“When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.”
It's Thursday. Today in history (1961), NASA launched a chimpanzee named "Enos" into Earth's orbit. 🚀 Poor Enos had to complete more than 1,250 training hours prior. Really NASA...was this necessary? 🤦Today is also the day gaming company Atari Games announced the release of "Pong", the first commercially successful video game (1972)! 🕹️
In today's newsletter, we will be covering Coinbase launching its OTC trading desk, Amazon launching its new blockchain serviceand Galaxy Digital reporting a $136 million loss in Q1,Q2 and Q3 of 2018.
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! 📚
Double kill 🔫
Wow, a second consecutive green day for the crypto space. Seems like forever since we have had one of these. Let's see how far this streak can go! 😀
In the past 24 hours, we saw yet another ~$7 billion added to the total market capitalization, bringing it to ~$137.6 billion. Most cryptocurrencies are seeing gains in the ~5-10% range. Daily volume has been consistent as of late, remaining relatively high at the ~$18-20 billion levels as compared to the ~$10-13 billion levels seen from July through to October. This increased liquidity levels is a good sign - As liquidity continues to grow, there is a higher inclination from potentially new investors currently on the fence to enter the space, as deeper markets translate to better price discovery and potentially price stability. 🌊
BTC saw a ~4.86% gain for the day, pushing its RSI levels on the daily chart up from ~24 to ~30. BTC continues to remain below its 21-day EMA line on its daily chart for the 16th consecutive day, but some bullish momentum has been building up as of late so we could possibly see BTC challenging this line very soon. 👌 MACD indicators on the daily chart are also signalling for a possible bull run in the coming days. 🙏🏻
Killin it 💪
U.S.-based cryptocurrency exchange Coinbase has launched its over-the-counter (OTC) crypto trading desk to compliment to its existing exchange business. 💰 Presently, the OTC service is only available for "Coinbase Prime" customers, such as financial institutions looking to trade with business funds. In the future, the service is likely to be integrated with "Coinbase Custody", its institutional product for hedge funds and other high-net-worth clients.
With the launch, Coinbase joins other notable crypto firms in offering OTC services such as Goldman Sachs-backed crypto finance firm Circle with their OTC desk "Circle Trade", and cryptocurrency exchange Gemini that's founded by Cameron and Tyler Winklevoss. 😊
Sheriff's in town 🤠
Amazon is launching a new blockchain service, called Amazon Managed Blockchain, for its clients to develop their own blockchain networks. 😲
The new platform is a branch off of Amazon’s cloud computing subsidiary, Amazon Web Services. It is described to “eliminate the overhead required to create the network, and automatically scales to meet the demands of thousands of applications running millions of transactions”.
The company also announced that the blockchain platform can store data on the Amazon Quantum Ledger Database (QLDB), which allows users to analyze the network activity outside the network and gain insights into trends. 🤖
Long term focus 🎯
Crypto investment bank Galaxy Digital, founded this year by Mike Novogratz, lost $136 million in the first three quarters of 2018, mainly due to falling prices of major cryptocurriences such as Bitcoin (BTC) and Ethereum (ETH). The firm’s share price also dropped to a record low after falling 55% this month. 😲
However, Novogratz remains optimistic and says that he expects the market to reverse in the next year, while also predicting that financial institutions will shift from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.”
Other news 📰
Singapore-based cryptocurrency exchange Huobi has launched the Huobi Derivative Market (Huobi DM) which provides tools for hedging and controlling risk and uncertainty. 🙌
Blockchain startup Steemit has laid off close to 70% of its staff, with the prolonged bear market for cryptocurrency to blame. 😥
Tether (USDT) has re-enabled direct Fiat withdrawals. 👍
Poll of the Day
On a scale of 1-10, how likely will we see a crypto rally by the end of 2018?💭
And...do you think that daily over-the-counter (OTC) trading volume is greater than the daily trading volume reflected on CoinMarketCap? Share with me in the polls! 😆
What you said
"On a scale of 1-10, how keen are you on possibly trading cryptocurrency derivatives in the future?"
The average vote was 5.6. Interesting, I expected this figure to be much higher, as derivatives can serve as a great hedging tool. ⛑️
"Why do you think the introduction of derivatives such as BTC futures contracts by large financial bodies like Nasdaq and ICE are important to the crypto space?"
You guys said:
Big dawgs money SAFETY - Hahaha, I guess it can be reassuring? 😊 I don't like derivatives - Why not? I find them to be a great trading tool which can help limit risk! 👌 I don't really understand the product.. but big names like Nasdaq will go a long way in bringing the product to more people.. crypto particularly bitcoin will become more popular.. - It will no doubt increase exposure for crypto products and the space. 👀 Trust. - It could give investors on the fence the push they needed to start dabbling in the new asset class, thereby increasing the space's liquidity. 👐 They're important simply because it will expose BTC to more people thus exposing them to the crypto market in general. More exposure more buyers more appreciation more wealth for investors like me..... - Well said! 👍 They're not. They're an attempt to nail bitcoin/crypto's coffin. All crypto derivates are just mainstream finance institutions' attempts to take back control over a monetary development that's not their's and that they don't control. Regardless any impact on prices, I sincerely hope they all fail. Bitcoin does NOT need them. - Gotta disagree here. The derivatives market will draw more attention to the space, something they would refrain from doing if they really wanted to put a nail to crypto's coffin. Besides, by offering derivative options to the public, they are able to generate additional revenues. Why would you kill an profitable revenue generating asset? 🤔 Hedge long exposures (in future digital asset markets), further development of digital asset space - I agree, derivatives can be a great hedging tool! ⛑️ I think it will certainly bring lot of new players in the marker and increase volumes and pressure on buy side, which will in the end increase prices on vast majority of crypto currencies. - That is the plan~
They will bring in more money - More importantly, I think they will improve overall liquidity levels. As markets deepen, the markets can mature and bring more price stability which would encourage traditional investors to enter. 🤗
"Unrelated to crypto, but what is something interesting you thought about yesterday?"
You guys said:
I was thinking how Google, Facebook and Twitter seem to be acting like the Nazi's by censoring people's thoughts. - You'll be surprised just how much they know about you. For example, check out Facebook on your mobile. Click on 'Settings & Privacy' -> "Settings' -> 'Ad Preferences' -> 'Your information' -> 'Review and Manage Your Categories'. Creepy! 🤡
How lucky we are to be on a planet that is off its axis which creates a perfect environment, it’s crazy just a small fraction more and we’d have crazy weather - It is pretty amazing how everything just fell into place, such that the earth created an environment conducive for life. 🌱 Porn - Come on...go out and get the real thing! 🤦 My health - Health is everything! Be sure to exercise regularly, eat well, and keep cortisol levels in check! Also, mix up your exercise regime by incorporating different sports/ movements so as to take an holistic approach to conditioning. 💪 Don't ask me.. it was a bad day 🙁 - Oh no! We all have those. Well, the good news is that it is now behind you. Look forward! 👁️ Ukrainian situation - Tenseee 😨 Sex. - According to a study done and published by "The Journal of Sex Research", the average male thinks about sex 19 times a day, whereas the average women thinks about sex 10 times a day. 😉 Winning of AJAX (Amsterdam football club) against AEK Athens. They did 🙂 - AJAX is a very consistent team! 👍
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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