Daily Email Archive

Picking up the pace

Your daily newsletter for November 7, 2018
“Just remember, once you're over the hill you begin to pick up speed.”
- Arthur Schopenhauer
It's midweek everyone, hang in there! 💪 To all our friends in the U.S., I hope voting went well yesterday. 😄Today in history, the first publication of The London Gazette, one of the world's oldest surviving journals, was published (1665).  

In today's newsletter, we will be covering DTCC's distributed ledger and cloud-based platform designed for Trade Information Warehouse (TIW), Bitfury Group's latest funding round and BTCC shutting down its mining pool business.

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! 📚
Picking up speed
Total market capitalization rose slightly again from yesterday, from ~$215.4 billion to ~$220.4 billion. 💪 Similarly, daily volume has risen from the ~$14 billion levels to the ~$17 billion levels, a healthy sign. 🏥 Most cryptocurrencies saw gains in the ~1-5% range from yesterday. BCH is up ~11.94%, registering double digit gains for the 2nd time in a week! 🎉

BTC is currently trading at ~$6,540, up ~1.69% from yesterday. Some momentum seems to be building up for BTC. It has been making higher lows since the end of Oct, and RSI has risen steadily from 30 Oct (~37) and is currently at ~57. BTC shorts are also at the lowest it has been since 1 Sept, and total longs have overtaken total shorts. 👏 BTC is now above its 50-day EMA support line and is seems to be headed towards challenging its 100-day EMA line with significant momentum. 🐂

A U.S. post-trade financial services company that provides clearing and settlement services to the financial markets, Depository Trust & Clearing Corporation (DTCC), has progressed its blockchain project to its testing phase with 15 global banks, one of which being U.K.-based Barclays. 😄

The 15 banks will be testing and inspecting DTCC's distributed ledger and cloud-based platform designed for Trade Information Warehouse (TIW), which processes credit derivatives for the global market. After which, DTCC wants to commence an "open" testing phase by year's end, to allow other service providers to test the platform. Testing is expected to complete in Q1 2019, and the platform will go-live thereafter. 👍

TIW represents a critical piece of infrastructure to the global financial industry, as they provide lifecycle event processing services for about 98% of all credit derivative transactions worldwide, worth $11 trillion. Their large customer base includes major global derivatives dealers and more than 2,500 buy-side firms from over 70 countries. 🤯

Full steam ahead
Crypto mining firm Bitfury Group, best known for manufacturing devices used to mine cryptocurrencies, has just closed an $80 million funding round, which saw the likes of Korelya Capital, Mike Novogratz's Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others investing. 🤑

According to Bitfury's executive vice chairman, George Kikvadze, this round of funding will take Bitfury's "corporate governance to the next level, broaden our (their) financial strategic options, and ideally position us (them) for our (their) next phase of growth as the market matures." 👍

End of the line
Hong Kong-based cryptocurrency exchange BTCC is shutting down its mining pool business, BTCC Pool Limited, after 4 years in operation citing "business adjustments" as the reason for ceasing operations. 😞

They will be shutting down mining servers on 15 Nov, and have asked all mining members to direct their hashing power away from the pool before that date. Previously earned mining profits will also be release "in time."

However, BTCC's pool closure doesn't reflect its sentiment on the crypto space, and as they also said that "the digital encryption assets and blockchain industry represented by Bitcoin will continue to develop and improve." 😁

Other news
  • Bitmain is launching 2 new Antminer models, the Antminer S15 and T15, which will both be powered by a 7nm ASIC processor. It will go on sale on 8 Nov. 👁️
  • Charlie Shrem, whom the Winklevoss brothers are suing for supposedly misappropriating their 5,000 BTC, recently filed a recent document with the U.S. District Court for the Southern District of New York arguing that the 5,000 BTC belongs to another individual whom he also assisted in investing for, and that he never had access to them. 
  • Coinbase is offering employees up to $5,000 a year for egg-freezing treatments as part of its health insurance options. 🥚
Poll of the Day
How much do you agree with this statement: "The U.S. SEC is taking way too long to create regulatory guidance for cryptocurrencies"💭
And...do you think that cryptocurrencies should be classified as its own asset class? Also, will the U.S. SEC come up with clear regulatory guidance by 2019? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "The U.S. SEC is taking way too long to create regulatory guidance for cryptocurrencies"

The average vote was only a 8.4. Most seem to be in agreement on this. What gives, SEC! Make haste! ⏱️

"Why do you think so?"

You guys said:
It's a new asset class & it will take some time.. its same all over the world.. but if US SEC decides it sooner other countries will take a lead. - Let's hope they move quick! 🙏
I think there are risks, and there is necessary precautions. But I believe they may be taking too long. - It does seem like a long time. ⌛
It's a lot of money involved, and a civilization . when will the market ever be stable. - Perhaps regulation will bring liquidity and reduce volatility. 👍
They're stalling. Seems to me like everyone in the space is waiting for big money to come in and SEC and other regulatory entities are stalling so they can try to figure out how to beat crypto.. but they can't - Can't stop, won't stop. 😉
Bitcoin white paper out for 10 years.....ten - Too slowww ⏱️
U.S. should be leading the way in this New industrial Revolution however we are getting next to nothing out of then while other countries are firming up their regulation and embracing crypto - At the same time, I believe the rest of the world is waiting to see what the next move of the U.S. will be. 👀

"Do you think that cryptocurrencies should be classified as its own asset class?"

100% voted "Yes."

A resounding yes! 😁

"Why do you think so?"

You guys said:
Crypto is entirely a new asset class, it has refined on all other previous asset class. it needs new classification. - Agreed! 👍
Because they are not like commodities - Certainly different from commodities. 
So it doesn’t get confused - The distinction could provide some clarity. 🤔
It's revolutionary and has the potential to change the world as much as the internet did - Let's hope it does conceptualize! 💪

"Do you think that the U.S. SEC will come up will clear regulatory guidance on cryptocurrencies by the end of 2019?"

60% voted "Yes."
40% voted "No."

I think that one more year of deliberations will provide the SEC with sufficient time and information to create some sort of guidance for the public. 😄

Thank you all for reading thus far! Catch you back here again tomorrow! 💙
See you tomorrow!
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