On solid grounds

Your daily newsletter for December 5, 2018
Foundations
“The foundation of every state is the education of its youth.”
- Diogenes
Happy midweek, CMC family! I hope your week has been smooth sailing thus far. ⛵ Today happens to be the birthday of the late Walt Disney, the pioneer of the American animation industry. He is perhaps most known for the creation of the character, Mickey Mouse! 🐭 Walter Elias Disney would have turned 117 today! 🎉

In today's newsletter, we will be covering crypto exchange Poloniex launching trading services for institutional clients, crypto trading platform ErisX raising $27.5 million in a Series B funding round and Singapore-based Coinflux Foundation to receive $35 million in funding from big names. 

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! 📚

Today, we also have a special announcement pertaining to our new and improved CoinMarketCap API. 📢 Be sure to check that out below!
Back sliding 
In the last 24 hours, we saw BTC rising up to ~$4,050 earlier on in the day before falling back down through the ~$4,000 level to ~$3,910 where it remains to be trading at. There seems to be some consolidation at the $4,000 range, and coupled with BTC's RSI levels on its daily chart has remaining in the ~29-30 levels with minimal fluctuations over the past few days, this reflects some uncertainty from both the bulls and the bears.

Total market capitalization currently stands at ~$126.1 billion, down ~$3 billion from yesterday. 📉 Most cryptocurrencies are seeing losses in the ~1-4% range. Today's notable mover is Binance Coin (BNB), which is currently up ~11.1%. 📈


Follow the leader 👊
Crypto exchange Poloniex has launched trading services for its institutional clients, and has begun offering institutional accounts with support for different crypto trading pairs and API interfaces. 🤗 Poloniex will also provide no-fee transactions for all BTC/USD Coin trades this month.

Poloniex's institutional clients will be granted higher withdrawal limits, as well as “professional customer support.” 👍 With this move, Poloniex joins industry exchanges like Coinbase in offering services specifically for institutional traders. Coinbase, which also offers USDC trading pairs, began implementing custody services for its institutional clients in May.

Laying the bricks 👏
Crypto trading platform ErisX has closed a Series B funding round that raised $27.5 million, which saw the likes of Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and Monex Group participating. 😲 The company aims to be a Commodity Futures Trading Commission (CFTC)-regulated futures market and clearinghouse, though it has yet to finalize its registration for the latter. 👍

ErisX is being built by derivatives market provider Eris Exchange, and was previously announced as a platform to trade numerous cryptocurrencies and BTC futures. It will also act as a spot market for cryptocurrencies, even though the CFTC does not oversee the crypto spot market. According to ErisX’s website, the platform expects to launch its spot contracts sometime in Q2 of 2019, with futures contracts following. 💪

Healthy injection 💉
Singapore-based Coinflux Foundation is set to receive $35 million in funding from venture capital firms Sequoia China and Baidu Ventures, crypto mining firm F2Pool, crypto exchange Huobi as well as Metastable and IMO Ventures. 💰 The project was co-founded by scholars from the University of Toronto and Tsinghua University, and Turing Award winner Dr. Andrew Chi-Chih Yao.

Coinflux will use the proceeds to build its network and expand its existing 10-person development team. It seeks to officially launch its public blockchain in Q3 of 2019. Coinflux prototypes were able to deploy 20k Conflux full nodes on 800 Amazon EC2 virtual machines and achieved a throughput equivalent to 6,400 transactions per second. 👏

Special Announcement 📢: New & improved CoinMarketCap API! 
Dear CoinMarketCap family, as of today, our Public API and Pro API will be migrated and merged into one "CoinMarketCap API", so as to provide y'all with more precise and robust data points as well as better data access! 

So for those of you who are currently using our Public API, kindly update it to the new one by signing up here: https://coinmarketcap.com/api 😁 

Other news 📰
  • Switzerland’s financial regulators has introduced a new fintech license with “relaxed” requirements that covers blockchain and cryptocurrency-based firms. 😊
  • One of Coinbase's earliest employees, risk operations manager Rees Atlas, has left the exchange and the industry to join publicly-traded tech firm, Twilio. 👋
  • Blockchain consortium Hyperledger has launched a new cryptographic toolbox for developers dubbed "Ursa." 🤖
Poll of the Day
How much do you agree with this statement: "If I didn't discover cryptocurrencies, my life would be much more boring." 💭
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And...do you still find the blockchain space to be exciting? And not-related to crypto, but do you have any specific Wednesday routines? Share with me in the polls! 😆
What you said
"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."

The average vote was 8. I believe this is highly likely as well. With institutions like Fidelity, Nasdaq, Intercontinental Exchange (ICE) and even large U.S. endowment funds of universities like Yale, Harvard and Stanford getting their hands wet as of late, there seems to be a gradual shift towards the acceptance of cryptocurrencies as a viable asset class. Let's not forget that BTC has a weak correlation with the stock markets. If we are to see a stock market breakdown in the following year (which many seem to be anticipating), we might see more money flowing into crypto assets, which might prompt more states to be more accepting of it. 🙏🏻

"Why do you think so?"

You guys said:

More and more big players are getting involved - Seemingly so! Let's also hope for improved legislation to give these entities more legroom and clarity to navigate the space. From this, more networks can be pulled into the space. 🙏🏻
The trend shows that and no state will like to be left behind - The more notable ones need to start the ball rolling though... ⚽
Because the future can not be stopped, not even by those who hate cryptography - This is indeed a powerful movement. So glad to be a part of it. 😊
There are 48 more states. Simple probability estimate. - Anything is possible. Remember when people said we would never see BTC's price go above $1,000? 😉
Simply because the Blockchain and crypto's will be a benefit to all and most people can see that. - It does remove several inefficiencies that fiat has. 👌
Crypto will replace money - I believe that rather than replacing fiat, it will more likely exist alongside it. 
It will be beneficial to your economy. Humans are systemic followers and don’t want to be left behind from something that might be a good thing even if they don’t understand it and aren’t sure. Some humans act the opposite. - Interesting point. FOMO is a far reaching behavioral tendency apparent in multiple facets of daily human life. 😂
I hope more states will follow - The global blockchain community shares the same hope as you. 😊
I'm a Buckeye! Its good to see our state lead the way in what many of us believe is the future. Other states will follow to stay ahead of the curve. Red, blue or purple it doesn't matter, its a smart financial policy for state governments. - Wow lucky you! Must be exciting to be in the epicenter of this technological revolution. 😁
It's an opportunity to attract more tech business. Just look at Malta. - It has the ability to starkly boost the state's GDP. - 💰
More states will follow. Blockchain is trustless. - Blockchains aren't entirely trustless if they are permissioned chains. 
Because this is the future. - Preach it! 📢

"Do you think Wall Street will become pro-blockchain in 2019?"

87% voted "Yes."
13% voted "No."

Really digging the optimism! I certainly think so too. There is currently an unmet demand for crypto asset trading. 🤜🤛

"Why or why not?"

You guys said:
Out of curiosity and due to the money involved - Follow the money! 🤑
Because they know that there is an important portion of the cake that they can not ignore - Hahaha true. They ain't gonna leave that on the table. 
They are already observing what’s happening and probably finding way to do it, as it’s way more efficient and better economically. - I believe that much more will be entering the fray in 2019. In my opinion, it's gonna be an exciting year for the blockchain community! 👀
The old adage, follow the money! - Can't argue with this. 😂
You can't ignore the weight of the VC firms, the economists, the computer scientists and the top mathematicians involved in this space already. Or that the 'big four' are already preparing to use the technology for greater transparency. - Many are convinced of the benefits of blockchain technology. The question lies in whether there will be a demand for cryptocurrencies. 🤔
They will adopt it sometime.. 2019 looks good, infrastructure is in place.. - My gut tells me it's going to be an exciting year. 😉

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