“It does not matter how slowly you go as long as you do not stop.”
Welcome back from your weekend, CoinMarketCap family! Hope it was good one. I am sure we are all brimming with excitement as we anticipate Christmas and the New Year that is just around the corner. 🎄 Continue to push on for the next 2 weeks so you can fully enjoy the festivities! 🎆
This fine day also happens to be the birthday of the late American poet great, Emily Dickinson. ✍️ She was a prolific poet who wrote close to 1,800 poems and had a knack for 'death' and 'immortality' themed poems. She would have turned 188 today.
In today's newsletter, we will be covering US Congressmenintroducing 2 cryptocurrency related bills, Mastercard filing a patent to anonymize cryptocurrency transactions andCoinbase in deliberation to add new 31 crypto assets on its exchange.
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! 📚
Climbing out of the hole 🕳️
Over the weekend, the crypto space managed a slight recovery after Friday's steep drop. It steadily recovered from ~$104.0 billion to ~$112.5 billion. BTC dominance also hit 55% after rising steadily from ~51.5% since the start of November, indicative of the lowering sentiment of the other cryptocurrencies as of late.
BTC is currently trading at ~$3,550, up ~7% since Friday. However, it is still trading outside its lower Bollinger Band, indicative that it is still trading 1 standard deviation below its 20-day SMA. RSI on the weekly charts is still at ~30, indicative of strong downward momentum. BTC seems to be trading within a downward channel with some strong downward momentum, so it is very possible that we haven't found the bottom just quite yet. 😔
An urgent urging 🙏🏻
U.S. Congressmen Darren Soto (Democrat) and Ted Budd (Republican) have introduced 2 bills to prevent cryptocurrency price manipulation and to boost acceptance of the tech. The introduction of these bills comes with the intent on making the U.S. a “leader in the cryptocurrency industry.” 📝
The bills question the Commodity Futures Trading Commission (CFTC) and other U.S. financial regulators to come up with a roadmap to better regulate cryptocurrencies in order to protect individuals and businesses. 👌
The first bill - “The Virtual Currency Consumer Protection Act of 2018” - seeks research on how crypto price manipulation takes place, its impact on investors, and how to prevent such activities through regulatory changes. The second bill - “The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” - asks regulators to carry out research on crypto regulations in jurisdictions across the globe and to recommend any legislative changes to promote the growth of adoption of cryptocurrencies in the U.S. 👍
Nobody has to know... 🤫
Mastercard has filed a patent with the U.S Patent and Trademark Office to anonymize cryptocurrency transactions, proposing a blockchain system that conducts transactions that could obfuscate both the point of origin and the amount being transacted. 🤖
The application notes that blockchain platforms are being increasingly used to conduct transactions for greater privacy, but since most blockchain ledgers are not actually anonymous due to “the nature of the blockchain as an immutable ledger”, that there is a need for a technical solution to increase the anonymization of wallets. 🤐
Crypto exchange Coinbase has revealed 31 crypto assets it is considering for listing. 🤔 However, it is not yet adding the tokens but rather, is “continuing to explore the addition” of them. 🧐
However, there are some limitations to the process of adding new tokens, as it requires “significant exploratory work” in terms of technical and compliance aspects. Coinbase also highlighted to its customers that they may see some of these assets appearing on public-facing APIs and other services before they are officially listed. It is also unable to commit to when these assets will become available and is also unable to guarantee that all 31 tokens will be actually added.
With the New York State Department of Financial Services (NYDFS)'s approval, Winklevoss-owned crypto exchange Gemini will be adding support for Bitcoin Cash (Bitcoin ABC). Trading will commence today at 18:00 UTC. 💪
KFC in Venezuela is accepting payments using Dash (DASH) Cryptocurrency. It is joining the ranks of Subway and Papa John’s Pizza by doing so. 💰
IBM has collaborated with The Abu Dhabi National Oil Company (ADNOC) for a blockchain supply chain system. 🤝
Poll of the Day
How much do you agree with this statement: "I would love to pay for my Starbucks with Bitcoin" 💭
And...what is the one thing you wished you could pay with cryptocurrency? Why? Share with me in the polls! 😆
What you said
"In reference to the $1 million bet by Morgan Creek Digital (see above): On a scale of 1-10, how confident are you that BTC will outperform the S&P 500 in % gains by 2029." 💭
The average vote was 9.1. Loving the optimism, fam. 🙌 I sincerely believe so too. This space, despite the price action seen in the brutal past couple of months, still has much potential to live up to. 👍 With all the brilliant minds working to further this space, I am confident that we will see significant fundamental improvements in the coming years. 😁
"Why do you think so?"
You guys said:
It is all still so new... - True, who knows what could happen? What we do know, is that this space is presenting a solution to an existing need, and that some very smart people are collectively working towards satisfying that need. I'm putting my money is on that. 💸 Fiat on it's way out. Recession occurring about every ten years. one on the way and national debt doesn't appear to be getting under control. - Hmm... I don't that fiat is "on it's way out". I believe that crypto will exist alongside it as a viable alternative, but fiat will still remain the dominant medium. As for the recession, which I think would most likely be triggered by the EU housing crisis/ U.S. student loan debt situation, we don't know if people will shift their assets over to crypto, but we certainly hope they do! 🙏🏻 USA economy is going to tank BIG time in the next 2 - 5 years and SP500 will drop 70% at least - 70% wow. That sure is a big drop. The '08 financial crisis at the time brought it down about 52%. I guess you're assuming that the next crash will be significantly bigger that the previous one. 🤔 Because value won't be connected to materials, gold /silver etc. It will be digital. So many positive features are being developed through R & D! It is leading the way to our global future! - Each time I peer into the future of blockchain, it never ceases to excite me. 🙏🏻 There isn't any S&P in 2029 - Hahaha, this made me chuckle... 😆 It just makes sense, there isn't enough space here to explain it all. Once institutions start buying in the markets will go up significantly...that's just one of many reasons. - Actually, institutions entering the fray does not necessarily translate to market prices going up. When institutions enter, being as smart as they are, they would not enter at high prices or through market orders. Instead, what they would do is buy them at the lows or through limit orders, thus allowing prices to remain relatively low and constant. The important benefit of institutions entering the fray, is that they inject liquidity into the markets and make them deeper which enables better price discovery. 🔑 Because the blockchin is our future.......... - It sure is. 👌 The market is going to crash by 70% within the next two years and it will take 8 years to get back to current levels. In the meantime, cyber currencies will be accepted by tens o fmillionsof businesses worldwide and increse in value accordingly. - That is the dream! 😉 Limited supply & mass adaptation. everyone will like to have at least 1 BTC. - I personally think that it's a great time to start accumulating. 👍 Cryptocurrencies are here to stay and they are the future of money, while blockchain is the future of computing. What we've seen so far is less than the tip of an iceberg. - 👀 This is the future. - Preach it! 📢 My crystal ball told me - "Oh, crystal ball, crystal ball~ - Keane" 🔮
"Do you have anything interesting planned for the weekend?"
Yes. Crypto education. - Never ever a bad idea. This space can get pretty complex. 👍 Always. Set up my Blocknet wallet - Cool! Hope it has a great interface that is very user-friendly. 👌 I'm moving from CA to OR. 700 miles, if that's interesting please post. haha. - Of course I'm posting this. Moving to the a new state is always a big deal. All the best! Kill it in your new state! 💪 Enjoying r & r! - Chill vibes... Yes, meditation on my next destination - Meditation is great. It centers you. 🧘 I am sure you will pick the right destination. Tech analysis of the Cryptos. - The charts ain't looking too pretty as of late, huh? 😂😭
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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