with community allotment filling up in two days. The new staking effort is designed to help secure the quality of the project’s price feed for the cryptocurrency ether (ETH). The Chainlink team tweeted at 1:51 p.m. ET on Thursday that the staking community pool’s limit of 22.5 million total LINK tokens was “100% filled.” While community allotment has been filled, node operators are still able to stake their LINK tokens because the overall staking pool is capped at 25 million LINK.
领英推荐
?itcoin (BTC)
A new partnership between CoinCorner and Bitnob opens a way for users across continents to perform cross-border transactions involving multiple fiat currencies. Typically transfer of funds between Europe and Africa requires a third-party facilitator like Western Union, which relies on centralised entities. These transactions often have long processing times as approval from multiple parties is required and are known for their expensive fees. The World Bank estimates that remittances to Sub-Saharan Africa went upwards of $40 billion yearly as of 2020 — with Nigeria receiving almost half of the sum alone. Now, users can transfer funds via the Bitcoin Lightning Network from the United Kingdom and Europe to select countries in Africa. Through the Lightning Network, the funds are automatically converted into BTC, then instantly converted to the local currency and deposited straight into the bank account or mobile money wallet of the receiver.
Bitcoin Group SE, a crypto investment company, has signed an agreement to acquire the centuries-old German bank Bankhaus von der Heydt for 14 million euro ($14.75 million) and 150,000 shares. The purchase price is subject to change depending on developments in the equity of the target company, according to a company release. The deal is still subject to approval by the German Federal Financial Supervisory Authority (BaFin) and is expected to close in the third quarter of 2023.
Ethereum (ETH)
Users of the popular MetaMask Web3 wallet will soon be able to buy Ethereum, via PayPal. Similar to PayPal’s checkout feature at online stores like Etsy and eBay, the integration with ConsenSys’ MetaMask will let users buy and transfer Ether by logging into MetaMask, tapping the “buy” button, and logging into PayPal before making a purchase. The company said in a statement that select U.S.-based MetaMask customers will be able to use PayPal to buy Ethereum as of Wednesday, and that the feature will be rolled out to all U.S. users in the coming weeks.
The Commodity Futures Trading Commission (CFTC) has again labelled Ethereum as a commodity, this time in a Dec. 13 court filing — in contrast to statements from chief Rostin Behnam on Nov. 30 suggesting that Bitcoin was the sole cryptocurrency that should be viewed as a commodity. In its lawsuit against Sam Bankman-Fried, FTX, and sister company Alameda Research, the regulator on multiple occasions referred to Ethereum, Bitcoin "among others" as "commodities" under United States law.
CEO Comment
Digital asset markets remained subdued this week with macro fears playing out as the predominant driver in price movement. Positively we had some good movement in the regulatory landscape with a treasury paper released which we feel will give the industry the guidance it needs. We welcome regulation and applaud the Australian government for their guidance paper yesterday. Although I don’t wish to perpetuate the SBF story, there was a lot of news flow around his arrest this week as the world began to see that a fraud is fraud.
For the shift list plenty of good news flow this week - my top 3:?
We watch whale wallet balances closely - activity has been quiet during the uncertainty and we are encouraged that accumulation activity is starting to build up again.
The gap (measured as the spread between the performance of Bitcoin and S&P 500) remained steady at ~56%. We believe regulation and macro market stability will be the catalyst to close the gap. It is worth noting that right now we believe it will be Bitcoin and Ethereum that will be the drivers - altcoins will likely struggle as the founders will be called up to offer transparency for credibility.
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/.
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Life Insurance Professional??Risk/Compliance??Financial Crime
2 年These are great updates ??