Crypto SWOT: Bitcoin's share of the total crypto market is the highest in about 20 months

Strengths

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Stacks, rising 13.25%.

Rapper and entrepreneur Snoop Dogg has launched a new non-fungible token (NFT) collectible series that will evolve in utility as he goes on tour this summer. The NFT will grant holders access to behind-the-scenes content exclusive merch, art, and experiences, writes Bloomberg.

Bitcoin’s share of the total crypto market is the highest in about 20 months, a sign of the cautious mood in digital assets and dominance of Bitcoin again, according to Bloomberg.

Weaknesses

Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Polygon, down 4.07%.

The native token of Binance has snapped a slide that stoked nervousness among digital-asset investors. BNB has gained about 8.5% over the past two days, whereas an index of the largest 100 coins is little changed, (but that gap is starting to narrow), writes Bloomberg.

Israel-based social-trading platform eToro says it won’t allow U.S. customers to open new positions in a number of crypto tokens, including Algorand, Decentraland, Dash, and Polygon effective July 12, writes Bloomberg.

Opportunities

Santo Spirits, the tequila company co-founded by Grammy award-winning musician Sammy Hagar and famed television chef Guy Fieri, is the latest brand to jump into Web3 to create a customer loyalty program built around NFTs, writes Bloomberg.
Hong Kong regulators are planning a second meeting in less than two months to push banks to offer services to virtual-asset firms as the city seeks to become an international crypto hub. The top financial regulators have called a meeting on Monday to bring together banks, crypto platforms, and other industry participants, writes Bloomberg.

Coinbase’s retail traders may be turning to Robinhood, according to one analyst. Mizuho securities analyst Dan Dolev argues that data from April indicates the firm may be losing market share in retail crypto transaction volume to Robinhood, writes Bloomberg.

Threats

Delio, a South Korean digital-asset platform, said it has suspended customer deposits and withdrawals, becoming the second site offering high yield to investors to do so this week, according to Bloomberg.

Criminal hacker groups have a new favorite to bilk innocent companies out of cryptocurrency. So-called ransomware gangs are deploying fewer strains of ransomware in favor of data theft, but still demand payment, writes Bloomberg.

Crypto trading platform Abra was accused of securities fraud by a Texas regulator that filed an emergency cease and desist order against the company and CEO Bill Barhydt. The Texas state securities board alleged that Abra misled investors through sales of its Abra Earn and Abra Boost crypto interest accounts, writes Bloomberg.

Frank E. Holmes

Frank Holmes is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund (ticker PSPFX), the World Precious Minerals Fund (UNWPX) and the Gold Shares Fund (USERX).

Please consider carefully the fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk.

The S&P/TSX Global Gold Index is an international benchmark tracking the world's leading gold companies with the intent to provide an investable representative index of publicly-traded international gold companies. The FTSE Gold Mines Index Series encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year, and that derive 75% or more of their revenue from mined gold.

Holdings as a percentage of net assets as of 6/30/07: Jiangxi Copper (China Region Opportunity Fund 1.74%); Silvercorp Metals Inc. (World Precious Minerals Fund 2.78%, Global Resources Fund 0.89%, China Region Opportunity Fund 2.42%); Gold Fields Ltd. (Gold Shares Fund 6.05%, World Precious Minerals Fund 2.58%, Global Resources Fund 0.39%); Sino Gold Mining Ltd. (Gold Shares Fund 1.03%, World Precious Minerals Fund 0.58%, China Region Opportunity Fund 0.27%); Anglogold Ashanti (0.0%); Dynasty Gold (0.0%).

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Frank Holmes

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Crypto SWOT: Bitcoin's share of the total crypto market is the highest in about 20 months

By Frank E. Holmes

Kitco Commentaries
Opinions, Ideas and Markets Talk

Frank E. Holmes

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opinion

Crypto SWOT: Bitcoin's share of the total crypto market is the highest in about 20 months

By Frank E. Holmes

Kitco CommentariesOpinions, Ideas and Markets Talk

Frank E. Holmes

Tags:

Kitco Commentaries
Opinions, Ideas and Markets Talk