The Block
Correlation between bitcoin and U.S. equities has fallen sharply since early June.Equity markets remain buoyant ahead Thursday’s U.S. CPI inflation reading.
Quick Take The Chamber of Progress has urged President Biden to voice support for crypto regulation before the U.S. election. The center-left tech policy coalition said former President Donald Trump has capitalized on the administration’s lack of clarity, but Biden “can still win this issue.”
Quick Take Taiwan’s central bank said today at the parliament that it may start testing a CBDC prototype in collaboration with the digital ministry’s “digital voucher” system at the end of this year or early next year. The Ministry of Digital Affairs is building this digital voucher system that many consider a warm-up for potential CBDC testing.
Quick Take The German government has apparently transferred out more than 5,853 bitcoins so far on Wednesday.
Bernstein has initiated coverage on two additional miners with a hybrid bitcoin mining and AI data center strategy: Core Scientific and IREN.Analysts at the firm also reiterated their $200,000 bitcoin price target for the end of 2025, $500,000 by the end of 2029 and $1 million by the end of 2033.
Quick Take Elliptic has traced at least $11 billion in cryptocurrency flows to Cambodia-based marketplace Huione Guarantee. The blockchain analytics firm published a report alleging Huione merchants advertise illicit services. Although crypto assets facilitate global crime, Elliptic researchers said the transparency of blockchains bolsters its investigations.
Quick Take The crypto unit of Japanese banking giant SBI Holdings has appointed Jai Yung Byun as principal consultant. The company also aims to strengthen governance and regulatory compliance with Byun’s consultancy.
Spot bitcoin ETFs in the U.S. saw $216.33 million worth of net inflows on Tuesday.BlackRock’s IBIT led the net inflows with $121 million.
Quick Take The German government continues bitcoin selling spree and less than half of its holdings remain. PayPal’s stablecoin has surpassed a $500 million market cap following Solana expansion. Paxful co-founder faces five years in prison after guilty plea in AML case. The following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Quick Take While at Valkyrie, Wald was instrumental in spinning up several crypto investment products, including the first bitcoin futures ETF. Wald is stepping up as Cypherpunk Holdings’ chief executive after serving three years on the firm’s board.
