"“Have the confidence to focus on uncharted territory. Take chances.”
- Julie Sweet
It's Wednesday! We are halfway through the week. Wednesdays are meant to be hard working days, so may everyone be focused and highly productive today! 🤓
In today's newsletter, we will be covering France's new regulatory framework surrounding ICOs, a potential Japanese yen pegged-stablecoin and the New York Attorney General's latest report on virtual market integrity.Hope you enjoy today's newsletter. Happy reading! 📚
BTC is up 1.3% to $6,372 today. BTC shorts are still at an all time high, indicative of the overall bearish sentiment. Volume has been very low in the last few days as well, signalling some hesitance and uncertainty from traders. RSI levels on the daily chart are currently at 42 which further reflects rather neutral momentum (slight advantage to the bears). 😐
BTC could potentially be forming a new support level at $6,100 - it has challenged it 3 times (mid July, mid Aug, and a week ago) in the last few months, but failed to break through it. At the moment, it still presents a weak case, but its something to watch in the coming days as bearish momentum will likely see BTC test that support level again in the coming days. 🙏
As for the other cryptocurrencies, most saw gains in the 1-5% range. Notable mover of the day is XRP with a 19.68% gain, likely due to the news release that Saudi Arabia's National Commercial Bank (NCB) will start using RippleNet blockchain products. 🤝
Breaking new ground
France has become one of the first few countries to introduce a legal regulatory framework surrounding ICOs. The newly enacted legislation is aimed to help protect contributors' interests and is expected to go into effect by early 2019. 🥂
The nation's stock market regulator, the Autorité des marchés financiers (AMF), is now empowered to give licenses to companies that want to conduct an ICO. 💪
Prior to token issuances, companies have to first apply to the AMF for an "ICO Visa" license by submitting their whitepaper for review that must include specific details like project description and roadmap, rights conferred by the token, legislative court in the case of dispute and the purpose of funds. ✅
Founding partners of the $1 billion government-backed (by the city of Hangzhou, China) Xiong'An blockchain fund is planning to introduce a Japanese yen-pegged stablecoin by early 2019.
Grandshores Technology, a firm chaired by a founding partner of the fund, Yao Yongjie, is looking to raise $12.7 million to help finance the project and is already seeking tether (USDT) contributions from foreign accredited investors. 🤑
So...why are stablecoins important to the crypto ecosystem? Listed below are some reasons.
Increased Liquidity - Crypto-to-fiat conversions have historically been a tedious process due to the current lack of infrastructure. For example, BTC-USD trading is not offered on many exchanges at the moment. With USD-pegged stablecoins like USDT, this can be circumvented and a market to trade is created. Hence, stablecoins will enable a more robust peer-to-peer trading system as more crypto-fiat trading options will be available. 💧
Efficient Cross-Border Transacting - Stablecoins will make cross-border transacting so much quicker, cheaper and simpler compared to traditional bank-to-bank transfers. Sending $10,000 USD from one bank account to another overseas bank account would take longer than sending $10,000 USDT from one reliable cryptoexchange to another. 💨
Versatility - We also know how troublesome it is to transfer USD from one cryptoexchange to another. With a stablecoin like USDT, you can simply transfer it to another cryptoexchange within seconds, and buy a token that's not available for trading in the first cryptoexchange.
Keep em in check
The New York Office of the Attorney General (OAG) has released a "Virtual Markets Integrity Initiative Report" on cryptocurrency trading platforms based on its April inquiry on 13 notable trading sites (Coinbase, Bitfinex, Binance, Huobi.Pro, GDAX, Gemini, Poloniex, Bitstamp, Kraken, bitFlyer, itBit, Gate.io and Tidex). However, the OAG could not review the practices and procedures of non-participating platforms Binance, Gate.io, Huobi, and Kraken. 😔
The report found that many of these exchanges have "yet to implement serious market surveillance capacities", and are thus vulnerable to market manipulation. It was also mentioned that exchanges themselves told the OAG that "it was impossible" to prevent manipulation occurring on multiple platforms. Some exchanges also disclosed that a portion, albeit small, of their trading volume is a result of their own trading activity. 👶
More to explore
Coinbase has hired LinkedIn's head of analytics and data science, Michael Li, to become its Coinbase's Vice President of Data. This hire is but one of many as part of its expansion plans. 🤝
The U.K. Treasury Committee released a report stating crypto-assets have "no inherent value," are "especially risky" for retail investors and are "particularly vulnerable to manipulation." The committee wishes for more oversight on the industry and for U.K.'s top financial regulator, Financial Conduct Authority (FCA), to be granted more authority to regulate the space. 👎
Singapore's central bank, the Monetary Authority of Singapore (MAS), believes that no tokens it has seen need to be regulated under its securities laws. This was discussed during the Consensus Singapore 2018 event yesterday.
Poll of the Day
How likely do you think other countries will follow in France's footsteps and introduce their own ICO regulation framework by the end of 2018? 🤔
And... Do you think the ICO market will ever be the same again? There's more after the polls above! Click on it! 😆
What you said
How much do you agree: "The journey is often times more fulfilling than reaching the finish line"
The average was 8.6. I believe I am speaking for most of you guys when I say that the journey to achieve a goal is governed by the person you become from the journey, the skills you acquire along the way and the personal growth that takes place. Reaching the finish line is very simply, a by product of the steps you took to get there. Those steps you take often times present you with situations where you will be adequately equipped to experience success in the future - this is many times more fulfilling than the simply reaching the finish line. 😄
When was the last time you underwent a huge transition in your life? How was the experience? What was your greatest takeaway from that experience?
Some great responses:
1. Some years back I did a startup & with the constraints it taught me a lot about life & people around me. it was a horrifying experience but i learned what it life & cherish every small happiness that comes along. - Glad to hear you were able to better appreciate the things around you through that journey! 😄
Greatest takeaway: to be resolved and always continue moving forward - keep on, moving on. 👊
2. Changed jobs 6 years ago and had to take on a completely new skillset. I moved from a project manager of 10 years in the security industry to a sales engineer in the petrochem industry. I knew nothing about petrochem, mechanical engineering, civil engineering and had to learn very quickly without making any mistakes as I went along. I put long hours in studying at home and was lucky to have few mentors assist me and now I hold a senior position and people look to me for advice. If you put your heart and soul into it anything is possible. - Awesome! It is all about sticking to it and seeing things through, especially through the bumpy times. No pain, no gain! 💦
Greatest takeaway: I feel thoroughly respected throughout the industry and feel completely at home in my job. - You did it! Finally reaping the rewards. 💰
Thank you for reading! Hope you were able to learn a thing or two in today's newsletter. See you back here again tomorrow!💙💙💙
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