Happy Thursday everyone 😄, but not-so-happy crypto sphere. 😞 The markets got rekt really hard yesterday. This bear run sure is brutal! Today in history (1969), about 250,000 anti-Vietnam War demonstrators marched in Washington, D.C. 🚶
In today's newsletter, we will be covering the CSIRO and CommBank's successful blockchain application trial, GMO's latest Q3 financial report and a consortium that will automate post-trade processes in the energy industry.
Enjoy today's newsletter, and please don't forget to answer the polls down below too (It's about familiarity today)! It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
Oh boy. What an interesting day it has been. 😲 In 24 hours, ~$26.8 billion was wiped from the crypto space as we saw total market capitalization drop from ~$210.0 billion to ~$183.8 billion. 😞 This is the lowest level it has been this year, and in the past 12 months. The last time we were at this level was back in 1 Nov 2017, right at the start of last year's parabolic growth spurt! 😮 Most cryptocurrencies saw double digit losses in the ~10-15% range. XRP even overtook ETH as the second largest crypto by total market capitalization in the process. What a bloodbath, yikes! 😧
BTC is currently down ~10.77%, from ~$6,360 to ~$5,674, crashing through its key support level of $6,000. 💥 $6,000 will likely act as a resistance level going forward. It broke out of its right descending triangle pattern that it has been trading within for the past 10 months. Judging from the 24-hour spike in trading volume from ~$4.3 billion to ~$8.2 billion, the breakdown below $6,000 possibly set off numerous stop loss orders, causing its price to plummet further. 📉 The next key support level for BTC would be the ~$4,800s. The ball is completely in the Bears' court at the moment. 🐻
Stamp of approval 💮
The New York Digital Investment Group (NYDIG) has just received a new BitLicense from the New York State Department of Financial Services (DFS), making it the 14th institution to receive the virtual currency license, thereby allowing it to offer crypto-related services in the state. 🤝
DFS has also granted the NYDIG Trust Company, a subsidiary of NYDIG, permission to operate as a limited purpose trust company. As such, NYDIG is now able to offer custody and trade execution service, including services for BTC, BCH, ETH, XRP and LTC. 👍
Equipped to expand ⚔️
KuCoin, a Singapore-based crypto exchange has raised $20 million in Series A funding, backed by IDG Capital, Matrix Partners and Neo Global Capital. 💰 Moving forward, KuCoin said it now plans to revamp its service, launching “Platform 2.0” which is estimated to arrive in Q1 2019. 🤖
With the backing of IDG, Matrix and Neo Global’s, the exchange said it aims to become a global brand in the blockchain industry, with its current user base already at 5 million. Kucoin will also bring on more support staff as it continues to expand to new countries, specifically targeting countries such as Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries. 👍
Adequately backed 👐
Lolli, a Bitcoin rewards platform, has raised $2.25 million in seed funding from investors including Bain Capital Ventures and Digital Currency Group. Lolli is a rewards platform that allows users to earn BTC when they shop at the company’s partner brands and its website claims to have partnered with over 500 brands - including the likes of Walmart, Forever 21, Hilton and Marriott. 😄
The platform utilizes browser extensions (currently Chrome and Safari only) to notify users when they are on a shopping on a partner site, and proceeds to assign the BTC rewards at checkout. Users can subsequently spend, save or convert the earned BTC to cash later from their Lolli wallet. 🔥
Other news 📰
Startup Coinmine has revealed its first product, a home mining hardware device called the "Coinmine One". It will retail for $799 and start shipping in mid-Dec. 😎
An official verified Twitter account owned by Google, G Suite, was hacked to host a crypto “giveaway” scam. 👿 Unauthorized access lasted approximately half an hour before Google regained control of the account.
Crypto news source, CoinDesk, has launched a new data product called the "Crypto-Economics Explorer." 😲
Poll of the Day
How much do you agree with this statement: "Fortune favors the bold." 💭
And...do you feel that you should be more bold than you currently are? Tell me about a time you were bold and it paid off. Share with me in the polls! 😆
What you said
How much do you agree with this statement: "Familiarity breeds contempt."
The average vote was 7.4. I think that familiarity can very possibly breed contempt, because the more acquainted someone becomes with a person, the more he/she would know about his or her shortcomings, making it easier to be disliked by him/her. Not everyone is understanding enough or tolerable towards your shortcomings. 😔
"Why do you think so?"
You guys said:
Familiarity CAN breed contempt. We all look for the next jolt of excitement. We also need our family dog at our feet and our favorite pair of slippers. Enjoy the new but ground yourself with the familiar. - Great explanation. It perfectly captures how I feel about it. It's human nature to be exploratory, but at times we just want to remain well within our comfort zones. 🤔
It's human psychology .. we tend to behave that way.. - I think it could go both ways. At times, familiarity can also pave the way for a stronger relationship. 💪
I’ve been married for 20 years - Kudos to you! 😊
I strongly agree that familiarity breeds contempt If you repeat something enough times you no longer think about it and run on auto pilot. - True. Just going through the motion of things can sometimes be deadly. Gotta always stay sharp and present! 🧠
"Do you prefer meeting new friends or stick with your existing circle?"
80% voted "Stick with my existing circle of friends."
20% voted "Meet new friends."
You guys said:
We need a healthy mix of the two. - Very true. 👍
I like meeting new people.. stick around or include in circle when they are old.. there is always a trust with people whom you know from long. - Agreed! A balanced dose of both worlds would be ideal. ☯️
Well I work at a kinda of after work meeting place, where everybody knows your name, and new people come to check it out all the time and we’re always glad they came. - That sure creates a healthy balance of both. Sounds like a great place to work in! 😄
I have a small circle of what I class as true friends and then a huge pool of people I consider acquaintances. I love meeting new people but to become a true friend is something that takes years. - There's a saying that friendships that last 7 years are very likely to last a lifetime. 💪
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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