Crypto SWOT: Bitcoin climbed to the highest level since early May

Strengths

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was PEPE, up 72.49%.
Bitcoin’s boost from Blackrock’s ETF filing struggled to hold the $27,000 level on Tuesday. The company filed for a Bitcoin ETF on June 15, but so far, the SEC has resisted allowing spot funds, writes Bloomberg.

Bitcoin climbed to the highest level since early May this week, writes Bloomberg, buoyed by crypto initiatives involving major players from the traditional financial sector.

Weaknesses

Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was BitTorrent, down 10.39%.
Bitcoin miners in Texas curbed operations, crimping power usage, as a heat wave drove electricity prices sky-high on Tuesday, reports Bloomberg, threatening to cripple the grid in the second largest U.S. state.
The digital-asset firm BitGo Holdings has dropped plans to acquire the parent company of Prime Trust, reports Bloomberg, which served as the crypto custodian for the beleaguered Binance.US trading platform.

Opportunities

Singapore’s central bank has proposed a common protocol to specify conditions for the usage of digital currencies as financial institutions trial the use of purpose-bound money in the city-state, writes Bloomberg.
MakerDAO, one of the original decentralized-finance protocols that was set up to challenge the legacy banking system, purchased $700 million of short-term U.S. treasuries. This is its second purchase in eight months as part of a plan to diversify away from often volatile digital assets, writes Bloomberg.
Sportswear maker Puma and pro basketball player LaMelo Ball, together with fashion line Gutter Cat Gang, are launching a collection of non-fungible token (NFT) sneakers called “GutterMelo MB.03,” writes Bloomberg.

Threats

Terraform Labs co-founder Do Kwon, the entrepreneur who’s sought by the U.S. and South Korea on fraud charges, was sentenced to four months in prison by a Montenegrin court, writes Bloomberg, for attempting to travel with a forged passport.
Binance has hired a former prosecutor at the Department of Justice to represent the firm in the SEC lawsuit, reports Bloomberg. M. Kendall Day will appear in the SEC case as counsel for Binance, the filing explains.
Cryptocurrency platform Atomic Wallet’s weak cybersecurity failed to prevent North Korean hackers from stealing over $100 million in user funds, according to a proposed class action filed in Colorado federal court, 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).

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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.

opinion

Crypto SWOT: Bitcoin climbed to the highest level since early May

By Frank E. Holmes

Kitco Commentaries
Opinions, Ideas and Markets Talk

Frank E. Holmes

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opinion

Crypto SWOT: Bitcoin climbed to the highest level since early May

By Frank E. Holmes

Kitco CommentariesOpinions, Ideas and Markets Talk

Frank E. Holmes

Tags:

Kitco Commentaries
Opinions, Ideas and Markets Talk