Happy Thursday, fellow readers! I hope your week is going great thus far. Today, Oct 4, is Russell Simmon's birthday. He is the co-founder of Def Jam Recordings, and was born on this day in 1957. Def Jam's current artists include the likes of Logic, Big Sean, 2 Chainz, Pusha T and of course, the Ye. 🎵
In today's newsletter, we will be covering cryptocurrency exchange Gemini's insurance coverage for users, retail brokerage firm TD Ameritrade's investment into a crypto exchange and the Bank of America's blockchain market prediction.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
BTC bounced off the rising support line (~$6,470) it challenged yesterday, and is now back trading between the 21-day and 50-day EMA lines at ~$6,580. Since BTC bounced off that support line, BTC is still considered to be forming higher lows since 18 Sept this year. As such, BTC has gained some additional momentum as it approaches the key overhead resistance line (~$6,800) that resulting from the triangle pattern it has been trading within for months. - RSI levels on the daily chart increasing from ~46-51 yesterday is further indicative of this. 👀
The cryptosphere also gained ~$4 billion to ~$219.3 billion, with most cryptocurrencies seeing gains in the ~2-8% range. 🙌
You want it, you got it
According to an official press release, Gemini, the crypto exchange co-founded by the Winklevoss twins has obtained insurance coverage for the digital assets it holds in custody, from a consortium of insurers brought together by a global professional services firm called Aon. 👍
Gemini was able to receive coverage by proving to underwriters that it "is a leading, best-in-class exchange and custodian." Gemini's head of risk, Yusuf Hussain, stated that consumers want the same level of protection they are "used to being afforded by traditional financial institutions", and that with this move, Gemini is setting the bar for consumer protection across the crypto industry. ✊
Give the people what they want
Retail brokerage firm TD Ameritrade, together with DRW Holdings and Virtu Financial, has invested in a new cryptocurrency exchange, ErisX. 💰
The ErisX exchange aims to allow users to trade BTC, BCH, ETH, LTC by June 2019, and physically delivered bitcoin futures by the second half of 2019. It is currently in the process of self-certifying its futures contracts with the U.S. Commodity Futures Trading Commission (CFTC). ErisX's managing director, J.B. Mackenzie is also aiming to eventually allow customers to trade ETH and LTC futures. 🤖
TD Ameritrade recognizes that its "retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets – through a legitimate, regulated and transparent exchange." 😊
Bank of America research analysts have predicted an eventual $7 billion total addressable blockchain market, based off the assumption that 2% of global servers will one day be used to run blockchain. However, they were unable to give a timeline estimate as nascent technology is still not widely adopted. 😔
The same analysts also believe that many companies like Amazon, Microsoft, Oracle, IBM, Salesforce, VMware, Redfin, Zillow, and LendingTree can all benefit from distributed ledger technology. For example, Amazon can benefit from blockchain by integrating it into their retail and cloud computing operations, and Microsoft by offering more “blockchain as a service” options for users as they already have many Ethereum-based products on their Azure platform. 🤓
The Israel Securities Authority (ISA) has launched a blockchain-based messaging system, Yael, to communicate with entities under its jurisdiction with enhanced security. 📱
A U.S. customs official claims that a "vulnerability" is created every time criminals convert from cryptocurrency to fiat, as it is during that conversion time that they are susceptible to identification by law enforcement means. 👮
A leading startup working on the lightning network, Acinq, has recently closed a $1.7 million funding from Serena Capital, Talend co-founder Bertrand Diard, Sebastien Lucas, Alistair Milne and Snapcar founder Yves Weisselberger. 💰
Poll of the Day
How much do you agree: "I often tend to get what I want" 🤔
And...what is your biggest 'want' and 'need' at this point in your life? Tell me in the polls!😆
What you said
How much do you agree: "I often tend to get overconfident"
The average answer was 8.3. I guess it happens to the best of us! 🤔
"Which type of confidence do you most possess?"
66.7% voted "Confidence in your own judgement." 33.3% voted "Confidence in facing adversity." 0% voted "Confidence in influencing others." 0% voted "Confidence in the unknown (e.g. being outside your comfort zone)" 0% voted "Confidence in your competence."
Believing in your own ability to discern is a good thing to possess. As my dad often says to me: Trust yo gut, son! 👍
"We can agree that confidence is good, but when does confidence become overconfidence?"
You guys said: When you ignore other voices around you. - Always good to take in what people are saying around you and hone your ability to discern! 👍 When you ignore risk, warning signs and are afraid to admit defeat! - Being overconfident definitely blurs out the risk. 👎
"When was the last time you were overconfident? What happened?"
You guys said: I bought Brent Oil at what I thought was a low price, it plummeted- and I kept buying!! Valuable lesson in seeing what real!!! - You seem to know what went wrong! Just take it in stride and carry on honing your skill of identifying valued stocks! 🤓 When I fomo'ed - You are not alone. We all did. 😭
Thank you all for reading! See you back here again tomorrow!💙💙💙
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