Daily Email Archive

honest to goodness

Your daily newsletter for August 21, 2018
"The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively."
- Bob Marley
It's nice to see that people are getting increasingly concerned about involving multiple stakeholders, including regulators, to the table, and doing things in a fair way. We care a lot about data integrity too, which is why we're cheered by all this 😄
To a fault
Today we see BTC falling to ~$6,300 earlier in the day before rising back up to ~$6,400 as volume picked up later on in the day. Overall, BTC is up 0.05% for the day 😶

We haven’t seen huge price swings for BTC lately – BTC’s monthly volatility is at a 14-month low, at about ~3% for the month of July 🤔 This development, coupled with the recent bounce off the $6,000 support level, could have prompted more conservative traders to enter the BTC market. (Sometimes volatility is needed to attract liquidity from day traders who can benefit from the larger price swings, though 🤙)

In the short run, BTC will either rise or test that support level again – Let's see what happens after the no-longer-delay-able ProShares Bitcoin ETF decision by the SEC this Thursday 😮
Other cryptocurrencies experienced a similar, albeit more exaggerated fate today, with most seeing losses in the ~2-4% range. ETH is down -3.52%, pushing it back below $300 😪

Tezos is also down -12.97% for the day, losing all the gains it made from the Coinone listing announcement yesterday 😐 In the recent downturn, it's clear to see that the other cryptocurrencies have had higher beta on the upside but even more so on the downside.
Honor bound
The Winklevoss’ self-regulatory organization for cryptocurrencies, the Virtual Commodity Association (VCA), has just onboarded Bitstamp, Bittrex and bitFlyer to join Gemini 🤝 The association will work towards cohesive industry standards and minimization of fraudulent activities, such as market manipulation.

Currently, the Commodity Futures Trading Commission (CFTC) does not have legal jurisdiction over cash and spot markets derived from commodities (e.g. cryptocurrencies), and so the VCA aims to provide them with this additional layer of oversight to protect consumers and uphold market integrity 👍

Doing it right
The Intercontinental Exchange (ICE)’s new digital assets platform "Bakkt", will not be supporting margin trading 😎 Bakkt will operate under a “proven framework” centered around proper price discovery that is transparent and efficient.

To achieve this, Bitcoin contracts will not be traded on margin or leverage so as to maintain a regulated warehouse solution that is fully collateralized or pre-funded, thereby upholding market integrity 🙌 This infrastructure would garner more trust from institutions and consumers, thus increasing market participation 🙏

Built upon trust
SBI Holdings, an investment arm of Japanese financial services giant SBI Group, is increasing its stake in a Japanese cryptocurrency exchange, "Last Roots" 🌳 The exchange was deemed by FSA Japan to have insufficient consumer protection measures in the past, being one of the exchanges under probe after the $520 million Coincheck heist affecting 260,000 users in January.

The latest capital injection by SBI Holdings will help the exchange boost its internal business systems, setting it on a path to become a secure, licensed trading venue 🛤 SBI Holdings will also help strengthen their internal risk management systems and anti-money laundering measures. 

  • The Australian Securities Exchange (ASX) estimates that it would save millions of dollars upon transitioning their clearing house system to a blockchain one.
  • The Chinese police have apprehended three suspected hackers who stole $87 million worth of crypto from corporate and personal accounts over several months.
  • South Korea will launch the Blockchain Law Society on Friday, mainly to establish legislation in applying the tech across industries.
  • Huobi launches a new listing process for tokens, called Huobi Automated Listing Platform… but the tokens will not be listed automatically; they will still have to be reviewed, through the application process.
Poll of the Day
How much do you like the name "Bakkt"? 😃
Sorry, can't help asking 😂 It's been bugging me since they launched it! And then of course, what do you think of them not supporting margin trading?
What you said
How much cross-bank authentication would improve your life: 7.9.

And this varies wildly across countries: Some, as reported by our Indian friends, spend hours every week on the phone with a bank trying to get authenticated just to do some banking, or at least several hours every month. Others, such as those from the US, UK or Singapore, tend to spend only about 1-2 hours a year on this time-wasting but necessary activity.

66% were optimistic that these initiatives will be well-implemented and adopted by masses, while the others were less so 😶; the main reasons cited were the level of consumer education needed, the changes needed in user experience, red tape within and among banks, and regulatory issues.

Aaaand… ~80% of you feel rad at the start of the week! Way to go! 😍

See you tomorrow!
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We'll be bakk tomorrow! 😝
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