The market for digital assets has been stuck in a sideways phase for several weeks, which will sooner or later end in a major volatile breakout. Whether positive or negative catalysts tip the balance is important for the coming price direction. The focus should therefore always be on current events, even if the market does not show any significant movements.
Thought of the week
Digital Asset News
As the data from Cointelegraph Markets Pro and TradingView show accordingly, BTC was able to bring in an interim daily high of 29,273 US dollars on Friday.
This was presumably triggered by the new US unemployment figures, which came in at 3.5%, just below expectations of 3.6%. The number of newly created jobs was also much worse than expected.
Financial expert and WELT editor Holger Zschäpitz comments that the new numbers have “no clear message.”
“Although the numbers are rising faster than ever before, the labor market remains strong,” as analysts at The Kobeissi Letter again note. To this they add:
“So basically, we’re seeing the most resilient labor market ever.”
The consolidation in the digital asset market, which has now lasted several weeks, means that increased resilience is being built up, but sooner or later it will have to be backed by new volume to drive positivity.
US-based crypto exchange Coinbase has filed a motion to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC) in June.
As stated in the corresponding August 4 motion to the U.S. District Court for the Southern District of New York, Coinbase’s lawyers base the dismissal first and foremost on the fact that the SEC “breached its duty of due process, abused its discretion, and abandoned its own prior interpretations of the securities laws” when the agency suddenly and unexpectedly filed charges against the crypto company.
Coinbase refers to the Ripple ruling and thus corners the SEC. With regard to the latter argument, Coinbase reiterates that offering the 12 cryptocurrencies specifically at issue in the SEC’s complaint precisely do not meet the definition of “investment contracts” under the criteria of the so-called Howey test, nor does the exchange operate as a registered broker. In addition, the agency’s allegations about the trading platform’s staking service would be “legally impermissible.”
If the SEC loses this court case as well, it could lead to increasing positivity in the digital assets market.
KPMG sees Bitcoin significantly further ahead in the environmental, social and governance categories than is often implied in the public debate about the cryptocurrency. In a new report, the influential economic consultancy KPMG has rated Bitcoin positively with regard to the so-called ESG factors (environment, social and governance) and even attests the crypto market leader “a multitude of advantages” in this respect.
Against this backdrop, KPMG first notes in its report that CO2 emissions are a better indicator of environmental degradation than electricity consumption. Accordingly, the economic consultancy puts Bitcoin’s emissions in relation to other goods and services such as smoking and tourism, and concludes that the cryptocurrency generates the second fewest emissions, with only film (in the U.S.) having a lower environmental impact.
“The environmental impact of Bitcoin is probably lower than often claimed in the public debate.”
In this context, the experts also point to some known measures to further reduce BTC’s CO2 emissions, including greater use of renewable energy for mining.
Weekly overview
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