Crypto SWOT: Payments in Singapore using stablecoins reached a record high of almost $1 billion in Q2

Strengths

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Nevos Network, rising 79.17%.
State Street Global Advisors and Galaxy Asset Management are launching a trio of cryptocurrency-focused exchange-traded funds, reports Bloomberg, even as investors pull back from spot Bitcoin funds. State Street and Galaxy’s partnership is offering its first funds into a steady stream of outflows from U.S.-listed spot Bitcoin ETFs.
Crypto asset manager Grayscale Investments said it has begun to offer the Grayscale XRP Trust, helping to send the price of the seventh largest digital asset up by almost 10%. The trust aims to provide investors with the opportunity to gain exposure to the token that powers the XRP Ledger, according to Bloomberg.

Weaknesses

Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Arweave, down 5.86%.
Former Co-CEO of Alameda, Caroline Ellison, will face sentencing on September 24 in a New York courtroom. The fraud charges against Ellison include two counts of conspiracy to commit wire fraud, two counts of actual wire fraud and one count of conspiracy to commit money laundering, writes Bloomberg.
The Bloomberg Galaxy DeFi Index of digital coins involved in decentralized finance fell 4.1% this week, reports Bloomberg. The index fell to 600 down from 626 a week earlier.

Opportunities

Uniswap is once again making headlines as it experiences a price surge following a significant legal settlement with the U.S. Commodity Futures Trading Commission, writes Bloomberg. This surge is renewing excitement around the DeFi world and fueling interest in the new projects that are set to launch on the platform.
Payments in Singapore using stablecoins reached a record high of almost $1 billion in the second quarter, led by transactions at merchant outlets. Businesses use the tokens because of “efficiency and low cost,” according to an article published by Bloomberg.
ParaFi Capital is tokenizing a minority portion of its latest venture-capital fund which closed in May. The LP interest will be available on the Securitize platform and run on the Avalanche blockchain, according to Bloomberg.

Threats

Consumers lost more than $5.6 billion last year through cryptocurrency-related fraud, according to an estimate from the FBI. This is a 45% jump from 2022. The FBI internet crime complaint center received nearly 69,500 complaints from consumers in the U.S. and abroad last year, according to an article published by Bloomberg.
EToro USA agreed to pay $1.5 million and allow American customers to only trade a handful of cryptocurrencies on its platform to settle U.S. SEC allegations that it operated as an unregistered broker and clearing agency, Bloomberg reports. The social trading and investment platform entered a cease-and-desist order without admitting or denying the allegations.
The federal judge who’s overseeing the criminal cases involving FTX fraud grilled a former executive in an extraordinary court hearing Thursday, accusing him of lying and threatening to sanction his lawyers. Judge Kaplan grilled Salame under oath for over 30 minutes in his Manhattan courtroom.

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%).

Tags:

crypto Caroline Ellison Galaxy DeFi Index CoinMarketCap Bitcoin ETFs

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: Payments in Singapore using stablecoins reached a record high of almost $1 billion in Q2

By Frank E. Holmes

Kitco Commentaries
Opinions, Ideas and Markets Talk

Frank E. Holmes

Tags:

Analysts warn of ‘peak gold’ by 2026, say junior miners are the answer

Costco sees double-digit growth in gold sales, adds new bullion products

Goldman Sachs raises gold price target to $2,900/oz by early 2025 on sovereign buying, fund flows

$1.5 million in gold bullion seized in Ireland, three charged

Gold prices remain down but largely ignore optimistic comments from Fed's Powell

opinion

Crypto SWOT: Payments in Singapore using stablecoins reached a record high of almost $1 billion in Q2

By Frank E. Holmes

Kitco CommentariesOpinions, Ideas and Markets Talk

Frank E. Holmes

Tags:

Kitco Commentaries
Opinions, Ideas and Markets Talk