“Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough.”
- Oprah Winfrey
Happy Thanksgiving everyone! While it may have been a tough year for the crypto space, I believe that we still have much to be thankful for in other facets of our lives if we look hard enough. 🧐 Do take a moment right now to reflect on what you have you be thankful for this Thanksgiving. 🙏🏻 Now, go enjoy that Turkey! 🐔🍗😛
Today also happens to be ex professional tennis player Billie Jean King's birthday! 🎾 She was a former World No. 1, and has won a total of 39 Grand Slam titles (12 in Singles, 16 in Women's Double and 11 in Mixed Doubles). 🤯 What an illustrious career! She turns 75 today! 🎉
In today's newsletter, we will be covering a new Bitcoin index by MV Index Solutions, Bitcoin mining firm Giga Watt declaring bankruptcy and Silverlake Bank filing for a $50 million IPO.
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! 📚
Thankful for whateva 🤷
In the past 24 hours, BTC dipped to ~$4,450 earlier in the day before recovering to ~$4,540 where it currently remains to be trading at. BTC's RSI level on the weekly chart is at ~34, the lowest it has been since early Feb 2015. 😮 From this, BTC seems to be slightly oversold. However, RSI indicators also reflect momentum and MACD indicators on the weekly chart seems to point to the recent downturn to be just getting started. 😔 On the daily chart, BTC has been trading below its 21-day EMA line for the past 9 days.
As for the other cryptocurrencies, most are seeing gains or losses in the ~1-4% range. Total market capitalization currently stands at ~$148.7 billion, down ~$2.3 billion from the day before. 24-hour volume has dropped ~$7 billion to ~$15.5 billion.
One handy tool 🔨
MV Index Solutions (MIVS), a subsidiary of New York-based investment management firm VanEck, has launched a new Bitcoin index called the MVIS Bitcoin US OTC Spot Index (MVBTCO). 😄 VanEck is the same company that partnered with financial services company SolidX to attempt to launch the first Bitcoin exchange-traded fund (ETF) in June on the Cboe BZX Equities Exchange.
This will be the first index to cover Bitcoin's performance, represented via the average spot price of Bitcoin, on selected over-the-counter (OTC) platforms in the U.S. like Circle Trade, Cumberland and Genesis Trading. 👍
Bitten the dust 😞
U.S.-based Bitcoin mining firm Giga Watt has declared bankruptcy. The firm has filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington, revealing in court that it still owes its biggest 20 unsecured creditors nearly $7 million. 💸
Creditors include a utilities provider in Douglas County and electricity provider Neppel Electric, who both have a claim of approximately $310,000 and $500,000 respectively. Giga Watt's current estimated assets are worth less than $50,000, whereas its estimated liabilities are in the range of $10–50 million. 🤯
Far sighted 👀
The parent company of Silvergate Bank, Silvergate Capital, has filed for a $50 million IPO and intends to list its share on the NYSE under ticket symbol "SI". 🤑
Silvergate Capital intends "to use proceeds to funds its organic growth and for “general corporate purposes, which could include repayment of long-term debt, future acquisitions, and other growth initiatives.” 😄
Silverlake Bank has been known to be open to cryptocurrency companies and exchanges, and has serviced many of them including the likes of Gemini, Kraken, the Digital Currency Group and Paxos. The bank currently serves 483 digital currency customers, and also has 145 prospective ones. 😮
Other news 📰
The Bitfury Group has recruited 2 experienced professionals, co-founder of tech investment fund Korelya Capital Antoine Dresch and former member of the U.S. SEC Annette Nazareth, to aid in its strategy and growth. 🤝
Grant Thornton LLP reported in an attestation dated 16 Nov that Circle, the company responsible for the dollar-tied stablecoin USDC, had $127,412,240.89 held in custody accounts as of Oct. 31, 2018, slightly exceeding the 127,408,827 USDC tokens in circulation at the time. 👍
The Colorado Division of Securities has issued another batch of cease-and-desist orders against allegedly fraudulent initial coin offerings (ICOs) Global Pay Net, Cred, CrowdShare Mining and CyberSmart Coin Invest. 👮
Poll of the Day
On a scale of 1-10 (10 being most likely), how likely do you think the launch of Bakkt will be the catalyst to the next crypto bull run? 💭
And...what do you think will trigger the next crypto bull run? And, what are you thankful for this Thanksgiving? 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! 💙
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