“Faith is taking that first step even when you don't see the staircase”
- Martin Luther King, Jr.
Welcome back, CoinMarketCap-ers! I hope everyone had a restful weekend and is ready this one! Did you know that today in history: In 1936, Jim Henson, the puppeteer who created the "Muppets" in 1954 and television's hit children series "Sesame Street", was born! 🐥
In today's newsletter, we will be covering a U.S. representative seeking to push 3 bills into Congress, Brazil's largest brokerage to integrate BTC and ETH trading functionalities into their platform and Bitmain's new ASIC mining chip.
Hope you enjoy today's newsletter. Happy reading! 📚
In the last 24 hours, BTC dropped ~0.66% to ~$6,676 and broke back down below the 50-day EMA support line. It will likely drop further in the coming days to test the rising support line at about ~$6,300 that was built from BTC forming higher highs since end-June - RSI levels on the daily chart also picked up some bearish momentum over the weekend (dropping from ~55-53) and MACD is signaling for a bearish momentum change. 📉
If BTC breaks below that support level, the bearish momentum will likely push it to test the key support level at $6,000 - a level many deem to be BTC's last line of defense before we enter a significantly stronger bearish market. 👀
Total market capitalization currently stands at ~$222.4 billion, an increase by about ~$5 billion from Friday, mostly due to the rising prices of most of the other cryptocurrencies over the weekend. Thus, with BTC's price dropping slightly since Friday, BTC dominance saw a drop from ~53.3% to 51.9%.
For all mankind
U.S. Representative Tom Emmer is looking to push 3 blockchain-focused bills to Congress in the coming weeks, that will provide support for the budding industry. 💪
The first bill advocates for a “light touch, consistent and simple legal environment.” The second is to remove the requirement for miners to register as money transmitters. The third bill is to create a “safe harbor period” for taxpayers pertaining to paying penalties from receiving cryptocurrencies from a hard fork. 😄
Emmer believes that legislators should “embrace emerging technologies” and provide a “clear regulatory system that allows them to flourish in the U.S..” Somebody give this man a cookie. 🍪
Crossing the rubicon
Grupo XP, the largest independent brokerage in Brazil, will be integrating BTC and ETH trading functionalities into their platform, potentially enabling 3 million investors from Brazil to invest in the asset class. 💰
Grupo XP's decision to add these functionalities was made to meet the demands and needs of their clients, in order to "advance the market." Through the offering of this stable and adequately backed financial service, the Brazilian government is taking its first step first towards legitimizing the crypto market. 👨⚖️
Better, faster, stronger
Bitmain will soon be mass producing a new 7nm ASIC mining processor, the “BM1391”, with improved hashing power and energy efficiency. 🦅
Incorporated within the BM1391 is an advanced semiconductor manufacturing technology called 7nm FinFET that integrates "more than a billion transistors" and optimizes for energy efficiency to “achieve a ratio of energy consumption to mining capacity that is as low as 42J/TH." ⚡
According to a report by a group of cybersecurity researchers called the Cyber Threat Alliance (CTA), instances of cryptojacking malware have increased by more than 400% from the end of 2017 to the end of July this year. 😡
A solar-powered blockchain that seeks to operate completely off-grid, Burst, claims to have completed a fully off-grid solar-powered cryptocurrency transaction using short burst radio waves. This could potentially open the gateway for use cases of cryptocurrency in instances of natural disaster or in areas with poor infrastructure. ☀️
The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered payment system called the "Payment Reconciliation and Settlement" to assist with real time payments between government entities such as the Dubai Police, Roads and Transport Authority (RTA) and the Dubai Health Authority (DHA). 🤖
Poll of the Day
How much do you agree: "I enjoy taking on new challenges" 🤔
And... the last time you took on a new challenge? Also, something you would like to do, but haven't mustered the courage to do so. Share with me! 😆
What you said
"On a scale of 1-10 (10 being most comfortable), how comfortable are you with asking others for help?"
The average vote was 6.6. I guess most of us can't do everything on our own. Most of us need a helping hand every now and then. 🤣
"Are you more of a individual problem solver, or a team player problem solver?"
70% said "Individual". 30% said "Team Player".
Many lone wolves among us. 🐺
"Why or why not?"
Those who voted "Individual" said:
I like to test myself - Kudos to you! 👍 I have always been independent and a very confident person. However I have no problems in asking for help or giving help when needed - Always good to be self sufficient! 💪 Because common sense is no longer common - Hahaha, I totally understand. Definitely felt this at times when I had project work when I was still in school. Sometimes I thought to myself: when I die, I want my group members to lower me into my grave so they can let me down one last time. ⚰️
Those who voted "Team Player" said:
So I can just put it on the other guy when things go south - hahaha always cover your bases~ 🤣
"When was the last time someone helped you when you really needed help? How was that experience?"
You guys said: Don't think this moment has ever happened to me - Yeah yeah, and pigs can fly. Cryptos a b1tch soo I rely on loans heavily when in bear market. My people know my problems and we take care of each other. - Hope it works out for ya. Fortune does favor the bold sometimes. 💸 I was having trouble swapping my VEN for VET. I wrote into the reddit group and it got sorted really quickly. - They definitely have a responsive team and community. 👍
Thank you for reading! See you back here again tomorrow!💙💙💙
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