"“Yesterday is gone. Tomorrow has not yet come. We have only today. Let us begin.”
- Mother Theresa
Welcome back! Hope everyone had a fruitful weekend and enjoyed it as much as possible. 🌟
Today, we will be covering Ethereum's tough recent months, Coinbase's latest rumors, a new cryptocurrency exchange with unique features, and China's new regulation pertaining to blockchain. Happy reading! 📚
Rewinding the clock
Over the weekend, the crypto sphere dropped about ~$12 billion, causing the total market capitalization to drop below the $200 billion mark. It even dipped to ~$191 billion at one point, before recovering slightly to ~$196 billion where it is currently at. The last time the total market capitalization was at this level was early last November. Dark times...🕑
ETH as of late
The past few months have been especially tough, from a price perspective, for ETH. In the last 3 months, BTC lost ~14.0% and ETH ~66.7%. in the same time frame, other cryptocurrencies like EOS, XRP, BCH, XLM ~63.8%, 56.6%, ~54.1% and ~12.8% respectively. 😔
Over the weekend, we also saw ETH dropping about ~12%, pushing its price below the $200 mark at one point ~$190. The last time ETH was at these levels was back in 1 Aug 2017 one year ago! 😲
ETH is also trading below all 4 major EMA lines (21, 50, 100, 200-day), indicative of a clear downturn. With RSI levels on the daily chart at ~22, indicative of strong bearish momentum, and MACD (12,6,9) signalling the start of a momentum change, bearish pressure is likely to continue for the near future. 😭
Only a matter of time now
Word on the street is that Coinbase is in talks with asset manager giant BlackRock and their blockchain working group, seeking their expertise to potentially launch an ETF. If this turns out to be true, Coinbase will be joining the likes of Gemini, Bitwise Asset Management, and VanEck in their quests to launch an ETF. 💪
However, it remains unclear whether the talks were a one-off or part of ongoing conversations between both companies, and it also how extensive the conversations have been. 🤔
Cryptocurrency exchange Quoine has launched a new trading platform, Liquid, that provides users with access to a "World Book" that aggregates orders from various exchanges into a single order book, allowing orders to be placed in the currency of choice. It is also the result of crypto exchanges Quoine and Qryptos merging together. 🤝
Liquid will also allow users to match trades across multiple transactions and cryptocurrencies (e.g. BTC/SGD, ETH/SGD and BTC/ETH can be matched), thereby improving the liquidity of all available cryptocurrencies on the platform. 🗠
Just in the nick of time
In China, blockchain can now be legally used to authenticate evidence in legal disputes. The new regulation, which takes immediate effect, specifies that internet courts in the country shall now recognize the legality of digital data submitted as evidence, and blockchain as a method for authenticating it as long as relevant parties can prove the legitimacy of the technology being used in the process. 🤖
More time sensitive news
Australian financial regulator, Australian Securities and Investments Commission (ASIC), is seeking a new regulation pertaining to cryptocurrency exchanges which involves a licensing scheme that would enable them to supervise financial market operators, settlement facilities, derivative trading and market participants. 🔨
Ripple's general counsel, Brynly Llyr, has left the blockchain payments startup after a 2.5 year tenure. According to official statements, it was a "mutual decision". Bye Felicia! 👋
Australia's New South Wales (NSW) government is adopting blockchain in a state-wide test of its driver license digitalization program scheduled for November this year. 🚗
Poll of the Day
On a scale of 1 - 10 (with 10 being 'a lot'), "how much do you struggle with time management?"
And... time management issues you struggle with the most? 😆I'm super curious!
What you said
"How much do you agree: Having a growth mindset is essential to success in life and crypto"
The average was 8.6. Most seem to agree that continuous growth is a key determining fact of success. 😆
"In your mind, what do you think growth is most about?"
54.5% voted "Ability to learn anything."
36.4% voted "Challenging myself." 0% voted "Leaving a legacy."
0% voted "Making something big."
0% voted "Winning."
9.1% voted "Other."
It seems that to most, growth is all about pushing one's boundaries and to eventually find comfort in the uncomfortable, and learning something new in the process. 💪
"How do you think about improving and growing yourself over time?"
You guys said:
Willingness to be overwhelmed and confused while learning - outside the comfort zone is a place where most growth takes place.
Always be a student! - stay humble, stay hungry. 🦁
Through every personal and professional setback - setbacks always hurt, but they are usually accompanied with valuable lessons that will take you to that next level. 🏆
Reading and taking risks....learning the lessons and trying over and over....differently - calculated risks are the way to go, but when things don't turn out the way you want them to, always be receptive to what went wrong and learn from it! 🤓
I try to constantly challenge myself in every aspect of my life. I challenge myself to be more productive, I challenge myself to fine efficiencies in my job. I'm super competitive in sport and always strive to be better. - atta boy! keep it up I'm rooting for ya. 📣
"Can't help asking... Have you written on papyrus before?"
9.1% said "Yes." 90.9% said "No."
Times are changing. Just several decades ago, papyrus was the primary medium of writing and documentation for most!
Thank you for reading. See you all tomorrow!! 💙💙💙
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