Welcome back and happy Monday! Hope everyone had a rejuvenating weekend..I know I did 😀 Although market action was boring and almost sleep-inducing over the weekend, we hope to entertain and refresh you with today’s newsletter! ☀️
Thank you for spending the start of your week with us! Do continue to answer the polls and share your thoughts with us. 💙
Right where we left off
The crypto market pretty much picked up where it left off on Friday due to minimal action over the weekend. BTC hovered within a very tight range of ~$6630 to ~$6770, with its 30-day volatility at ~3% levels over the weekend. Currently, BTC is trading at ~$6,731, up ~0.68% from Saturday. 💤
Bitcoin Volatility Index
BTC also closed above the 21-day EMA line on Friday, and with BTC shorts hovering near records highs seen in mid April, we could see a short covering rally due to the upward pressure. The April rally which occurred shortly after BTC shorts were at a yearly high, lasted about a month and saw BTC go from ~$6,800 to ~$9,800. 📈
The other cryptocurrencies also mostly saw small gains in the ~1-5% range today. Notable movers within the top 100 coins today would be IOTA and ICX, both up ~15.59%, ~20.98%respectively.
For IOTA, word on the street is that Volkswagen will be working with the IOTA Foundation on a 2019 blockchain-based CarPass system. As for ICX, there will be a $5 million token buyback and they have signed a Memorandum of Understanding (MoU) with South Korea’s largest insurance firm, Kyobo. ✍️
Change is the only constant
The Singapore Exchange (SGX) is collaborating with the Monetary Authority of Singapore (MAS) to improve the efficiency of a securities settlement procedure through blockchain. The Delivery versus Payment (DvP) procedure, is a simultaneous exchange of securities and monies after a payment is made. 🤝
The initiative is to scale DvP’s capacity to a point where it can automate transaction via smart contracts, and to develop a distributed network in which transacted securities can be converted into digital tokens through various blockchain platforms. 🤖
The project will be receiving support and expertise from well known firms such as Nasdaq, Deloitte and Anquan, and will release a detailed report outlining key design considerations in November. ☂️
Sometimes we do good
World Bank’s “BONDI” blockchain bond proved to be well received by the public, exceeding its $73 million raising goal by $8 million. The pioneer blockchain bond, which will be managed solely via blockchain, has several notable investors including Australian companies QBE Insurance, First State Super, NSW Treasury Corporation, SAFA, the Treasury Corporation of Victoria and Northern Trust.
World Bank’s treasurer, Arunma Oteh, was impressed with the “breadth of interest from official institutions, fund managers, government institutions, and banks” and said that investors understand “the value of leveraging technology for innovation in capital markets”. 💰
The first coupon payment is set to be paid out early next year in February. 🤑
And sometimes we are pushed back
Chinese mobile payment platforms, WeChat Pay and Alipay, are both working with government agencies to closely monitor cryptocurrency transactions on their platforms.
Tencent, parent company of WeChat Pay, will prohibit users from using WeChat payments to send funds related to digital assets, to regulate the platform. Alibaba’s Ant Financial, which owns Alipay, will also be restricting accounts on the Alipay mobile app that are associated with digital asset purchases. 🛑
These efforts come after the government already tightened their regulations around cryptocurrencies, even blocking access to websites of foreign exchanges through their Great (internet) Firewall, as local investors were still purchasing cryptocurrency through over-the-counter methods which were facilitated through these mobile apps.
But we keep moving forward
U.S. Customs and Border Protection (CBP) will begin its live testing blockchain shipment tracking system after the country’s public holiday (Labor Day) on September 3. 🚢
Mt Gox creditors can submit proof of their claims in a now live online filing system, as part of its civil rehabilitation process. They have until Oct 22 to file the proofs. 📁
Japan’s New Energy and Industrial Technology Development Organization (NEDO) is developing a blockchain-powered data sharing system for the trade industry, to streamline information sharing infrastructure. 📄
Poll of the Day
How much do you agree: "Rules are meant to be broken" 👮
And... would you break the rules to trade cryptocurrencies? Plus, your chance to tell me about a time you broke the rules and it worked out! 😝
What you said
“How much do you agree: "The world should be run by robots.” – 3.1, responses were skewed mostly towards 'no'. I guess most of y'all don't want to risk an 'eagle eye' episode 😆 (watch the movie if you haven't)
Blockchain-issued bond or regular bond?
78.9% voted for the blockchain-issued bond.
Those who voted for the blockchain-issued bond said that it would allow for less fees - perhaps this could be true since there is an increased level of automation, greater ROI as traditional bonds have not been in favor for some time, having full control more secure and easier to manage - yup, agreed there would be increased transparency and security, and also that blockchain is the future - it sure is 💪!
The ones who voted against it said that we are not there yet - don't worry we will get there, and they dont understand it - good to not dabble in the things you are unsure about 👍!
On the question of "Conceptually, do you think that blockchain will enable a fully-AI-run world due to machine-to-machine economies?'
52.6% voted 'Most definitely' (really digging the optimism fellas 🤣), 31.6% voted 'The chances of that seem low' (I think so too - advisory roles would still be required IMO, but who knows, perhaps in the long long run!), 10.5% voted 'It's why I'm into blockchain' and 5.3% voted 'I highly doubt this'.
The 'So what are you doing this weekend?' question garnered several hilarious responses. One said 'I sit at the computer' - Come on, live life a lil 😞! Another said 'popcorn and movie' - this is much better. A responsible person said 'Family' - Always time well spent my friend 💓. My favorite was 'getting hammered' - Aww Hell Yeahhhhh 🙌!
Thanks for reading thus far! See you again tomorrow 👋!
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