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Judul : HedgeTrade Weekly Insights
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HedgeTrade Weekly Insights

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Hey Traders,

We've got another quick weekly update ready for you, enjoy!

We also have a bit of exciting HedgeTrade news today: We've partnered with Simplex to enable HEDG purchases via credit card at HedgeTrade. If you haven't checked out the app, sign up today, you'll be amazed!

HedgeTrade - Simplex Official Press Release:

Featured Trader

Our featured trader this week is RocketBomb, who is busily building an audience while providing helpful charts and insights on cryptocurrencies for her Telegram group and TradingView followers. Check her out today!

Top News

The Bank of Thailand has reportedly initiated its Central Bank Digital Currency (CBDC), with certain businesses using the 'digital baht' as currency for financial transactions. A roll out with the Hong Kong Monetary Authority is slated for September 2020.
Crypto exchanges Coinbase, Kraken, and Gemini blacklisted a bitcoin address once it was confirmed that it belonged to a scammer who'd taken control of multiple, influential Twitter accounts. Coinbase alone held back deposits by 1100 of its users to the fraudulent bitcoin address, saving those account holders about $280,000 in total.
Cloudflare's DNS (domain naming service) went down taking a large chunk of the Internet with it for about a half-hour last Friday afternoon. Sites that were affected included Shopify, Discord, and League of Legends. The problem was reported to be a faulty router and served as a reminder that decentralized web platforms like Bluzelle and Unstoppable Domains represent the future of a secure Internet.
Institutional demand for bitcoin continues its upward trajectory as evidenced by Grayscale Investment's historic quarterly inflows, announced last week. Having raised $905.8 million in digital assets in Q2, Grayscale's total investment since inception has now topped $2.6 billion. Days after that news was released, Grayscale announced FINRA approval for two more crypto-based trusts: Grayscale $BCH Trust and Grayscale $LTC Trust.
Big banks and big tech companies are making moves in the blockchain: Last week the world's 5th largest bank, Mitsubishi UFJ Financial Group, announced it was planning to issue its own stablecoin for facilitating instant p2p transactions. Meanwhile, Waves decentralized exchange announced a partnership with Microsoft's Russian branch for the development of an asset tokenization platform to be used for company equipment.
Pavel Durov's Telegram messaging app now sits on the top ten app list for downloads and monthly users as of Q2 2020. The popular service, which employs end-to-end encryption, is used extensively by the crypto community for communications, groups, and promotions.

Market Recap

Huobi will be launching bitcoin options contracts in Q3 2020 according to their recent announcement. Contracts for additional cryptocurrencies are expected to follow.
South Korean leaders have announced their plans for investing $48.2 billion into blockchain and other digital industrial technologies (aka "Industry 4.0") by 2025, with their main goal being to digitize all industries. President Moon Jae-in said 567,000 jobs would be created across varying sectors.
The Fed has kept debt markets flowing via bond buying, with some analysts saying that it's beginning to look a lot like 2009. Despite rampant concerns about the 'market bonanza', JPMorgan, Goldman Sachs, and Citigroup are staying profitable through Fed supported corporate debt issuance during the financial crisis.
The IRS is now the second government agency in America to license Coinbase Analytics to trace activity on blockchain ledgers. The agency is paying about $237,000 for a two-year plan to use the blockchain analytics service.
DeFi tokens now have their own separate page on CoinMarketCap, with Chainlink, Compound, and Maker in the top three slots by market cap this week. Lower cap altcoins in general, including Stellar Lumens and Cardano, have been outperforming Bitcoin and Ethereum. BTC had another disappointing week of sideways action, posting a 7-day return of 1.60%, while ETH lost 4.16% for the week.

The Week in Charts

Top Quotes & Tweets

"The DeFi marketcap has tripled in 3 months. It's sitting just shy of $7.5 billion." - Robin Schmidt (with TheDeFiant)

"Funny, people still buying high overvalued tech stocks, while they can buy heavily undervalued altcoins." - CryptoMichNL

"Tokens built on Ethereum – over 90 percent of all cryptocurrencies in the ecosystem – are now collectively worth more than the network itself." - Bitcoin Street Journal