Crypto SWOT: The Commerce Department will begin publishing its economic statistics on the blockchain

Strengths

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Cronos, rising 89.32%.
BitMine Immersion Technologies increased its crypto and cash holdings by $2.2 billion to $8.8 billion over the past week, adding more than 190,500 tokens—growing from 1.52 million to 1.71 million—according to Bloomberg.
The CFTC has issued guidance allowing offshore crypto exchanges to legally reenter the U.S. market by registering as foreign boards of trade, provided their home regulators meet U.S. standards. This could pave the way for firms like Binance to compete directly with Coinbase and Kraken, potentially shaking up the U.S. crypto landscape.

Weaknesses

Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was SPX6900, down 22.15%.
Bitcoin traded near its lowest level in nearly seven weeks after retreating from the record high set in mid-August. The decline comes as Ether is gaining momentum, with the token hitting an all time high of $4,955 on Sunday, writes Bloomberg.

Australia just ordered Binance’s local arm to bring in an outside auditor after regulators flagged “serious concerns” about money-laundering and terrorism-financing controls, pointing to high staff turnover, weak oversight and potentially poor resourcing at the exchange.

Opportunities

Galaxy Digital, Multicoin Capital, and Jump Crypto are in talks with potential backers to raise approximately $1 billion to accumulate Solana. The firms plan to form a digital asset treasury company by acquiring an undisclosed publicly traded entity, with Cantor Fitzgerald LP serving as lead banker, according to Bloomberg.
Trump Media & Technology Group Corp and Crypto.com have reached a deal with Yorkville Acquisition Corp to establish a crypto treasury company focused on acquiring and holding CRO tokens. The company will raise capital to purchase cryptocurrencies, and shares held by Trump Media, Crypto.com, and Yorkville will be subject to a mandatory one-year lock-up period, Bloomberg reports.
The Commerce Department will begin publishing its economic statistics on the blockchain, Secretary Howard Lutnick announced. “We are going to put out GDP on the blockchain so people can use the blockchain for data distribution,” Lutnick said during President Trump’s cabinet meeting, according to Bloomberg.

Threats

Bitpanda has ruled out a London listing due to low share-trading liquidity, according to the Financial Times. Co-founder Eric Demuth also cited the UK’s relative market immaturity and the company’s stronger revenue base in Europe, Bloomberg reports.
France’s finance ministry has asked Électricité de France to pause bitcoin miner MARA’s planned majority acquisition of its Exaion unit over sovereignty concerns, Agence France-Presse reports. While Exaion isn’t classified as strategic, it develops technologies that could be highly important in the future, Bloomberg notes.
A coalition of 112 crypto firms, investors, and advocacy groups, led by the DeFi Education Fund, warned Senate committees that they won’t back new market-structure legislation unless it clearly protects developers and non-custodial services from being labeled intermediaries. Signers include Coinbase, Kraken, Ripple, a16z, Uniswap Labs, and major U.S. crypto lobbies.

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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BitMine Immersion Technologies Bitcoin crypto Galaxy Digital Multicoin Capital The Commerce Department CFTC Trump Media & Technology Group Corp SPX6900

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: The Commerce Department will begin publishing its economic statistics on the blockchain

By Frank E. Holmes

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Frank E. Holmes

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opinion

Crypto SWOT: The Commerce Department will begin publishing its economic statistics on the blockchain

By Frank E. Holmes

Kitco CommentariesOpinions, Ideas and Markets Talk

Frank E. Holmes

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Kitco Commentaries
Opinions, Ideas and Markets Talk