Happy Tuesday, ladies and gents! I hope your Monday didn't go as bad as the crypto markets did in the past 24 hours. 😭 Boy, it sure has been a brutal week for the crypto space. 😅 Back in January, the common questions on the street were "When moon? When Lambo?" Here we are in November asking, "When bottom?". 🤣
Today in history (2008), the Dow Jones Industrial Average sank to its lowest level in 11 years in response to failures in the US financial system. How fitting. 🙄
In today's newsletter, we will be covering the world's first crypto exchange traded product (ETP) hailing from Switzerland, crypto exchange Huobi's new office in Russia and the U.S. SEC taking more action on crypto startups.
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! 📚
We're all feeling the heat 🔥
Wow, the markets have been relentless as of late. 💔 In the past 24 hours, we saw another ~$30 billion wiped off the crypto space, bringing the total market capitalization to ~$146.7 billion. Most cryptocurrencies are experiencing double digit losses in the ~15-20% range. At this point, we are seeing a ~82.4% loss in total market capitalization since its all time high back in early Jan. 🤯 It certainly does seem that many investors are saying "I've had enough" and are leaving the space. 🏳️
BTC is down ~15.70%, and is currently trading at ~$4,490. RSI levels on the weekly chart have fallen to ~34, it's lowest level in 3 years. The last time RSI was at this level was way back in Feb 2015! 😓 Also on the weekly chart, we can see BTC is trading outside its bottom Bollinger Band (>2 Standard Deviations from its SMA curve). These are indications that BTC is currently oversold, but it also indicates that we are seeing some some very strong bearish momentum which can very likely persist. 🐻
Collaboration station 👬
Tech giant IBM has teamed up with Columbia University to launch a pair of technology accelerators. The IBM Blockchain Accelerator and the Columbia Blockchain Launch Accelerator, will both support 10 startups each and are a part of the Columbia-IBM Center for Blockchain and Data Transparency - a collaboration between them launched this past summer to incubate blockchain applications. 💰
The IBM accelerator seeks to help companies significantly further along in product development, and especially to help companies “focused on building out an enterprise business network and client base for their blockchain application.” 👍
Conversely, the Columbia Blockchain Launch Accelerator is seeking applications from “pre-seed” or “idea stage” companies, which upon acceptance will then receive the necessary resources on how to build a blockchain startup. However, the companies are required to have an affiliation with Columbia or another recognized New York City-based University. 🙂
Friends with benefits 😄
Huobi Group has created a committee to work with China’s Communist Party. This move, a first within in the Chinese blockchain and crypto arena, is aimed to garner support from the party as China’s regulators cracked down on crypto trading last autumn, causing many companies to relocate to friendlier jurisdictions. While Huobi’s exchange business is now based in Singapore, it’s blockchain consulting and research operations are still on the Chinese mainland. 🤝
Though Chinese authorities have prohibited many crypto activities such as token sales, they are actively promoting the adoption of blockchain technology. The party has previously moved to make blockchain literacy the standard across public offices, with its publication of an explainer for officials and members in August. 🤓
Big brother help 👐
Chinese game development giant, Tencent games, is collaborating with a blockchain esports entertainment platform, SLIVER.tv, to create a 24/7 live esports channel that will feature the nation's top streamers. 📺
The channel will be powered by Theta rewards, and users will be able to purchase in-game items and upgrades using Theta tokens. Theta tokens are produced on the Theta blockchain, which powers a video delivery ecosystem that rewards users with Theta tokens for re-streaming video content to nearby users. 👍
This collaboration marks the first time a large game development firm is dabbling with a cryptocurrency framework. 🙌
Other news 📰
The U.S. Federal Election Commission (FEC) has released a new draft opinion that green lights the mining of cryptocurrencies as a way to support their preferred candidates. 🆗
U.S. Deputy Attorney General, Rod Rosenstein, has called upon international cooperation to investigate crimes conducted using cryptocurrencies at an annual meeting of Interpol. 📢
Traders reportedly incurred losses after Hong Kong-based cryptocurrency exchange OKEx settled bitcoin cash futures contracts abruptly ahead of last week’s hard fork. 💸
Poll of the Day
On a scale of 1-10 (10 being most likely), how likely do you think BTC will go to $1,000? 💭
And...what do you think will be BTC's bottom for this current bear run? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "We will never ever see as big an ICO craze as the most recent one (end 2017 to beginning 2018)"
The average vote was 6.9. 33.3% even voted a '10.' At this point, it's hard to picture another bull run like the one we saw end 2017 - beginning 2018. 💭 But I think it will happen again in the later future! 😝
"Why do you think so?"
You guys said:
Uncertainty in regulations and the future of regulations. - Still a very much grey zone for the ICO space, but regulatory bodies have been coming down harder on ICOs as of late. We might see a more definitive stance in the near future! 👀
Because Investor are now investing under knowledge and applicable bases not sentiment of 2017 where fools and clowns are winning. - I agree that after what happened, the investor base will definitely get a whole lot smarter. However, as we have seen in the past, history and cycles always repeat themselves. 😆
This market is 100% speculative with no math connecting to real world revenues / value - I gotta disagree with you here. I think that there is intrinsic value in cryptocurrencies. It serves as a great medium of exchange and can potential serve as a store of value when prices stabilize. 😎
:/ - I feel ya. 😟
In crypto; never say never even if it is a long shot. It's unlikely it will be as crazy. - Never say never! 😄
Due to regulations - Hard to argue with this. 🤔
Too many people FOMO'd in and got burned at the top. Most have now been shaken out. Just releasing a white paper no longer cuts it, people want to see real utility now. - I actually like the idea of shaking out the weaker hands and speculators. I think this 'purge' was necessary and a step closer towards price stability. 👍
Since ICOs could be replaced by STOs, and because part of the success of ICOs was due to their un-regulated structure (which is now over forever) - Possibly so.
Too much bs, fraud and hype with ico’s. Most not legit. - It was ICO mania!! Will definitely miss those times. 🙃
The crypto revolution just begun. - Ayeee! 👌
Selfish reasons! I missed it lol. Just started learning and investing. Ready for bear 2.0 - Welcome, it's gonna be one crazy ride. 😂
The amount raised during the icos with no product was insane.. most of the projects do not require the amount of money raised for the product.. it will not come again.. then it was a golden time for few of us who flipped & multiplied their eth with these icos.. - Ahh, the good days... 🤭
"Do you think that Bitcoin (BTC) will find its bottom by the end of 2018?"
60% voted "Yes."
40% voted "No."
"Why or why not?"
You guys said:
Think we got some more room to drop but we will eventually have a turn around. Already seems oversold though I am unsure. - Unfortunately, we could very possibly drop much lower after breaking more key support levels yesterday. 😞
$4000 will come since people are waiting Etfs - We sure are getting close! 👁️
5000k Bottom today - Shot right through that level yesterday. 💔
:/ - I feel ya. 😭
With it now being included in derivatives on the stock market; it will level off and climb. - People are anticipating financial institutions to buy the underlying assets once they offer derivative products. However, it seems that there is an over anticipation.
God should exist - Hahahahah, this made me laugh. Good one. 😹
2018 has been terrible. If you bought in during Q1 you are down by a considerable amount. I cannot see this bear market lasting more than 1 year. I'm hopeful it all turns around in 2019. - It seems that we are going through the final purging to weed out the weak hands/ speculators. Personally, I'm loving it. 😊
It depends. The bottom can be as low as 4000 or even 3500 USD, so unless a sudden crash will occur before 31.12, we're going to see it next year
Institutional $ will change the market forever - Let's hope they do! 🙏🏻
Over the holidays Bitcoin will continue to stay low. Then once the holiday spending is over we will see sharp rises heading into February. - I doubt there will be sharp rises anytime soon. I believe this time growth will be gradual. 🐌
I think BTC & ETH is undervalued .. Me too! 🌟
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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