Crypto SWOT: Digital Currency Group is nearing a deal to sell its media company CoinDesk.

Strengths

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was XDC Network, rising 42.23%.

Binance will roll out full services on its new platform for Japan in August. The firm bought Sakura Exchange Bitcoin last November and said this May that it was creating a platform to fully comply with local rules, according to Bloomberg.

8000 Stan Lee digital collectibles sold out "nearly instantaneously" on Monday, illustrating strong demand for some virtual assets still exist despite the slow recovery of the NFT market, writes Bloomberg.

Weaknesses

Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Gala, down 14.30%.

Crypto miner stocks dropped this week as Bitcoin slid below $29,000. Stocks like Cipher Mining, Stronghold Digital, Hut 8, and Marathon fell alongside Bitcoin, according to Bloomberg.

One of the most head-scratching phenomena playing out in the digital-asset world is the shrinking of the stable coin market while most cryptocurrencies are posting outsized gains this year, according to Bloomberg.

Opportunities

Worldcoin, the token of the crypto project co-founded by OpenAI CEO Sam Altman, rallied on its first day of trading on Monday as investors piled into the hype surrounding artificial intelligence, writes Bloomberg.

TD Cowen has initiated coverage and rated MicroStrategy "outperform" as the group cites both Bitcoin exposure and upside on business intelligence software. The stock has rallied about 209% this year through Tuesday's close, writes Bloomberg.

Digital Currency Group is nearing a deal to sell its media company CoinDesk to an investor group. The group is led by the founder of Tilly Capital and Venture capital firm Capital6, according to an article published by Bloomberg.

Threats

FTX co-founder Sam Bankman-Fried was summoned to federal court in the Southern District of New York this Wednesday, according to a court filing. Bankman-Fried was summoned to address the adequacy and continuation of current bail conditions, writes Bloomberg.

Sequoia Capital pared back the size of two major venture funds, including its cryptocurrency fund, as part of a dramatic downsizing the storied venture firm is undertaking amid a broad startup downturn, writes Bloomberg.

Binance has withdrawn its application for a license from German financial regulator BaFin. The move follows a retrenchment from markets including Austria, Belgium, and the Netherlands and as its U.S arm is sued by regulators for operating an unregistered exchange, 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: Digital Currency Group is nearing a deal to sell its media company CoinDesk.

By Frank E. Holmes

Kitco Commentaries
Opinions, Ideas and Markets Talk

Frank E. Holmes

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opinion

Crypto SWOT: Digital Currency Group is nearing a deal to sell its media company CoinDesk.

By Frank E. Holmes

Kitco CommentariesOpinions, Ideas and Markets Talk

Frank E. Holmes

Tags:

Kitco Commentaries
Opinions, Ideas and Markets Talk