We have made it to mid week. Keep up the good work, fam! For those of you who aren't following Coinbase's 12 Days of Coinbase (announcements): Yesterday, Coinbase announced that it has donated $10,000 in Zcash (ZEC) to feed Venezuelan families in the town of Santa Elena de Uaire! 😊 And today in history (1991), the Russian Federation became independent from the USSR. 🎉
In today's newsletter, we will be covering the U.S. CFTC wanting to learn more about Ethereum, a FATF report revealing that U.K. crypto exchanges pose a 'low risk' for money launderingand crypto exchangeGemini launching its mobile app.
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! 📚
Quiet day 😴
Similar to the day before, there wasn't much activity on the markets in the past 24 hours. BTC is up a slight ~1% and is trading at ~$3,480. RSI levels on the daily chart has been relatively stagnant in recent days, hovering in ~28-31 range, indicative of perhaps some uncertainty and short term consolidation at the ~$3,500-$3,600 levels. In the broader picture, BTC seems to be trading within a downward channel, having formed lower lows since mid November. 😔
Total market capitalization currently stands at ~$110.4 billion, up ~$0.4 billion for the day, with most cryptocurrencies either seeing gains or losses in the ~1-3% range. Notable movers of the day are Tezos (XTZ) and Waves (WAVES), currently up ~14% and ~16.3% respectively. 📈
The U.S. Commodity Futures Trading Commission (CFTC) wants to learn more about Ethereum, its technology, and the markets surrounding it. In a “Request for Input” (RFI) published yesterday, the regulator explained that it is looking for public feedback on different questions about Ethereum, ranging from its technology to how it’s being used. 🤓 It further explains that its findings will form it's oversight of the Ethereum market, as well as any derivatives markets related to the cryptocurrency. 👍
The RFI was published through CFTC's fintech initiative, LabCFTC, which exists to educate the public on crypto assets, and to act as a mediator for participants in the space wanting to interact with the regulator.😎
Proceeding with caution 👀
A report published last week by the Financial Action Task Force (FATF) has found that U.K. crypto exchanges pose a “low risk” for money laundering and terrorist financing activities. 🙄 However, the regulator has asked U.K. authorities to formulate a plan to extend anti-money laundering and counter financing of terrorism rules in the crypto sector to mitigate any potential risks.
The U.K. has acknowledged that there are “inherent vulnerabilities” associated with the anonymity of digital currencies, and thus is planning to regulate cryptocurrency exchanges under its implementation of the EU’s 5th Anti-Money Laundering Directive to monitor exchange services between cryptocurrencies and fiat. 🤔
The FATF is also expected to issue guidance for global cryptocurrency regulation by June 2019.
Catering to the masses 👐
Cryptocurrency exchange Gemini has launched a mobile app for crypto traders that allows customers to buy or sell cryptocurrencies, view market prices, access portfolio values, and set price alerts among a slew of other features. 😊
According to its co-founder Tyler Winklevoss, the app "features Gemini’s institutional-grade security, while remaining easy to use." It also allows customers to simultaneously purchase the "Gemini basket", which is BTC, ETH, BCH, ZEC and LTC as weighted by their respective market capitalizations. 👍
Other news 📰
Jeremy Henrickson, former chief product officer of Coinbase, has left the company. 👋
U.K member of parliament, Eddie Hughes, has called for allowing taxes to be paid with cryptocurrencies. 👍
The Gibraltar Stock Exchange has launched insurance coverage for crypto assets on its platform. 😁
Poll of the Day
How much do you agree with this statement: "I would love to buy a blockchain phone that I can buy, sell, store and trade cryptocurrencies with" 💭
And...do you think Apple will release a blockchain phone within the next 5 years? Share with me in the polls! 😆
What you said
"On a scale of 1-10, how likely do you think Facebook will eventually release its own cryptocurrency?" 💭
The average vote was 6.8. Seems that you guys are moderately convinced. I believe that the ball is in Facebook's court in this. 🏀 There are many things they can do with a native token, from perhaps buying/ selling data, enabling more secure communication channels or even buying/ selling ads. With such a large user base, I believe that this is a question of whether it's worth their time to do so. 💰
"Why? What do you think the coin will be able to do?"
You guys said:
Because Facebook's network is very big and can do something difference It will spy on your spending habits. - It's really scary how much Facebook knows about us. For example, click on your Facebook app on your mobile. Go to 'Settings & Privacy' -> 'Settings' -> 'Ad Preferences' -> 'Your information' -> 'Review and Manage Your Categories'. Crazy stuff, huh? 😉 Send private information quickly and efficiently to '' friends'' - Creating secure channels and enabling pay-to-use functionalities could definitely be a possibility. 👌 There is money to be made so if course. Facebook will enter the fray - Follow the moneh. 🤑 It will be used as a utility token for the social media platform - I believe it's very possible. You can perhaps use the token to buy or prevent ads, pay for more secure services, buy or sell data, etc. 🤔 They are a very self centered company and are not likely to want to develop a decentralized currency. - I would never rule Facebook out. Look how they managed to tap into Snapchat's market through Instagram Stories, and made it arguably the more popular medium to display one's daily stories. 🤯 Payment me to the use of my data - Instead of using it without our consent. 😂 They already have the social platform in place, they just need to brand it (coin) in such a way everyone will want and know how to use it. Everything from using it to encourage buy/sell/classified groups to transact on their platform to giving advertisers lower rates as coin holders. Even rewarding good social content to encourage use. It's unlimited for a company like this. - The possibilities are endless. They have such a large user base at their disposal. I think it's just a matter of whether it would be worth their time doing so. Pay for advertisements and other ‘linking services related to Facebook - Very viable use cases! 👍 It had more chances of creating a CC if it was during the 2017 euphoria, nowadays, with this much uncertainty, I think it's less likely. But, if they do, it could be a tipping system for good posts. - Something like steemit, huh? 🤔
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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