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HedgeTrade Weekly Insights

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Hey Traders,

Here's a quick look at some of the top news, market insights, and best quotes & tweets for the week.

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Top News

Berkshire Hathaway ended its investment silence this week with a major acquisition of Dominion Energy Inc.'s natural gas pipeline and storage assets, signaling a willingness by Warren Buffet to pounce when an opportunity arises, despite current market conditions.
ACDX crypto derivatives exchange plans to launch their beta in August. Led by former COO of OKEx, Andy Cheung, ACDX seeks to focus on product innovation and transparency, two of the most pressing issues with derivatives in the crypto industry.
LA-based Arca has begun selling shares of an SEC-registered, closed-end "Arca US Treasury Fund" with its digital shares of ArCoins trading on top of the Ethereum Blockchain. Arca's fund signifies the first SEC allowable fund represented by crypto tokens.
A market report by the UK's Finance Conduct Authority estimated that 3.86% of its residents now own cryptocurrency, totaling 1.9 million adults, with 75% of them holding less than £1,000 and 83% buying outside of UK exchanges.

In mining news…

U.S. mining firm Core Scientific agreed on a deal to buy 17,600 Antminer S19 mining rigs from Bitmain, which will be installed at data centers operated by Core Scientific in the U.S. over the next four months. Deal estimated to be between $30-$42 million. Hut 8 raised a total of $8.3 million from selling 6% equity stakes to investors that purchased a total of 5.7 million "units" at $1.45 apiece. Each unit contains one common share as well as an option to purchase another share in 18 months at $1.85.

Market Recap

Bitcoin continues it's love affair with the $10k threshold, with ~2% gains over the last 24 hours as well as the last 7 days. Altcoins on the rise include Cardano (ADA) which was up 24% over 7 days and Chainlink (LINK) up 14% on the week.
Vail ski resort giant recently slashed its capital improvement budget, deferring $121 million of revenue from season passes revenue to the 2021 fiscal year in preparation for a prolonged pandemic.
Binance partnered with Indonesian Tokocrypto exchange to list the first rupiah-backed stablecoin (BIDR), which can be traded against BTC, BNB, BUSD, ETH, and USDT.
The Lebanese pound fell 50% in a span of only 10 days according to an unofficial report. The pound is now worth 1 Satoshi. A deepening monetary crisis is pushing young Lebanese towards cryptocurrencies.
A recent two-week drop in mortgage applications in the US might signal the end to an initial rise in home purchases by well-to-do people exiting their city homes in response to the pandemic. As Coronavirus cases continue to grow, delinquencies are surging with 40 million jobless in the US alone.

The Week in Charts

Top Quotes & Tweets

"There's now over $100M in BTC circulating the Ethereum economy. Ethereum acts as a gravity well for global financial assets. And Bitcoin is the first victim."

- Camila Russo, The DeFiant

"All national currencies—including the US dollar—are pyramid schemes."

- Robert Breedlove, "Masters and Slaves of Money"

"We're in a situation now where they (the Fed) are the market makers. Take the central banks out and you have a different story, including the value of money."

- Ray Dalio, Bloomberg Markets & Finance

"Nasdaq is at a very dangerous place now. It broke up from a bearish wedge, so either it pumps (in) coming days, otherwise big chance it will be a false breakout and we could see a big dump as well, which is probably bad for Bitcoin."

- Botje11 on TradingView