Keith Asmussen, Joshua EbedesĀ
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Market Summary
Dotted lines represent non-trading days (weekends, holidays, etc.)
Top Stories
Putin Outlines New Russian Crypto Rules And Banks Prepare For New Exchanges
While China and the United States are rapidly developing their crypto markets and regulations, Russia is lagging towards the adoption of crypto. In a law released on July 31st, all digital currencies are to be defined as ānegotiable securitiesā and not a means of payment. This inflexibility allows for digital assets to be purchased and sold through exchanges as investments, but forbids them from taking the place of Ruble to pay for goods and services.
Pro-Bitcoin SEC Commissioner Hester Peirce Elected to Serve Five More Years
Referred to as āCrypto Momā within the blockchain community for her pro-cryptocurrency stance, Hester Peirce has been re-elected to serve on the Securities and Exchange Commission (SEC). Her re-election will allow her to serve on the regulatory entity for five more years. Peirce suggests that the SEC seek āforward-thinking regulationsā towards cryptocurrencies as she criticized the SEC's rejection of a BTC ETF and advocated for a safe harbor framework for utility tokens.
Chart of the Week
BTC Leveraged - From EthereumPrice.org
This chart shows the amount of Bitcoin leveraged in Ethereumās DeFi platforms next to the price in Bitcoin. There has recently been an explosion in DeFi investment which is largely spurred by the price increase in bitcoin and the overall bull run in the crypto markets. People are currently leveraging their Bitcoin and making massive returnsĀ Ā Ā
Top Tweets
@nntaleb gives us a taste of his wisdom, which is especially useful in for this day and age. Nassim Taleb is a great twitter follow if you are looking for interesting and more heterodox opinions on economics and the world.
@CryptoCharles reminds us who are our enemies are and who are our friends.
@SmartContracter. Remember, technical analysis and strategic investment is for Chumps. Trade on hype and momentum only.
@vers_laLune shills my personal new favorite crypto currency. The harder you meme the coins name the higher the price goes up.
Video of the Week
Bitcoin + Alts Price Charts & Analysis (August 5th, 2020) - TheChartGuys
TheChartGuys are a great resource for getting to know technical analysis in the Crypto world. They often live stream market coverage on major Cryptocurrencies and on the stock market. This 10 minute video is their latest analysis on Bitcoin and Alt coin price charts. Along with weekly videos on the current market, they have a stockpile of educational videos on how to start learning technical analysis. They are a great educational resource.
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Texas Blockchainās āState of the Marketā is a student-led editorial. None of the views expressed by the authors should be taken as the view of the University of Texas at Austin or the Texas Blockchain organization. Furthermore, none of the views expressed should be taken as financial advice in any circumstance.