“Judge a man by his questions rather than his answers.”
Welcome back, fellow readers! I hope everyone had a relaxing and restful weekend. 🌞 It's the start of a brand new week, so don't let the Monday blues get to ya! Fend them off with a healthy dose of today's newsletter. 🤺 Today in history, specifically on Black Tuesday 29 Oct 1929, the "Wall Street crash of 1929" took place and the Dow Jones Industrial Average fell -12%, triggering the rest of the industrialized world to spiral into the 12-year Great Depression. 📉(Crypto folks be like: "12%...lol") 🙄
In today's newsletter, we will be covering the Supreme Court of India wanting its government's opinion on cryptocurrencies, a report by IBM and the OMFIF and the four biggest agricultural corporations looking to blockchain and AI to digitize global trade.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too (It's about Marvel's latest "Venom" movie 🖤)! Happy reading! 📚
Where's the party at?
With volatility levels the lowest it has been in 18 months, it came as no surprise that we saw yet another quiet weekend in the crypto markets. 🛌 Total market capitalization hovered between ~$208.8 billion and ~$209.9 billion, and is currently at ~$209.9 billion with most cryptocurrencies seeing either gains or losses in the 1-4% range over yesterday.
In that time, the BTC volatility index also dropped to 1.5% and we saw BTC trading within a very tight $50 range of ~$6,450 and ~$6,500. BTC is currently trading at $6,490 and remains below the 21-day EMA line. Volume levels have been noticeably decreasing in recent months, signalling investor disinterest. Just 3 months ago, BTC daily volume levels were averaging ~$4.5 billion. Now, average daily levels are at ~$3.1 billion. 😔
The Supreme Court of India has asked its government to give an opinion on cryptocurrencies by 20 Nov (next hearing), amid an inconclusive court hearing regarding the Reserve Bank of India's (RBI) order banning domestic banks from providing services to crypto firms and the subsequent petitions filed by various local crypto exchanges. 🙏🏻
The court has asked the government to "file an affidavit" to release "the findings of the crypto committee set up by them." The legal counsel for some of cryptocurrency exchanges that participated in the hearing, Nakul Dewan, wants the government to "give some finality to the issue". 💢
According to a research report done by IBM Blockchain World Wire and the Official Monetary and Financial Institutions Forum (OMFIF), the majority of the 21 central banks polled believe that they should issue a wholesale central bank digital currency (CBDC) as it can reduce credit risk and "ensure stability of the token's value", but still have doubts as to whether blockchain can provide sufficient cost and efficiency benefits. 🤨
The report also revealed that 38% of the polled central banks are already experimenting with their own CBDC for inter-bank transactions. However, 61% said that blockchain may not be necessary the efficiency gains were negligible as the technology is still in its nascent stages. 76% also said that they are uncertain as to whether "DLT will be able to deliver on its promise, especially in areas such as regulation". 🤔
In a joint press release, the four biggest agricultural corporations, Archer Daniels Midland Company, Bunge, Cargill, and Louis Dreyfus, revealed their plans to utilize technology such as blockchain and AI, to bring the global grain trade into the digital age by standardizing and digitizing international agricultural shipping transactions, "for the benefit of the entire industry." 🤯
It was made known that they first plan to automate the traditionally high cost and manually done grain and oilseed post-trade processes, followed by the digitization of other manual, paper-based processes involving contracts, invoices and payments. 👍
One of the many bottlenecks the industry is facing would be the annual 275 million emails from commodity traders to process just 11,000 shipments of grain transported by sea. Therefore through this, the companies seek to greatly reduce document-processing times, improve supply chain visibility and transparency, and achieve greater efficiency. As of now, no planned blockchain implementation dates of the companies have been released yet.
The Information Reporting Program Advisory Committee (IRPAC), an advisory committee to the U.S. Internal Revenue Service (IRS), released a report that stressed on more tax guidance around crypto transactions, citing its rise in popularity and "equal rise in question to the applicable tax consequences" as key reasons. 💸
Taiwanese legislator Jason Hsu has published and proposed a list of policy recommendations pertaining to crypto startups which include the creation of a new business category and legal framework for security tokens. 👨⚖️
Ripple (XRP) has hired a former senior developer at Google, Amir Sarhangi, to lead its global payments network, RippleNet. 🤝
Poll of the Day
On a scale of 1-10 (10 being the most enjoyable), how much would you rate Marvel's latest "Venom" movie? 😀
And...what did you like and not like about the movie? Also, what is your favorite Marvel movie and character of all time? Share with me in the polls! 😆
What you said
Some of you may have noticed that last Friday, we repeated Thursday's poll. Oopsies! 😅 Big shout out to some of you sharp readers who so graciously highlighted the blunder. 😬 Thank you for that! Funny how some of you even mentioned 'Deva Ju' in the comments. 😂 You guys are hilarious. Anyhow, please answer today's poll so we can get right back into it! 👍
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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