Daily Market Update - May 13, 2020


$BTC 24 Hour High $8,949.90 $BTC 24 Hour Low $8,572.33 $BTC +3.6%


The reward per block mined on bitcoin's blockchain was reduced to 6.25 BTC from 12.5 BTC at 19:23 UTC, when the cryptocurrency was trading near $8,500. Since then, prices have been restricted largely to a narrow range of $9,500 to $9,820. The quiet post-halving price action stands in stark contrast to the solid two-way business in the $1,000 range of $9,200 to $8,100 observed during the 24-hours ahead of the supply altering event and the buoyant price action seen over the last 13 days. The cryptocurrency leaped from $8,000 to $10,000 in the nine days to May 7 before falling back to $8,100 by May 10. (Source)


JPMorgan Chase has taken on two well-known bitcoin exchanges, Coinbase Inc. and Gemini Trust Co., as banking customers, according to people familiar with the matter, the first time the bank has accepted clients from the cryptocurrency industry. The move is the latest in a string of positive developments for bitcoin and another sign that Wall Street is becoming more comfortable with the business of cryptocurrencies. (Source)


Telegram, the operator of the 400 million-strong messenger app, today announced that it has given up on its upcoming blockchain network, the Telegram Open Network, following a lengthy, protracted dispute with the SEC. "Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project.” wrote Pavel Durov, co-founder of Telegram, in a blog post. “Telegram’s active involvement with TON is over.” (Source)


The Federal Reserve, normally a staid institution, became a viral meme this March after it printed $2.3 trillion to help the COVID-battered economy. The meme, known as "Money Printer go Brrr" or simply "Fed go Brrr," shows central bankers cranking out an infinite supply of dollars and even has a dedicated website. The meme has resonated with the many people who wonder just how much money it is viable for the Fed to print. But it has gained special resonance with one sub-culture in particular: longtime Bitcoin believers who see the Fed's latest intervention as further proof that monetary policy has spun out of control. (Source)


New China-based mining pool Lubian accounts for 5.15% of the total Bitcoin (BTC) hash rate, just three weeks after processing its first block. The pool was originally spotted by BlockBeats, a Chinese blockchain news outlet, on May 12. Lubian is currently the sixth-largest mining pool, with a 6.30 EH/s hash rate,data obtained from btc.com shows. The operation first surfaced on April 24, when it found block #627,441.(Source)


An amended investor lawsuit has been filed against crypto derivatives exchange BitMEX and founder Arthur Hayes, with the plaintiffs claiming that they are owed $540 million compared to the $300 million cited in an earlier complaint. Now, per the amended lawsuit, filed late last month, an additional plaintiff named Elfio Guido has been added as the second seed investor in BitMEX. As such, the total equity rights amount claimed has risen from $50 million to $90 million, and punitive damages amount has been increased from $250 million to now $450 million. (Source)


The NASDAQ, RUSSEL, S&P all traded red along with Crude Oil. Gold slightly in the green. The DOW plunged 500 points on Fed Chairman Powells remarks that the "US economy is still facing significant downside risk". Many investors are asking whether or not the stock market rally is now fully disconnected from economic reality.


As a bonus to our readers we are including a list of Online Blockchain Events for the month of May.


May 15: Crypto vs. COVID Charity Poker Tournament

To help reduce the impact of COVID-19, Satstreet, Pioneer Club, and The Giving Block have organized an online poker tournament on May 15 at 5 PM PST to help raise money for charities on the frontlines of this crisis. The event will be capped at 2,000 players with fifty (50%) of all proceeds being donated to the participating nonprofits and fifty (50%) split to the top 20% of players. Every entry fee, sponsorship, and donation will be doubled and matched by Binance Charity between now and midnight of May 15, 2020.


May 19: Meet the Draper Venture Network Blockchain Funds

This is an excellent opportunity to meet and network with the cutting edge blockchain funds in the Draper Venture Network, including Cristian Olea of Manutara Ventures in Chile, Leeor Groen of Blockchain Valley Ventures in Switzerland, Robert Li of Draper Dragon Fund in China and of course yours truly, Alon Goren and Josef Holm of Draper Goren Holm in Santa Monica.


May 19-20: ANON Summit 2020

The current global pandemic has raised many questions about the economy and the role that cryptocurrency and blockchain technology will play in it. Explore these themes and consider the future of the digital economy at ANON Summit 2020, a fully online blockchain event recreating the in-person conference experience in a safe digital space. The flexible, modular nature of the event makes it easy to pick and choose your experience, attending the panels and workshops that interest you the most, taking breaks to browse the expo floor, and engaging in fun opportunities such as speed networking.


May 27: Global Digital Securities Summit

In a private workgroup held on May 6th, representatives from some of the top financial institutions and fintech companies in the digital securities space came together to have a candid discussion about how digital securities can play a role in accelerating economic recovery post-COVID-19 crisis.

The workgroup was initiated following a post by the founder of Ownera (a portfolio company of Draper Goren Holm) titled What can WE, the financial industry, do to help the economy out of the crisis and brought together executives from Citi, Fidelity Investments, Goldman Sachs, Blackrock, State Street, Morgan Stanley, Nomura, Ownera, IBM, R3, Societe Generale, ING, BNY Mellon, UBS, LSE, Santander, Archax, and others. The public event on May 27th will feature a number of those executives who will publicly share the summary of the workgroup’s findings.




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