"There are only two mistakes one can make along the road to truth; not going all the way, and not starting"
We are starting
I'm glad that you're here with us, and we hope you'll stay all the way with us to keep uncovering the truth in crypto! As has been our mission for the past five years, we're here to give you data and updates that will be useful, straightforward, and honest.
This will be an ongoing effort, so please reach out to me, and tell me what else you'd like to see in this newsletter and how we can do better 😎
BTC dips below US$8,000
BTC experienced a -5.32% price dip today from $8047.55 to $7637.39 (as of 05:40 ET). In a 24-hour window, BTC saw a ~$7.03bn decrease in its market capitalization, with its lowest price point at $7516.99. It seems to have broken through the recently-formed support level of ~$7700, after the mini bull run on July 24; the next support level is ~$7400. RSI ~20 on the 3-month chart indicates that BTC is currently oversold at the moment, and may signal a corrective price reversal to the upside in the coming days. The price seems to be rebounding slightly, hovering around mid-$7,600.
(I know, I wanted to give you good news too, but hey, truth 😶)
In this sea of red...
Ethereum and Bitcoin Cash (happy birthday 🎂) saw the steepest declines at -4.79% and -4.12% today, followed by IOTA, Litecoin and EOS.
Harking back three months, we can see how BTC dominance has steadily grown from 37% to 48% today, possibly symbolizing greater investor entry as BTC continues to be seen as part of a safer basket of crypto for institutions. OTC trades might also be a contributor to price trends, which are much less obvious compared to the exchange market.
The only top 10 crypto that has seen gains today is XRP, posting 3.95% gain in 24 hours. Is this the "Bill Clinton effect" in the making? 😉 He's slated to be the keynote speaker at their Swell conference on October 1.
Speaking of government figures
South Korean cryptocurrency brokerages may soon lose their eligibility for tax breaks. This is a reversal of revised proposal of tax laws regarding crypto exchanges on July 30 for a deduction of 50-100% of income tax for the first five years.
HTC Exodus, the blockchain-enabled phone announced in May, will also support Litecoin (LTC), in addition to BTC and ETH. The promise is that users of the phone will be able to trade these crypto freely among each other.
Binance announced its first-ever acquisition, of Trust Wallet, a mobile-first Ethereum wallet focused on ERC20, ERC223 and ERC721 tokens (and associated dApps). An on-chain mobile wallet fills out what will be many integration possibilities, and may hasten mainstream user adoption.
Bitmain expands its global footprint by opening a new data center in Texas; it aggressively expands as news of its impending IPO spreads.
Coinbase has stepped up its compliance efforts by hiring Jeff Horowitz, from Pershing LLC (BNY Mellon), to be its Chief Compliance Offer.
Dubai judges blockchain as beneficial, starting a "Court of the Blockchain" for court judgments and document verification.