"“Hope is being able to see that there is light despite all of the darkness.”
- Desmond Tutu
Happy Tuesday ladies and gents! Glad you are tuned in again for today's newsletter. Do continue to answer our polls below, as it is a great way for us to interact with you. 😀
Today, we will be covering Citibank Group potentially introducing a crypto custody service, comments made by the Vice President of the EU regarding crypto assets, and a new stablecoin created by the Winklevoss twins. Keep your eyes peeled, because class is now in session! 📚
Never stop fighting
We saw little price action in the crypto markets today. BTC traded within a tight margin and hovered around ~$6,350 for the better part of the day, spiking to $6,400 at one point and dipping to ~$6,300 at another. After the recent flash crash, daily volume has also dropped from ~$6 billion to ~$3.8 billion - back to the average levels it traded at in Aug. 📉
Over the last few weeks, BTC has been defending the ~$6,130 support line thrice. Currently, BTC is once again challenging this support level. A close below that line this time would thus likely push BTC to challenge the stronger $6,000 support line with significant momentum.
As for the other cryptocurrencies, most saw slight losses in the ~1-3% range. As a result, total market capitalization lost about ~$1 billion today.
Latest piece of news spun from the rumor mill, is that Citibank is seeking to offer crypto custody solutions, in the form of Digital Asset Receipts (DARs), to institutional investors, thus allowing them to invest in cryptocurrencies in a fully insured and regulated manner. 👂
A DAR is very much similar to an exchange-traded fund, as investors will not actually own the underlying asset. Investors will essentially possess instruments that represent the value of the underlying assets owned by Citibank, on behalf of its consumers. Through DARs, the liquidity and infrastructure of the overall crypto space will improve.
During the 7 Sept EU Economic and Financial Affairs Council (ECOFIN) meeting in Vienna, European Commission Vice-President Vladis Dombrovskis who oversees Financial Stability, Financial Services and Capital Markets Union in the EU, stated that the Council believes that "crypto-assets are here to stay despite recent market turbulence" as it has shown itself to be a "viable form of alternative financing." 🤔
Belief turns into reality
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has launched a dollar-backed and pegged stablecoin built on the ethereum network. 👍
Designed to provide additional liquidity for users hoping to send and receive U.S. dollars through the ethereum network, the Gemini dollar has also been approved by the New York Department of Financial Services (NYDFS). Bank holdings will be reviewed monthly by an independent auditor, BPM Accounting and Consulting.
More eager thoughts
Blockchain accelerator Cryptic Labs hassigned on two Nobel-winning economists as advisors, Dr. Eric S. Maskin and Sir Christopher Pissarides, to provide insights in "incentive mechanisms, game theory and macro-economic policies." 🤝
According an analysis report by consulting firm GreySpark Partners, ~890 ICOs 2017 and 2018 failed to raise any funds, while another ~743 raised more than $1 million each. Seems like its a 50/50! 🤯
Singapore-based cryptocurrency exchange KuCoin has invested ~$2.14 million in an Australian domestic exchange, Bitcoin Australia, as part of a new joint venture to expand their services in global retail markets.
Poll of the Day
How much do you agree: "I live to eat, rather than I eat to live"
And...if you could only eat one cuisine, which one would it be? 😆Also, share with me the best restaurant you've visited!
What you said
"On a scale of 1 - 10 (with 10 being 'a lot'), how much do you struggle with time management?"
The average was 6.9. Most seem to struggle with time management in some way or the other. I must say, it's never easy and it definitely happens to the best of us! 😆
"Which of these time management issues do you struggle with the most?"
46.2% voted "Procrastination."
46.2% voted "Sleeping early."
0% voted "Being punctual."
0% voted "Waking up on time."
7.7% voted "Other."
Procrastination is an issue that is holding many people from reaching their full potential. One way around it would be to find your core motivation to center you whenever you feel yourself drifting off. 💪
One tip to sleeping early is to hold yourself accountable by setting a fixed time every night to 'wind down' and turn off all electronic devices that tends to keep your brain activity high and thus awake. I personally find reading a book in that time, helps a great deal! 😁
"Are you a morning person, or a night person?"
66.7% voted "Night".
33.3% voted "Morning".
Surprising! Guess we have many owls among us. 🦉
"If you could turn back time, what is the one thing you would change?"
You guys said:
Smoking - those lil buggers gonna get ya in the long run. try to get off of em as soon as possible! 🛑
Buying my own property - owning some real estate allows you to benefit from any capital appreciations, but there are benefits to renting too though! allows you to be mobile.
Invest in Bitcoin when it was worth 200$ 🙂 - why not when it was $1? 🤣
Nothing - no ragrets! (image search this hehe)
TAKE PROFITS - 😭
Married the wrong person - hahaha, sorry to hear that! but try to remember why you married her in the first place. 💔
Be more engaged in self-development - more books!
Get rid of Fox News - hahaha you guys really crack me up sometimes. Hilarious!
Thank you for reading. See you all tomorrow!! 💙💙💙
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