“No one is so brave that he is not disturbed by something unexpected.”
- Julius Caesar
Happy Monday, folks! Hope everyone had a rejuvenating weekend and is primed to take on the upcoming week! 💪 Today in history, arguably America's greatest inventor, Thomas A. Edison, founded Edison Electric Light Co. 💡 Edison was also known as the "Wizard of Menlo Park" because some of his inventions were so unexpected by the public to the point where they appeared almost magical to them. 🧙
In today's newsletter, we will be covering the closing of one of Coinbase's services, the CFTC chairman's cryptocurrency discussion with Fox Business and the IMF's views on cryptocurrency growth.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Out of the blue
For the better part of the weekend, we saw BTC hovering between the ~$6,260 and ~$6,350 range, and volume greatly tapering off from ~$5 billion to ~$3 billion levels. However, in the past few hours, BTC experienced a sudden price spike to ~$7,790, before correcting back down to ~$6,660 where it is currently trading at. In that sudden price upswing, BTC even shot past the upper Bollinger band (>+1 standard deviation above the 20-day SMA), indicative of an abnormal price movement. 🤔
So why is this happening?
Word on the street (unconfirmed rumor) is that the stablecoin Tether (USDT) is about to get de-listed from the largest cryptocurrency exchanges such as Binance, which caused its price to fall to ~$0.96, its lowest level all year. In the process, people are converting their USDTs into BTCs, thus causing its sudden run up in BTC's price. 📈
Coinbase will formally closing the Coinbase Index Fund by the end of October. The fund was first launched earlier in the year in March, and required a minimum $250,000 investment. It exposed investors to BTC, BCH, ETH, ETC and LTC, and weighted the portfolio allocations according to their respective market capitalizations. 🏳️
According to Coinbase, "after accessing demand from retail, accredited and institutional investors", it decided that it would be better to "refocus the resources devoted to managing the Coinbase Index Fund to other parts of the business" like the Coinbase Bundle which only requisites a $25 minimum investment and also provides diversified exposure. 👍
In a discussion with Fox Business on the cryptocurrency space and his agency's efforts to monitor it, theU.S. Commodity Futures Trading Commission (CFTC) chair, J. Christopher Giancarlo, mentioned that there has been a noticeable increase in institutional investors and traders in the space that if continued, could help the space "mature". 💰
However, Giancarlo also recognizes that the space still has a long way to go, especially with pertinent crypto exchange issues such as "lack of transparency, a lot of conflict of interest, a lack of systems and systems safeguards". 😔
Giancarlo also mentioned that the CFTC has been adopting a "two-handed approach" to regulate the current cryptocurrency market. The first refers to strong enforcement efforts pertaining to scammers. With the CFTC's authority in this space now being confirmed by two federal courts, they will be clamping down hard on illicit practices. 👮 The other side of the approach refers to the "do not harm" approach to allow people to innovate within the space, citing the green light given to CME and CBOE to launch BTC futures contracts as examples. 😄
The International Monetary Fund (IMF) recently released a report titled “World Economic Outlook: Challenges to Steady Growth.” In it, the IMF stated that the rapid growth of BTC and crypto could potentially impact the international finance system. 😲
In the report, it mentioned that the continued rapid growth of crypto assets is likely to create new vulnerabilities in the international financial system, as it could lead to more "cybersecurity breaches and cyberattacks on critical financial infrastructure", thereby presenting an "an additional source of risk" that could "undermine cross-border payment systems and disrupt the flow of goods and services."
NEXO partners with CoinMarketCap!
You guys know that we are always super open and excited about working with partners 🤗
One of our recent partnerships is with Nexo, a crypto-backed lender with one of the world’s most advanced instant crypto lending platform. As part of our efforts to make it easier for you to access tools in crypto, you can spot this “Get Loan” button on every coin page. You can expect to access crypto loans in 40+ fiat currencies in over 200 jurisdictions in three super easy steps. Instead of selling your crypto, you can consider HODLing and borrowing against it instead? 😎 It's a win-win!
Gary Cohn, a former chief economic advisor to U.S. President Donald Trump, has joined as an advisor to blockchain startup called "Spring Labs". Spring Labs is seeking to develop a blockchain network for sharing financial data. 🤝
Thanks to the approval by the New York State Department of Financial Services (NYDFS), cryptocurrency exchange Gemini is now supporting LTC trading. Investors will be able to trade LTC, along with the other currencies offered on the exchange like BTC, ETH and ZEC, starting 16 Oct at 13:30 UTC. 💰
During the IMF and World Bank's Annual Meeting in Bali on 11 Oct, the president of the World Bank Group, Jim Yong Kim, stated that distributed ledger technology (DLT) has "huge potential" and alluded this to the the first blockchain bond issuance in August that was completely managed through blockchain technology that reduced much paperwork and costs. 😄
Poll of the Day
How much do you agree: "I am good at handling unexpected situations." 💭
And...how can someone improve at being able to handle unexpected situations? Also, tell me about a time you handled an unexpected situation well! Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being super confident), how confident are you at surviving a zombie apocalypse?"
The average vote was 7. 33.3% of you actually voted a 10! Seems like you guys already have an existing game plan for whenever this happens. 😀
"What would be your weapon of choice during a zombie apocalypse?"
33.3% voted for "Other." 22.2% voted for "Gun."
22.2% voted for "Sword." 11.1% voted for "Barehanded."
11.1% voted for "Baseball bat."
0% voted for "Chainsaw."
Really curious what 'other' weapon you guys are talking about. Could it be a tank? an assault rifle? a lightsaber?! And to the 11.1% who want to defend yourselves barehanded during a zombie apocalypse... You guys gangsta!
"Would you choose to move around or stay put in your home and wait until you run out of rations?"
55.6% voted for "Stay put." 44.4% voted for "Move around."
I think it depends on the situation you are in. If you are already in an impregnable fortress with a lifetimes supply of food and water rations, it would be silly not to stay put. However, if you are trapped in a place with very limited supplies, it might be a better idea to venture out and find a more sustainable place to hide in. I would very much prefer to venture out and risk death/ infection to simply waiting to starve to death. It would be such a sad way to die! 😭
"Describe your strategy to surviving a zombie apocalypse."
You guys said:
Finding a safe and impregnable place, with running water. With earth dirt so I can grow greens to eat & chickens to eat their eggs, & chickens too...after they reproduce. Cooler if near lake to eat fish. - Wow, let's not talk about the zombie apocalypse, this actually sounds better than my current life. 😂
Head to the water, preferably a large island. Bring a group of people, bc #strengthinnumbers - What if the zombies could swim? Like the ones in the movie "28 Days Later"? 🤔
Hoard provisions, reinforce housing and wait for the storm to pass (if it happens) - Camp it out! ⛺
Convert a skyline tower into a self sustaining mega fortress. - That would be cool. 🗼
Get to an island, should be easier to defend. - That would make a good TV series IMO. 😊
I’d start watching the walking dead they gotta have some pointers - You know, it's been 8 years since the pilot first aired! 👍
Set the missus on them. they wouldn't stand a chance. - LOL! Damn, this cracked me up so much. Hell hath no fury like yo missus. 😂
Thank you all for reading! See you back here again tomorrow!💙💙💙
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