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September 27, 2024
7 min read

DigitalX Weekly Crypto Update: Market Trends and Analysis

20-27 September 2024

This week's latest trends and insights in the digital asset market from our asset management team.

Market Commentary

Digital asset prices saw a strong upward trend during the week, following the US Federal Reserve’s recent rate cut, sparking a risk-on sentiment for investors. With the resurgence of investor risk appetite, Ethereum led the market with roughly a 14% price surge. On the contrary, the US-based Ethereum ETFs saw outflows of US$29 million over the week, with Bitcoin-linked products seeing a second consecutive week of inflows with US$284 million.

The U.S. SEC this week approved options for BlackRock’s spot Bitcoin ETF, which would provide institutional investors and traders an alternative way to hedge their exposure to the world’s largest cryptocurrency. Once considered a nascent asset class, this allows institutions looking to hedge their downside risk in Bitcoin, to move to a more mainstream acceptance following the launch of spot Bitcoin ETFs in the U.S. earlier in the year.

The Hong Kong Monetary Authority (HKMA) has commenced the second phase of the digital Hong Kong dollar (e-HKD). In light of the project’s broadening scope, the HKMA is being renamed to Project e-HKD+. This primarily focuses on the settlement of tokenised assets, programmability, and offline payments to “drive new forms of digital money [and how it] can add unique value to the general public”, according to HKMA’s CEO Eddie Yue. As part of Hong Kong’s FinTech 2025 strategy, the government is looking to be a first-mover for bringing a digital dollar to the masses.

 

CRYPTO TOP 20 7 DAY PRICE CHANGE

*All figures throughout are in USD unless otherwise specified

 

Market Updates

The Shift List

Tinkering with Tokenisation

Macro and Regulatory Environment

 

About DigitalX

DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.

 

Disclaimer:

The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).

DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Asset Reference Token Fund (DxART). All three funds are open to wholesale investors only.

DigitalX is also a corporate authorised representative (CAR) of K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244 393) (K2), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782). K2 is the Responsible Entity and Issuer of the DigitalX Bitcoin ETF (ASX: BTXX) (ARSN 650 945 216) which is open to retail investors. Offers to invest in the DigitalX Bitcoin ETF (BTXX) will only be made in the product disclosure statement (PDS) and this material is not intended to substitute the PDS which outlines the risks involved and other relevant information. You should also consider the Target Market Determination (TMD) issued when ascertaining if the product is appropriate for your needs. A PDS & TMD for BTXX can be obtained at https://www.digitalx.com/funds/bitcoin-etf/. You should consider the PDS & TMD before making a decision to acquire an interest in BTXX.

The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.

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