“Even the accomplished suffers setbacks sometimes. The more bitter the lessons, the greater the successes will be.”
- Lucio Tan
Welcome back, fellow readers! 👋 I hope everyone had a relaxing, yet productive weekend. We are only 5 weeks away from the New Year, so let's make the best out of these remaining weeks and finish the year strong! 💪
Today in history (1979), oil deposits equaling that of the Organization of the Petroleum Exporting Countries' (OPEC) reserves were found in Venezuela. 🤑
In today's newsletter, we will be covering Ethereum 1x, Gibraltar Blockchain Exchange (GBX) being granted a license to own a regulated blockchain exchange and thousands of Bitcoin miners ceasing operations from mid-November. Today, we also have a special announcement pertaining to our new Telegram channel and Telegram chat group. Read on below to find out more! 😊
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! 📚
Weekend blip 😟
Amidst the festive Thanksgiving weekend, there was yet another flash crash in the crypto space. 😞 On Saturday, BTC broke past its $4,000 support level for the first time in 2018, which was then accompanied with a new low of ~$3,600. 😲 ETH also fell below $100, a level we haven't seen since May 2017. In that time, most cryptocurrencies were experiencing double digit losses and total market capitalization fell to ~$115 billion, marking a new low for the year.
On Sunday, markets then proceeded to recover and most cryptocurrencies experienced gains in the ~5-15% range, propping total market capitalization back up to ~$129.5 billion. BTC's RSI on its weekly chart remains in the oversold region of ~32, indicative of strong bearish momentum, and MACD indicators seem to imply that we are likely to see more bearish price action in the near future. 📉
Hush hush 🤫
Ethereum developers have been secretly discussing an upgrade, dubbed “Ethereum 1x”, that could quickly increase the short-term capabilities of the network, which could be implemented by June 2019. 😲
While it is still in early stages, meeting notes from 4 private meetings that occurred on October's Devcon4 conference suggest that Ethereum developers have discussed several changes to be included in a system-wide upgrade targeted for June, or hard fork, that will see changes not previously associated with a 2019 release. 👀
The series of upgrades potentially include replacing Ethereum’s underlying virtual machine (EVM) and introducing “rent,” or storage fees for smart contracts. 🤯
Green light 🚦
The Gibraltar Blockchain Exchange (GBX), Gibraltar Stock Exchange's blockchain subsidiary, has announced that it has been granted a license from the island’s financial regulator, the Gibraltar Financial Services Commission (GFSC), to own a regulated blockchain exchange. 🤝
The GFSC's enacted Distributed Ledger Technology (DLT) regulatory framework this year made it compulsory for firms using blockchain to “store or transmit value belonging to others” to apply for a license. The Gibraltar government also plans to regulate initial coin offerings (ICOs), stating that most tokens are not considered securities under either Gibraltar or EU law. 🤔
The ousted 😵
According to Mao Shixing, the founder of F2pool, about 600,000 to 800,000 Bitcoin miners have ceased operations from mid-November due to a decrease in price and hashrate across the network. 😥
This estimate took into account the total drop in network hashrate and the average hash power of older mining machines that are struggling to make profits. Data from blockchain.info indicates that the Bitcoin network’s entire hashrate has dropped ~13% from around 47 million tera hashes per second (TH/s) on 10 Nov to 41 million on 24 Nov. 🐌
According to Mao, factors that contributed to the dropout rate include the recent 15 Nov Bitcoin Cash hard fork, rising electricity costs in China, and the continuous upgrading of products by Chinese manufacturers that make older machines increasingly obsolete.
Special Announcement 📢: CoinMarketCap Telegram Channel & Telegram Chat Group
Lots of you have asked, and it's finally here: Our Telegram channel is finally live today! Apart from receiving daily news (like the awesome newsletter you're reading now 😉), you will receive more real-time market updates and get to participate in a fun weekly narrative – kind of like a choose-your-own-adventure story 😎 Join us here now! https://telegram.me/CoinMarketCapBot?start=newsletter
And...what is your favorite way of dealing with setbacks? And, tell me about a time when a setback was needed for you to succeed in a goal. Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "At this point, I've grown numb to the downswings in crypto."
The average vote was 6.9. If you have been in this space for some time, you must've gotten used to its large swings, to some extent. Crypto swings sure are something else, and this recent one has been especially brutal. It would be hard not to feel the pinch. 👊
You guys said:
Hodler - #HODL4eva 💪 It is still very painful!! - Hard to argue with this one. This bear market has indeed been a brutal one. 😞 It'll be what it'll be. It'll eventually go back up. I'm not in any major rush where a few months will make any big dif, & as long as it stays down, I keep buying. Not numb, not over excited either. It has an impact, but haven't we seen it all before? It's all part of the bitcoin / crypto discovery boom & bust cycle. Time will turn the tide. - Well said. This cycle could in fact be a healthy one as we will see many speculators weeded out. 👍 I am new to this community, have no idea wht to expect this far - Expect lots of joys and heartaches, this is an exciting industry to be following. In any case, it will definitely be a great learning experience. 🤓
Dosent affect me anymore.. i sold all my bad investments.. & holding good ones.. once market improves i am holding moon coins.. - Awesome plan! That would be the ideal strategy if you are able to time it well! 💰 I will not let this consume me. Without down there is no up. Its all good. - All in due time... ⏱️ Luckily patience is my best quality. - Hahaha, a great quality to possess. The last Bah Humbug before the market turns around and starts heading north, taking off to the unknown that has never been seen before! - To the moon! 🚀 Hodl is the game now. - Hodl and keep the faith! 🙏🏻 I’ve been waiting 2 months for $6000 to break to buy at these discounted prices for my Fund ✌🏻- Congratulations! Sounds like you entered at the price you wanted! That's a great feeling I akin to securing a great shopping deal. 🤣 I’m really new at this. Dollar cost averaging. I’ll see where we are in 7 to 8 years. - The long term approach! Seen it all before - It'll come around. 😊 This downturn is good for the market long term is merely a temporary nuisance - Focus on the long run!
"How was your Thanksgiving? Did anything interesting happen?"
You guys said:
Just happy - Great to hear! 👍 Nope. Quiet & peaceful. My kind of holiday. - Sounds like you had a rejuvenating vacation break and are fully recharged to take on the remainder of the year. Awesome! 😊 Kool - Cool sauce. As usual.. - Nothing interesting huh? Great, we did not talk politics...we did talk crypto. - A far more interesting dinner table conversation topic, I'd say. 😹 Potato chip too close to candles on thanksgiving giving table... whoosh, they say in emergencies they make good kindling....well it’s true😜 - Oh gosh! I hope no one got seriously hurt. 🤭 Good and nope. - Must've been a very normal thanksgiving day for you. Great day. Gave up the mashed potatoes and had an extra piece of pumpkin pie. - A well deserved extra piece of pumpkin pie, I'm guessing! I am English but I enjoyed Thanksgiving day thank you. I went swimming which was very interesting! - That must've been a nice, relaxing day! Going for a swim is always therapeutic for me. 🏊♂️
"What are you up to this weekend? Share with me your plans!"
You guys said:
Family - As it should very often be spent with. 💓 Playin hard. - Weekend warrior! 🤺 Home, relaxing. - Chill vibes. 🛀 Sewing a project for class and checking out the market - I hear sewing is a great activity to release stress! I will try baking cupcakes at home. - Making me so very hungryyy as I type this. 😋 Clearing out my head, going with the flow. - Take it easy, buddy Heading to Kuala Lumpur with my girlfriend and heading back home Sunday night 🤗 - Kuala Lumpur! I've been there several times myself. It's a great place with great food and people. 😄 You must've had an awesome time. Won’t be in the stores. People are crazy to fight those crowds. - Man, those Black Friday crowds can get pretty aggressive... Going out with friends - Never a bad choice! 👍 Searching for bargains - Hope you got what you wanted this year! I am looking after grandchildren this weekend but also taking a Crypto course with a view to ultimately getting a job in the crypto industry - The job market in the crypto space has been opening up in recent months. Apply broadly and aggressively and I'm sure you'll be in this space in no time! 👌
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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