“Keep your face to the sunshine and you cannot see a shadow.”
- Helen Keller
Welcome back! I hope your weekend went well, because it's time to get back into the groove of things. 💃🏻 So don't let the Monday blues get to ya! 💪 Today in history, former U.S. president Franklin D. Roosevelt was elected for the third term (1940). He was the president that led the U.S. through the Great Depression and World War II, and was the only one in history to get re-elected for a 4th term. 👏
In today's newsletter, we will be covering rising funds raised by ICOs in Israel, thePeople's Bank of China (PBoC) looking to clamp down on airdrops and HSBC IndiaandING Bank Brussels successfully executing a Letter of Credit (LC).
Do enjoy today's newsletter, and please don't forget to answer the polls down below too! It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
Over the weekend, total market capitalization steadily climbed from ~$205.4 billion to ~$211.4 billion. 😊 In that time, volume also picked up from the ~$10 billion levels to the ~$14 billion levels. BCH had a significant run up during that time as well, increasing from ~$425 to ~$550, coming after Binance's recent announcement that it would support BCH's upcoming hard fork. 📢 ETH is also back up above the $200 levels, and is currently trading at ~$208.
BTC is also up over the weekend, rising from ~$6,360 to ~$6,450, and is currently challenging its 21-day EMA line. MACD is signalling for a short upswing in the coming days. RSI has also picked up some speed since the end of October, rising from ~36 to ~48, which might push BTC into a short upswing to potentially challenge its 50-day EMA line. 👀
It's picking up
According to report by thecrypto research firm, One Alpha, Israeli startups have secured more than $600 million in total funding in the first 3 quarters of 2018. 💰
One Alpha discovered that the 140 active blockchain-related companies in Israel received a total of $1.3 billion worth of investment funding in 2018. Out of these 140 companies, more than 60% of them are ICO-related, and 88% of their funds resulted from ICOs. 🤯
It was also revealed that in 2017, approximately 20 ICOs in Israel managed to raise a total of $586 million. Since then, the country has seen a steady rise in the number of ICO projects and the total funds raised. 🤑
The CEO of One Alpha, Yaniv Feldman, also believes that this bear market is having a "cleansing effect on the ecosystem", and removed many speculators and left behind many real investors, operators and builders, which is "necessary to move forward and build a successful ecosystem.” 👍
Making it work
According to a 2018 financial stability report by the People's Bank of China (PBoC), China's central bank, it is looking to clamp down on airdrops. 👮
The report stated that "disguised" ICOs such as airdrops (free distribution of cryptocurrency tokens) continue to rise in numbers. More projects are giving away free tokens while reserving a portion of the total supply, and subsequently manipulating prices on secondary markets to reap profits. 😠
Some crypto firms are also moving their projects overseas and using agents to invest on Chinese investors' behalf, so as to bypass existing regulatory restrictions on the purchase/ sale of crypto currencies in China. 😲 PBoC stated that it needs to remain vigilant, and coordinate with other agencies to keep the industry in check so as to educate and protect investors.
It's looking bright
HSBC India and ING Bank Brussels have successfully executed a blockchain-enabled, live, trade finance transaction called a Letter of Credit (LC). 👏
The LC and transaction, reportedly the first of its kind in India, was between India’s holding giant Reliance Industries (RIL) and U.S's Tricon Energy, and it helped to facilitate a shipment between them. 🚢 The LC helped achieve a reduction in time and costs of document processing, as it required involved parties to come together onto one platform (R3's Corda) to facilitate. 🤖
The joint chief financial officer of RIL, Srikanth Venkatachari, commented that the new blockchain deployment has shown significant potential to reduce timelines involved in managing export documentation from the “extant 7-10 days to less than a day” which will improve global export market interactions. 😄
The professional trading platform of Coinbase, Coinbase Pro, has just added support for the browser startup Brave's Basic Attention Token (BAT). 🥂
The previous head of equity options of the Chicago Board Options Exchange (CBOE), Kapil Rathi, has joined blockchain startup AlphaPoint as the global head of trading markets. He will be in charge of AlphaPoint's trading and exchange business, and also seeks to "improve and bridge the collaboration between mainstream finance and the digital assets industry to build and grow the ecosystem." 🔨
The Winklevoss Brothers are reportedly suing an early BTC investor and entrepreneur named Charlie Shrem, for approximately 5000 BTCs, which they allege is owed to them and misappropraited from a previous business deal in 2012 that involves helping the brothers invest approximately $1 million worth in BTC (back when it was just $12.5 a pop!). 💸
Poll of the Day
How much do you agree with this statement: "Bitcoin (BTC) will still remain as the top cryptocurrency by total market capitalization by 2025"💭
And...if it happens, which cryptocurrency will be the first to overtake the #1 spot? Share with me in the polls! 😆
What you said
"How likely (10 being most likely) will mainstream adoption for cryptocurrencies in third world countries happen faster than first world countries?"
The average vote was only a 6.4. Hmm, it seems that a big percentage of y'all aren't too convinced. 😂
"Why do you think so?"
You guys said:
No banks and such - Some are speculating that for this very same reason, these people would skip the banking step entirely and put their savings into cryptocurrnecies which are more accessible and mobile. 👍
I think mainstream adoption will occur simultaneously in all developed & developing economy.. just like mobile 4g or the upcoming 5g.. - This is possible too. 🤔
Less corporate influence - This might accelerate the adoption process.
1st world countries have better access to news and resources. - This is true, but 3rd world countries have far less options to choose from and sometimes none at all. 😥
I am a little unsure about this. Obviously most of the population is unbanked and has very little disposable funds however there are a lot of people so I would hope this could massively push up the volume / market cap. - I'm sure the crypto community hopes so too! 😁
"About 30% of adults in the world are currently unbanked (do not have a bank account). Do you think crypto will be mainstream adopted before the remaining 30% of unbanked adults open a bank account?"
80% voted "Yes."
20% voted "No."
I think so too. Despite the rising efforts in micro-financing in recent years, the rate might not be fast enough to prevent crypto adoption from catching up and overtaking as it is just so much more accessible. ⌛
"Why do you think so?"
You guys said:
For the unbanked they will only adopt to crypto if there is a actual use case or may be as a store value. - Many seem to already be making the transition! 💪
Crypto will not likely change the requirements for the 30% to manage funds, because those 30% will probably never have the opportunity or interest in getting a bank account. - Hmm, opening a crypto account has far less barriers than opening a bank account though. 💭
I am aware of the Bill and Melinda Gates foundation and the mojaloop app trying to resolve the unbanked issue but I cannot see it happening fast. I am hopeful the next bull run 6-12 months will bring mass adaption and the unbanked will follow in the 5-10 years. - It just might not be fast enough ⌛
"What are your plans this weekend?"
You guys said:
Diwali - festival of lights is here.. so plan to buy crackers, goodies and all for the same.. happy diwali to every one.. on the day Lakshmi (goddess of wealth) is also worshiped.. so will pray for a super time for Bitcoin 🙂 - Happy Diwali to you too! That festival is always a pleasant sight. BTC needs everyone's prayers right now, hahaha. 🙌
Family time - The best! 💓
Family trip in the mountains! - Must've been so relaxing up there. ⛰️ Wish I could see some photos!
Saturday I will in my local pub singing my heart out on the Karaoke. - Rock on 🤘
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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