“Unions are about the collective leverage, the power of numbers versus the power of capital.”
- Kevin O'Leary
Happy Wednesday fellow readers! It's the halfway point to the weekend, so hang in there! Also, today in history, the Soviet troops halted the German advance on Moscow back in World War II (1941). 🛑
In today's newsletter, we will be covering GMO Internet Inc.'s stablecoin, Mastercard's successful blockchain-related patent, and the Monetary Authority of Singapore (MAS)'s intentions to assist local cryptocurrency startups.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too (it's about exercising today)! Happy reading! 📚
Since yesterday, BTC has fallen below both the 50 and 21-day EMA support lines, even dropping to ~$6,512 at one point, before rebounding back to ~$6,570 where it is currently trading at. Overall, BTC is down ~1.2% from yesterday. The 2 consecutive bear days have brought RSI levels on the daily chart down from ~53.6 to ~49.7, indicative of bearish momentum building up. As long as BTC does not close below ~$6,500, it will continue its higher lows streak since 7 Sept, which could push it above the overhead resistance at about ~$6,700. 🙏
Total market capitalization currently stands at~$216.9 billion, currently down ~$2.9 billion from yesterday. Most of the other cryptocurrencies are experiencing losses in the ~1-4% range. 📉
Distribute the load
Mastercard has won a patent for a permissioned blockchain that can store and support multiple currencies, explaining that companies may in future need and want to store different types of transaction information on a single platform, which currently is difficult to do on a single blockchain. 😕
Hence, Mastercard's patent describes a permissioned and partitioned blockchain capable of storing multiple transaction formats and types in a single blockchain though partitioned "subnets", that would reduce the computing resources required for deployment and operation of the blockchain while also provide for enhanced usage of permissions for permissioned blockchains. 👫
Find common ground
Singapore's central bank, the Monetary Authority of Singapore (MAS), is working towards helping cryptocurrency startups receive domestic banking services to facilitate and encourage fintech development. 👍
According to the MAS's managing director, Ravi Menon, a key obstacle facing Singapore-based crypto startups is the reluctance of traditional banks to open bank accounts for them due to the obscurity of the industry, and so the MAS is trying to "bring the banks and cryptocurrency fintech startups together to see if there's some understanding they can reach." 🤝
However, Ravi stressed that this approach does not mean that the MAS will adopt a loose regulatory stance simply to attract crypto startups from setting up base in Singapore. ✋
Japanese internet company GMO Internet Inc. is planning to launch a yen-pegged cryptocurrency, GMO Japanese Yen (GJY), in the fiscal year of 2019 in preparation to enter the blockchain remittance and settlement business. 💵
GMO seeks to be issuing the GJY to Asian markets by that time through its cryptocurrency exchange subsidiary, Z.com, and believes that its introduction would help GMO with international remittances. With its banking and trust licenses in Japan, GMO can issue the GJY throughout Asia whilst store their backed assets in Japan, and thus improve overall cross-border settlements. 💸
In 2019, Forbes will be moving its content to a distributed ledger-based platform provided by Civil. It will work with Civil to archive aspects of its current content on the platform and also to "experiment with new methods of reader engagement." 😊
Switzerland's Swiss Financial Market Supervisory Authority (FINMA), has issued a license to Crypto Fund AG, to legally act as an asset manager and invest in crypto-related projects. ✅ This could open the door for more institutional participation in crypto activities in the country. 🤑
SpankChain, a cryptocurrency project focused on the adult industry, lost almost $40,000 in ETH from a hack that stemmed from a smart contract bug. 😲
Poll of the Day
On a scale of 1-10 (10 being maximum satisfaction), how happy are you with your current fitness level? 😄
And...how often do you exercise in a week? Also, If you could only do one type of exercise for the rest of your life, what exercise would that be? Share with me! 😆
What you said
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We've got some very loyal subscribers in da house. Thank you all for your continued support. And to those who have just joined us, thank you as well for tuning in. We will always do our best to produce good content for you folks. 😁
"What else would you like to see in upcoming newsletters?"
You guys said:
You're doing just fine. - Cheers mate. Will continue producing good content for ya. 😄
Keep up what you're doing. - Will do!
Just keep up the good work please. - No problem, glad that you are enjoying it. Will keep at it. 👌 The newsletter is pretty good - you seem to have most bases covered! maybe a review of the various platforms spread over time? Are recommendations possible? - Recommendations are definitely encouraged! We want to give you guys what you want to see. Feel free to respond in the polls what you want to see in the future and we will try to implement it into our newsletters! 👍
Free stuff & giveaways. - We are working on this. Stay tuned! 📺
Markets to watch, glossary and explanations for trading terms, currency predictions - We do have a crypto glossary under 'tools' on our main site! We are currently considering doing a 'blockchain term of the day' segment as well.
Different market categories. I.e. Coins, Altcoins, tokens, stablecoins 😉 Cheers! - Will keep this in mind. Thank you for your recommendations!
Can't think of what else to add they're great. Updates that aren't readily available with all of the muck out there and then the ones that are with your take are perfect. Been coming to the site for years and always understood why theres some secrecy, but after seeing the quotes, opinions and survey section I'm more curious than ever. I'm born and raised in NYC and i get this down to earth vibe i didn't expect. I guess... Thanks for that :-} - Wow, thank you so very much for your kind words. The team here at CMC is one that is definitely chill, but when it's time to work we do work hard. 🤟 And yes, we definitely try and tell the news as it is, as that is part of what we believe in. To the best of our abilities, we try to present information without any sort of bias and partiality.
Thank you all for reading! See you back here again tomorrow!💙💙💙
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