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Your daily newsletter for November 21, 2018

Patience

“Patience is bitter, but its fruit is sweet.”

- Jean-Jacques Rousseau

It is midweek fellow CoinMarketCap-ers, and we are fast approaching the Thanksgiving weekend. 🙏🏻 A much needed break for all of us, I'm sure. I'm already salivating thinking about all the good food I am about to devour. 🍗😛

Today in history (1949), after countless proposals and counter-proposals by several United Nations committees, the General Assembly passed a resolution declaring that Libya should become “an independent and sovereign state." 🙌

In today's newsletter, we will be covering Bakkt's postponed launch, U.S. officials probing into Tether's role in market manipulation and SGX's defined rules for publicly listed companies planning to conduct ICOs.

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. 💭 Please also take some time to help us out with a "Who's buying bitcoin" survey after the "Other news" section below!

Happy reading! 📚

Crummy clawback 🦀

After the rough price action of Monday's, we saw significantly less action yesterday. In the past 24 hours, we saw total market capitalization rallying back to ~$157.2 billion before dipping back down to the ~$141-147 billion range. Total market capitalization then steadily climbed back up again and is currently at ~$151 billion, up ~$3 billion for the day. 24-hour volume is at ~$22.6 billion, a good ~70% more than the majority of this month. 👍

Similarly, BTC rallied back to ~$4,800 earlier on in the day, before sliding back down to ~$4,640 where it is currently trading. 📉 It continues to remain outside its bottom Bollinger Band for the 2nd consecutive day, and with RSI still currently its low level of ~16, we could see small claw back from BTC in the coming days. 👁️ BTC's next major support level is $4,000, and the price action and downward momentum seems to point towards us testing that level soon.

Hold yer horses 🐎

Intercontinental Exchange’s (ICE) BTC future’s trading platform Bakkt - initially launching on Dec 12 - has now been postponed to Jan. 24, 2019, with trading and warehouse operations both expected to begin on that date. 😭

The platform previously announced that it would launch physically-settled Bitcoin futures, meaning clients would receive BTC upon the expiration of their futures contracts, rather than the token’s cash equivalent. However, the company may offer more than just BTC futures, as Bakkt’s CEO Kelly Loeffler revealed that they also have insurance for BTC in cold storage and are in the process of securing insurance for the hot wallets within the Bakkt Warehouse architecture. 😄

Bakkt has previously announced it was working with BCG, Microsoft and Starbucks - which provided assistance in both risk management and customer experience for the product. 👍

Looking into it 👀

U.S officials are conducting a probe into Tether’s role in Bitcoin market manipulation. The US Department of Justice (DOJ) is looking into whether crypto exchanges Bitfinex and Tether Ltd. pushed BTC’s price up using the stablecoin. 👍 However, specific details of the investigation were not released and no accusations have been made.

The DOJ first began its criminal investigation this past May together with the Commodity Futures Trading Commission (CFTC). At that time, the DOJ was investigating on spoofing – the use of large volumes of fake orders to influence market prices – as well as whether traders were faking volume to fool other investors into participating in the market. 😯

A taken stance 🕴️

Singapore Exchange (SGX) has defined the rules for publicly listed companies planning to conduct initial coin offerings (ICOs): Any tokens launched in an ICO would not be listed on the SGX and that these rules are applicable only for the companies themselves. 🤔

As per guidelines, a listed company is required to consult with SGX RegCo (SGX’s regulatory subsidiary) in advance if they are planning to hold an ICO, as well as provide a legal opinion on the nature of tokens and an auditor’s opinion on how the ICO should be accounted for. If the tokens are considered securities under Singapore’s Securities and Futures Act (SFA), issuers are required to complete prospectus registration and licensing protocols. 📝 Firms may also need to form a subsidiary to conduct the ICO.

Back in August, Y Ventures Group became Singapore’s first public firm to hold an ICO, which aimed to raise $50 million for creating a blockchain-based e-commerce system. At present, no token deemed a security has been approved in the country by the Monetary Authority of Singapore (MAS).

Other news 📰

The U.K.’s Financial Conduct Authority (FCA) is considering banning some cryptocurrency-based derivatives, a senior executive of the financial watchdog has said. ⛔
Cryptocurrency exchange OKEx has hit out against “defamatatory” allegations made by Hong-Kong based trading firm Amber AI over its early settlement of Bitcoin Cash (BCH) futures contracts last week, calling the allegations “completely false” and causing “serious damages” to its reputation. 😠
Crypto payments firm Bitpay has partnered with startup Paxos to allow the former’s merchants to utilize the Paxos Standard stablecoin in their transactions. 💲

Before we proceed, could you kindly assist us with this "Who's buying bitcoin" survey? We're helping the folks over at Game Theory Research with this one! 😊 Share your thoughts with us and see who else around you is into crypto and why! Many thanks in advance. 🙏

Simply click on the link below to participate 👇

https://www.surveymonkey.co.uk/r/Coinmarketcap

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

On a scale of 1-10 (10 being most likely), how likely do you think BTC will go to $1,000?"

The average vote was 4. $1,000 would definitely be startling, but who knows... 🤷 We are in the realm of crypto. 🙃

"Why do you think so?"

You guys said:

The market is very volatile but 1k BTC price is extremely low and if it comes I would buy everything! - BTC sale! 🛒

Each time there is a new low, I view it as a buying opportunity. I am sure there are many that feel this way. If the institutional investors were fully in the game today, I would have a different view. - I share the same sentiment. As long as you believe in the fundamental value of BTC, these swings (albeit large) should not faze you if you focus on the long term. 👍

That would be a much greater decline (approximately 90%) than the past declines in BTC. - Although highly unlikely, I would say 'never say never." 😄

Too low. - You never knowww 💭

The cost to mine a bitcoin is around high 3000 to 4000 so I don’t think the large portion of miners will sell for less. - Good point! 🤔

It was once that low, and history repeats - 🔮

I see 2000, but with 30% for overshoot to 1000 - I hope you will be wrong! 😹

Hello everything holy for the love of peat don’t even think about anything that ridiculous thank you love me❤️ - Hahahaha, this cracked me up. But yes, keep BTC in your prayers. 🙏🏻

Outdated - Outdated yes, but BTC has the first mover advantage. That is hard to overcome in any market. 💪

Come on! - Yes, come on BTC!!

As I said before, our Lord should avoid this - 🙏🏻

Good information - Why thank you. I am to please. Hope you will continue to support this newsletter! 😊

Scam - It isn't a scam... 🙄

I don't think so.. more or less the BTC & ETH price has bottomed.. but is a lot of room for ALTS to bleed... there will be pressure on BTC because of falling ALTS.. if 1000 i sell all my asset & buy. I think the total market cap will rest at 90B. - Interesting point. I do agree that this cleansing is going to weed out many sub par projects, which in my opinion, is necessarily to facilitate organic growth going forward. This was long coming. ⌚

With the upcoming etf and bakt I really can't see bitcoin dropping as low as 1000 - #MeToo 😔

Strong support at $4000 - There is indeed some decent support at that level. 👐

There isnt no space to sink more... - There certainly is. Tread lightly! 👀

No utility value, bad for the environment - That is not in the slightest bit true. 😛

The volatility in this Dimension makes it no longer interesting to Invest. Plus the dominance of the Bots makes us human Loose. - I disagree, the volatility is what makes it interesting. I believe that price stability will eventually come, and when it does the idea of cryptocurrencies becoming a store of value will become relevant once again. 😎

"Which of the following do you think will be BTC's bottom for this current bear run?"

37% voted "$4,000."

34.8% voted "$3,000."

15.2% voted "$2,000."

8.7% voted "$1,000."

4.3% voted "$0."

Interesting results. 🤔 It appears that most of you believe that $4,000 will be BTC's bottom. In my opinion, this is a likely possibility because there is some decent buy support at that level. However, breaching the $4,000 level to drop further down is well within the realm of possibility too. For instance, BTC successfully defended its $6,000 support level many times this year before it finally relenting, which led the exacerbation of the current bear run. 😔 Anything is really possible at this point... 🤞

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