“It's the repetition of affirmations that leads to belief. And once that belief becomes a deep conviction, things begin to happen.”
- Muhammad Ali
It's Tuesday, ladies and gents. Hope everyone had a great start to their first week of December yesterday. I don't know about you, but I sure am in a jolly good mood. 😊 There's just something about this month... 🎉
Today in history (1943), then Baseball Commissioner Kenesaw Mountain Landis announced that any club was free to employ black players. 👍
In today's newsletter, we will be covering G20 leaders pledging to regulate crypto assets, Ohio startup accelerators to inject $100 million into early blockchain venturesandBeijing’s Municipal Bureau of Finance deeming Security Token Offerings (STO’s) to be illegal.
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! 📚
Back n forth ↪️
Earlier on in the day, BTC fell from ~$4,030 to ~$3,840 📉, before recovering to ~$4000 📈 where it currently remains to be trading at. Similarly, total market capitalization also fell earlier in the day to ~$124 billion before recovering to ~$129 billion later on. With the claw back, most cryptocurrencies are seeing small losses for the day, most within the ~1-3% range.
There seems to be some consolidation at this $4,000 level for BTC, indicative of uncertainty from both bullish and bearish forces in the past few days. The relatively longer wicks on the daily candlesticks as of late is further indicative of this. However, overall momentum is still with the bears at this point as BTC is on a clear downward price action trajectory. 🐻
An oath 👊
G20 leaders have pledged to regulate “crypto-assets” after a meeting in Buenos Aires. The leaders discussed a number of areas to improve the global economy and similar with past meetings, brought up cryptocurrencies as an area in need of greater regulation. 🤗
As part of this push, the G20 leaders also vowed to work together to realize the potential of using technology to improve the financial sector. The group’s latest statement is a continuation of its ongoing look into the crypto space. 💪
Support innovation 👏
Ohio startup accelerators are reportedly to pump $100 milion into Blockchain firms. Their funding plans were revealed at the Blockland Solutions Conference in Cleveland, Ohio, by JumpStart CEO Ray Leach. 😲
JumpStart is an Ohio-based nonprofit that supports and funds startups. It will, alongside 6 other funds in the state, invest $100 million in early stage blockchain firms focused on business or government use cases. Leach has also suggested that other investment funds in the state are planning to invest $200 million more into blockchain companies in the next few years. 💰
Ohio is fast becoming one of the most pro-blockchain states in the U.S. Just last week, it became the first U.S. state to allow certain taxes to be paid in Bitcoin. 👍
Beijing buzz kill 👎
Beijing’s Municipal Bureau of Finance has deemed Security Token Offerings (STO’s) to be illegal and has warned projects against holding them. 😞 STO’s are similar to Initial Coin Offerings (ICO’s) in that crypto tokens are sold by the company to the public to raise funds. However, STOs also entitle token holders to a share in the profits of the company based on an underlying asset. 👏
Chinese authorities have been clamping down on token fundraisers since September 2017, when the People’s Bank of China (PBoC) banned ICOs outright and forced crypto exchanges to cease operations. Recently in August of this year, China’s Guangzhou Development District also issued a notice to local businesses prohibiting them from hosting any crypto-related promotions or events.
Other news 📰
A new document published by the U.S. Department of Homeland Security shows interest in tracking transactions conducted using privacy coins. 👀
General Motors (GM) may be eyeing a blockchain platform as a data solution for automated cars. 🏎️
The operator of a London-based transaction network for investment funds, Calastone, is seeking to move its entire settlements system to a blockchain by May 2019. 🤖
Poll of the Day
How much do you agree with this statement: "More U.S. states will follow in the steps of Ohio and become more pro-blockchain in 2019." 💭
And...do you think Wall Street will become pro-blockchain in 2019? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "We will see a U.S. SEC BTC ETF approval by the end of this year"
The average vote was 3.8. The doubt is strong on this one. 😂 It does seem that at this point, the U.S. SEC still has some strong doubts as to whether the markets are ready for the BTC ETF. The good news is that firms like VanEck, SolidX and the Cboe BZX Exchange are actively trying to educate the SEC on the risks and benefits of introducing derivative BTC markets. It might not happen by the end of this year, but we will get there fam. 👍
"Why do you think so?"
You guys said:
Bad timing, and not necessary for the industry - Might not be the best time to introduce it, but I would argue that it is necessary. Derivatives can serve as a great risk management tool, as the risk associated with its underlying asset can be transferred. 👌 Just think they want more time to build consensus among themselves. - I agree. The SEC is probably taking a very cautious approach to this new asset class, which we honestly can't blame them from doing so. I mean, look what happened with the 07 subprime mortgage crisis when lax regulation led to the wide distribution of high-risk credit default swaps. 😂 It‘s time for innovative products - It'll come in due time, brethren. Market is still scammy with whales - Whales are present in every market. This is something we all have to come to terms with, that there will always be greater forces at work. That being said, there will also always be opportunity. So we just have to be smart about it! I see it sometime early next year if at all. - That would be a great new year present, wont it? 😂 It just seems unlikely in a month like December that such a big change would happen. I feel like people want to wrap things up for the year and let the games commence in January. - Yeah, December seems to be the month when people wind down. But, remember what happened last year with CME launching BTC futures? 😉 Anything can happen... 😊 It's time - The crypto community has been waiting for this for quite some time. ⏲️ Give it to us already! Not enough time. SEC rarely moves quickly, especially with a decision of this magnitude. - They do seem to be especially deliberate about this one. 💭
"Not related to crypto, but did you catch the Tyson Fury vs Deontay Wilder boxing match over the weekend?"
11.1% voted "Yes."
88.9% voted "No."
Not many boxing fans it seems... 🤔
"What did you think about the decision?"
You guys said:
I think we ALL know Fury out boxed him and won every round and deserved the win. That been said a draw isn’t THAT unfair for the simple fact that Deontay had a decent fight and knocked him down twice. By typical scoring Fury totally lost on points. But sometimes I think scoring isn’t a fair reflection of the bigger picture. I do think in the bigger picture that there is argument for a draw. Good to see no one lose and 0 tbh, makes the next fights more interesting v AJ, whoever goes that route first. I hope all 3 of them fight each other at least twice each. - I would argue that Tyson won the fight. Fury very clearly outboxed Wilder for the majority of the fight. He was nailing combination after combination. The only rounds Wilder won were Rounds 6 and 12, where he was able to knock Fury down. That would only equate to 2 out of 12 rounds won. If we were to be the utmost lenient we would give him 5 rounds out of 12 - Still not quite enough to arrive at a draw. One judge, not sure what he was looking at that night, even ruled the fight 115-111 in favor of Wilder?! 🤯 This meant that even without the 2 knockdowns, Wilder would have still won. In my opinion, it was a robbery... 😞
"How was your weekend?"
You guys said:
Lazy, very lazy. - We all need these types of weekends once in awhile. 💤 Perfect - Good to hear! 😊 Recharged for this week. - Glad to hear that. Finish the year strong! Very sad! - Oh gosh, I hope you're feeling better already. 😞 Chillin... For some reason your newsletter started going in my junk and I missed loads which was a shame because I enjoyed them. I caught up on a few though! - Hahaha! Glad to hear that you like them. It means a great deal to me that my content continues to stay well received, as a great deal of effort goes into making them. 💖 Good, thanks - Cheers 🍻
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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