“Even if you are on the right track, you’ll get run over if you just sit there.”
- Will Rogers
Happy Tuesday, CoinMarketCap-ers! I hope Monday did not go too bad for everyone! Did you know that today is also the birthday of movie stars Will Smith, Michael Douglas and Catherine Zeta-Jones? Douglas and Zeta-Jones are also married to each another! Isn't it cool to share the same birthday with your significant other? 🎂
In today's newsletter, we will be covering a Walmart's blockchain implementation letter to its leafy green suppliers, a blockchain-related meeting between IBM and members of the U.S. Congressional Blockchain Caucus and Ebang Communication's new line of mining chips.
Hope you enjoy today's newsletter. Happy reading! 📚
Picking up speed in the wrong direction
Following up on yesterday's analysis, it seems that the downward momentum did indeed cause BTC to drop further today, to the tune of ~2.81% to ~$6,435. RSI levels on the daily chart dropped further (~53 to ~44) indicating stronger bearish momentum. Additionally, according to the MACD indicator, we are only at the start of this short term bear run. As such, we are likely to be testing the rising support line of ~$6,260 with some moderate bearish momentum very soon. 📉
Most of the other crytocurrencies followed in BTC's suit and also experienced losses, but in the ~4-10% range. This took ~$15 billion from the crypto market's total market capitalization, which now stands at ~$207.5 billion. Biggest drop among the top 10 cryptocurrencies by total market capitalization is XRP, which is down ~14.39%. Just yesterday, the gap in total market capitalization between ETH and XRP was just $2 billion apart! Today, it widens to ~$4 billion. 😲
In a recent press release of Walmart's, the retail giant stated that they have sent a letter to all its leafy green produce suppliers, wanting them to integrate an IBM collaborated blockchain-based tracking system by September 2019. 📢
Suppliers must work with the IBM Food Trust network and develop end-to-end traceability to allow Walmart to trace any food items within seconds, a capability presently non-existent of theirs. ✍️
Walmart is allowing suppliers to do this in 2 phases. The first phase ("Direct Supplier"), to be implemented by 31 Jan 2019, will require direct suppliers to roll out "one-step back traceability" on the blockchain. The second phase ("End-to-End"), to be implemented by 30 Sept 2019, will require suppliers "to develop end-to-end traceability back to the farm". 🤖
The time is nigh
According to recent press call, IBM and members of the U.S. Congressional Blockchain Caucus discussed the use of blockchain for ID systems, payments, and supply chains yesterday. 😄
During the press call, vice president of blockchain technology and CTO at IBM, Jerry Cuomo, stressed that experts can study blockchain “the whole day”, but eventually it must be made available to citizens, and that it was "time for the U.S. to start acting” on blockchain integration in daily life. ✊
U.S. Representative Jared Polis also said that the state has just started to see “the promise of blockchain technology” beyond cryptocurrencies and stressed the importance of a good legal framework for innovation and blockchain implementation, which could lead to significant improvement in the quality of life of Americans. He also added that blockchain could address “the real lack of trust in centralized institutions.”
A strong Bitmain rival, China-based Ebang Communication, has recently unveiled at the World Digital Mining Summit its next generation flagship product line that is equipped with an upgraded, more energy efficient chip. 🤖
The Ebit Miner series comprises of the E11, E11+ and E11++. They are all equipped with a powerful 10nm chip that has a low power consumption. Ebang is claiming that the E11, E11+ and E11++ can produce 30TH/s at 65J/TH, 37TH/s at 55J/TH and 44TH/s at 45J/TH respectively. 🤯
Ebang is also planning to IPO on the Stock Exchange of Hong Kong (HKEX) to raise $1 billion, within the near future. 🤑
Grid+, a blockchain startup operated by ConsenSys, has begun distributing renewable electricity from solar and wind energy, to its first four consumers in Texas through the Ethereum mainnet. ⚡
Coinbase has inked a deal with token-based trading protocol startup, Caspian, to integrate their "full stack" of tools to bring additional trading and portfolio management capabilities to Coinbase Pro. 🤝
American venture capital fund Andreessen Horowitz has invested $15 million into blockchain startup MakerDAO (MKR) through its investment arm a16z to acquire 6% of the total MKR token supply, and to allow them to manage MKR and its Dai Credit System. 💰
Poll of the Day
On a scale of 1-10 (with 10 being most likely), how likely do you think BTC will fall below $6,000 at some point between now and the end of 2018? 🤔
And...which G7 nation will be the first to create a legal framework for blockchain? Also, is a blockchain legal framework or blockchain adoption more needed at this time? Share with me! 😆
What you said
How much do you agree: "I enjoy taking on new challenges"
The average vote was 7.2. Most of you guys seem to embrace challenges. That is definitely what it takes to get to level up, regardless of the field you are in. 👍
Why or why not?
You guys said:
Opportunity to learn from it! - Agreed! Keep challenging yourself and get comfortable with it. 💪
It brings excitement & overcoming brings joy 😉 - The satisfaction at the end of it all is sure to be rewarding. 😄
It’s like you’re collecting info on us with all these questions - Mua ha ha ha, knowledge is powaaaa. 😈
What is something you would like to do, but have not mustered the courage to do so?
You guys said:
We are almost done with a sketch boarding a new idea.. the product is very challenging .. lets see if we finally take it up 🙂 - Go for it!! I am sure you will not regret the decision when you look back years later. It's definitely better than living to regret you never tried.👍 Retire - Pack yo bags and life the nomad life (: ✈️
Thank you all for reading! See you back here again tomorrow!💙💙💙
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