It has been a very interesting week for the cryptocurrencies and precious metals markets. A lot of things have happened or are still developing at the time of writing.
This Week in Crypto
One of the biggest headlines this week is how 60% of the Bitcoin supply is dormant. This means that most of the BTC supply hasn't changed hands for several years. A true holder mentality despite the ongoing price fluctuations.
Bitcoin enthusiasts may also take glee in the recent Craig Wright developments. His lawyers submitted documents linking Wright to the Mt. Gox hack. Further investigation is required, but it is another colorful chapter in this process.
BitPay is entering the crypto payment card industry by providing its product in the United States. A remarkable decision, albeit it remains to be seen how much demand there will be for this payment card.
The search for a Bitcoin ETF is far from over, as WisdomTree Trust is trying a different approach. Its ETF will be linked to Bitcoin Futures contracts, rather than the crypto asset itself. Will the SEC approve this vehicle or not?
The Fed has made double headlines this week. First of all, it seems as if creating a digital dollar may not occur as of yet. Secondly, its New York department may need to be retrained to properly learn the meaning of "fiat money" and why Bitcoin is different.
Bitcoin mining pools are still in a very good place post-halving. Some hashpower has shifted around, but the overall sentiment remains positive. On the same topic, the Bitcoin mining difficulty reached a 4-year high this week as well.
The SEC is actively pursuing any scams related to cryptocurrencies. One potential scam has been ordered to shut down while the investigation is still ongoing. Its outcome has yet to be determined.
Dash is making some curious albeit interesting changes. With the help of Vaultoro, the Dash Investment Foundation is now rebalancing its portfolio by buying gold.
Ethereum has over 1.03 million addresses holding at least 1 Ether. It is an interesting milestone although the numbers may not look all that impressive.
Stablecoins are still incredibly popular, according to recent statistics. The USDT volume on Ethereum has surpassed $300 billion. Furthermore, the USDJ stablecoin was launched on the TRON network, and is already generating decent volume on Poloniex. Overall USDT volume on the Compound platform also surpassed $200 million for the first time this week. The platform also dethroned MakerDAO as top Ethereum-based DeFi service provider.
Speaking of DeFi, it remains a key industry to keep an eye on. Several tokens are noting very big gains as of late, even bigger than Bitcoin's - at least, percentage-wise.
CoinCorner is now making it easier for UK users to buy Bitcoin on a recurring basis. Services like these are direly needed to broaden adoption of cryptocurrencies, both in the UK and elsewhere.
Last but not least, it remains crucial to find independent crypto data aggregators. CoinGecko is and will remain my personal choice, and you can read why in this article.
This Week in Precious Metals
Numerous individuals have issued their opinions on gold and silver over the years. On Bar9, we document these individuals on a regular basis.
This week, we took a closer look at Jeff Clark, Ewan Downie, Eric Hommelberg, and Peter Leeds. All of these individuals remain confident that gold, silver, or both will trend much higher in the years to come.
If US Bank is to be believed, gold will remain bullish for some time to come. It has been a very resilient commodity so far, and hitting a new all-time high price isn't out of the question.
Silver enthusiasts will be thrilled to hear the news regarding Sierra Metals' Cusi Mine. Several new silver veins have been discovered, and they all have a significant yield based on preliminary results.
One gold mine in Colombia has fallen victim to an armed robbery. Criminals took off with a rather chunky doré bar. An investigation into the matter is underway.
