State of the Market #63
|Joshua Ebedes||Aug 23, 2020|
Keith Asmussen, Joshua Ebedes, Preston Sledge
Dotted lines represent non-trading days (weekends, holidays, etc.)
Europe Proposes a Crypto Single Market
The Commission of the European Union proposed multiple objectives it plans to uphold through new regulation and harmonizing existing legislation. The “non-paper” proposal is characterized as “innovation-friendly” and “does not pose obstacles to the application of new technologies.” The primary objectives laid-out by the ten-page document are legal certainty, supporting innovation, and ensuring appropriate levels of consumer and investor protection and market integrity.
‘Extreme’ Bitcoin Growth In Africa Is Sending Crypto ‘Mainstream,’ Binance-Backed Exchange CEO Reveals Alongside Fresh Funding
Declaring that “crypto will go mainstream in Africa long before any other part of the world”, Yellow Card recently announced a $1.5 million round of seed funding. Following a boom in platform users and volume, the Nigerian bitcoin-buying service is expanding in what they believe is the most “promising regions for the adoption of cryptocurrencies.” Recently expanding into Botswana and South Africa, Yellow Card is on its way to becoming the continent’s dominant exchange.
Chart of the Week
This chart and its data was compiled by Matthew Mežinskis and Fernando Ulrich of the Crypto Voices podcast. This chart depicts the growth in supply of important Fiat currencies since 1970. During times of global economic distress governments print and inject money into the economy in an attempt to get out of recessions. This can be seen in the above chart during the 2000, 2008, and 2020 marks, all of which have been global recessions. Read about Bitcoins rise as a global base money in the article hyperlinked here, written by Marty Bent.
@BW. This article is a mock love letter to The Fed and Jerome Powell from the Stock Market. It points out many of the ridiculous things that the Fed is doing/has done to falsely pump up the Stock Market.
@RookieXBT helps with general crypto twitter vocab for this bull runs newbies.
@himgajria gives an interesting and easily read comparison of the 2017 vs 2020 Crypto bull runs. Its a quick look through and has some good points on the maturing of the space and its support.
Video of the Week
Casually Explained makes short, animated, satirical/comedic videos. His videos are especially funny because he does his research and comes across as knowledgeable about what he satirizes. Good comedy should let you laugh at yourself. His characterizations of different types of investors are spot on - notably you will surely enjoy his description of crypto traders. At only 5 minutes long it is a great video to help get a laugh in a few days before we resume the school year.
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Texas Blockchain’s ‘State of the Market’ 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.