"You have to take risks. We will only understand the miracle of life fully when we allow the unexpected to happen."
- Paulo Coelho
We were happily writing the newsletter for today when we realized there was a crash in price! So we had to go back and change the content – our apologies for it being a little later than usual 😌 The volatility on some days is just mad... talk about risky!
After being in the green for most of the day to ~$7,356, BTC is down ~4.31% 😌 After the 5-day short-run BTC uptrend pushed the 21-day EMA line to cross 50-day EMA line, signalling a short-term bull run 🐂 it has once again come tumbling down over the course of 30 minutes.
With BTC shorts dropping and MACD indicating a possible momentum reversal early in the day, BTC once again approached its 21-day and 100-day EMA resistance line with weak momentum 😬
Most of the other cryptocurrencies that saw gains in the 1-5% range today are now down on average between ~4-12% and continues falling as we type. Notable mover for the day was Omisego (OMG), and BitcoinDark (BTCD), which was up 74.71% – it seems likely that there might be an impending pump-and-dump since it's only trading on Poloniex, making it more susceptible to one 😕
Why was Monero going up?
Most likely, due to a cryptomarket valuation report by ICO advisory and research firm, Satis Group, on Aug 30 📋 They are bullish in its prospects for the next five years or more, believing that privacy coins like XMR will see a surge in demand, especially as the asset of choice for activities such as tax avoidance or crime-related ones due to their untraceable nature 🤐 The report also predicted that the space will be worth $3.6 trillion by 2028. (Of course, it's also down ~10% now in light of the general market downtrend.)
The South Korean government has doubled its 2018-2019 budget for blockchain pilot projects from $9 million to $18 million 💰 It hopes to expand the range of blockchain pilot projects in the public sector from 6 to 12, and private national blockchain projects by more than 3 💡
The scope of the projects will span livestock supply chain management, customs clearance, online voting, real estate transactions, cross-border e-document distribution and shipping logistics ⛓
The Bay Area Trade Finance Blockchain Platform, backed by People's Bank of China (PBoC), is being deployed across financial institutions in Shenzhen, China, ahead of its official roll out 🏦
It aims to improve inter-bank transaction efficiency, grant businesses with access to a wide variety of financing tools, and provide local regulators with increased transparency to curb risk and fraud 👀
The project is a collaborative effort by the Digital Currency Research Lab of the PBoC, the central bank's Shenzhen branch, Bank of China, the Bank of Communications, China Merchants Bank, Ping'An Bank and Standard Chartered 🤝
Leap of faith
IBM's blockchain-based payments system, Blockchain World Wire 🔌 is about to be leave beta to be demoed at the Sibos banking conference in October.
The Stellar network-powered blockchain is programmed to "simultaneously clear and settle cross-border payments in near real-time" by replacing costly bank intermediaries with digital bridging assets 🌉 that facilitate and broker the financial transaction.
The Deutsche Börse Group has formed a new 24-person "DLT, Crypto Assets and New Markets Structures" department, led by Jens Hachmeister, to explore blockchain technology applications for financial markets infrastructures and potential blockchain-related product offerings 🚀
Mobile trading app, Robinhood, will be rolling out a new update that will provide users with candlestick charting options in the next 2 weeks 🕯️
The criminal court of Greece will be extraditing alleged BTC-e owner Alexander Vinnik to Russia on Sep 14 to face cyber fraud charges. BTC-e was a crypto-trading platform that was seized by the U.S. government in July 2017.
Belgium’s Financial Services and Markets Authority (FSMA) has added 28 new sites to its crypto-related fraud blacklist, thanks to victim reports.
Poll of the Day
How much do you agree: It's not too risky to put 50% or more of my total portfolio into cryptocurrency 😎
And... How do you handle the volatility and risk? 😮
What you said
"How much do you agree: I like DOGE"
The average answer was 6.2. About 30% of y'all voted a 5. It seems like most are indifferent.
Fun fact: DOGE was created as a joke coin way back in Dec 2013. Since then, it's community has grown substantially. Talk about taking a joke too far! 😎
"How do you feel about the misreporting about Dogethereum?"
46.2% voted "It's easy to misunderstand". 23.1% voted "Terrible journalism!". 15.4% voted "Don't care" and 15.4% voted "It shouldn't have happened."
Going by the numbers, it shows that the proper choice of words are paramount to disburse accurate news. It has to be both concise and clear 🤓
"How do you feel about the general reporting standards in crypto?"
You people said I am new to it, but from what I can see you need to read different reports to make your mind on a specific currency/topic - cross-referencing is always a good idea 🔍
I do it to fact check!, everything's fine unless you read your reports from Bitcoin.com - haha no comment 😛
It's generally reasonable quality, but it seems that some journalists are not exactly good with fact-checking, especially when it comes to more complex or technical topics - I have to agree with the technical part, but hey we are all learning! 😍
The technical part of crypto is something foreign to most, slightly washy - it's a new space... cut them some slackkk! and...
There a lot of bad actors out there. But the good ones stand out if you look hard enough - there will always be those hidden gems. You just gotta look hard enough 💎
"Did you buy DOGE in the rally over the weekend?"
100% said 'No'. I guess you guys are smart to know that the Dogethereum news was already priced in. Bravo! 💪
"What is your favorite Doge meme?"
Almost everyone said Windoge 7! Nice one! 🤣
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