16th July 2024 > > Miscellany.
tl;dr
Institutions have been buying cryptos courtesy of the German taxpayer. Trump’s re-election odds have moved substantially in his favour, which may or may not impact cryptos. Coinbase’s “everything” wallet looks pretty neat to me.
Market Snap
Market Wrap
There are reports that three spot ETH ETFs have been given approval by the SEC, with a potential launch date of next Tuesday, a very exciting development if you have a medium-term view.
BTC twice launched an assault on $65k but the last half an hour has seen a precipitous drop for reasons which are unclear for now.
Curious Cryptos’ Commentary – Fund flows
It seems that institutions are increasingly adopting cryptos for investment purposes, a trend that the CCC has been banging on about for more than a couple of years now:
The first sentence says it all:
“Digital asset investment products saw further buying on price weakness with inflows of US$1.44bn inflows last week, bringing year-to-date (YTD) inflows to a record US$17.8bn, far surpassing the 2021 inflows of US$10.6bn.”
This bull market hasn’t even got going yet.
Curious Cryptos’ Commentary – Germany
Germany made no secret of its intention to sell 50,000 BTC, moving the price down to $53k. Now that the stash has been snapped up by institutions, the price has rallied 20%. That’s $500bn transferred from taxpayers to investors on the whim of a pen-pusher. If I was working, and working hard, in Germany I might be feeling a bit peeved about that.
Curious Cryptos’ Commentary – US politics
I feel duty bound to remind you that the CCC remains fiercely apolitical at all times. Any comments here are made solely from the perspective of the impact of potential political developments on the crypto industry. There is no other agenda in play here.
…
Following the shooting, the betting markets are now putting Trump at 70% to win in November. Unless Joe Biden steps down in favour of someone other than Kamala Harris (Michelle Obama is the obvious choice), or the conspiracists are publicly proved right in their conviction that Trump squashed a bulb of tomato juice behind his ear, there seems little prospect of those odds changing in any material fashion.
We know that Trump has opportunistically jumped on the crypto bandwagon, reasoning that 50mm or so crypto-holders in the US will be swayed by the prospect of a more legislative-friendly regime installed in both the White House and the government’s agencies, especially the SEC. You can be critical of the timing of his public support of the crypto cause, but he isn’t the only politician whose values and beliefs change merely to garner popularity with the electorate. Of more value is to ponder whether this damascene conversion of Trump’s proves to be illusory, or will he follow through on his promises with regards to cryptos?
…
The appointment of Ohia Senator J.D. Vance as Trump’s running mate at first glance looks positive. I know nothing of the man or his politics, but this clip has surfaced on X:
Here is a taster:
“If there is a candidate for the worst person (for Chair of the SEC) in my view at least … is Gary Gensler. So, Gary Gensler is sort of the complete opposite of my view, and there are two problems I have with Gary. One of which is I think that he wants to inject politics way too much into the actual business of securities.”
Gensler may be running out of time to manipulate the price of BTC downwards so he can buy in size as soon as his tenure as Chair of the SEC is over.
Curious Cryptos’ Commentary – Coinbase wallet
Coinbase has announced the launch of its “everything” wallet:
The marketing spiel is “All your crypto, All your wallets, All in one place” which sounds like a mighty fine idea to me.
The problem that is being addressed is a familiar one to anyone involved in cryptos who does not simply rely on a centralised cryptocurrency exchange for storage. I have several Ledger Nanos of varying vintages, a Trezor, another hardware wallet whose name and location currently escapes me, and several hot wallets including MetaMask, Phantom, Yoroi, Keplr, and Core, all of which are in use today, and many other now redundant ones populated with residual holdings of various coins.
Any tool that helps to simplify the administration around cryptos is welcome. Try it out here:
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