“Happiness lies in the joy of achievement and the thrill of creative effort.”
- Franklin D. Roosevelt
Happy 100th newsletter edition, CMC family! 🎂🥂 We've come a long way since our genesis edition in early August this year. Since then, subscriptions have increased ten fold and I can't thank you all enough for the continued support! 😁 It's amazing how the numbers just keep going up. 🤷 Without your viewership, this newsletter would not be a possibility - this newsletter exists for the people, and is a free and safe space for us to educate and interact with you all. Once again, from the bottom of my heart thank you all for being a part of this newsletter. 💓 Continue to HODL on for the ride y'all! 🎢
Please don't forget to answer the polls down below too! Would love to hear some feedback on how I can improve the newsletter to better serve you! 💭 Happy reading! 📚
In today's newsletter, we will be covering Coinbase adding support for crypto-to-crypto trading, the Swiss governmentwanting to accommodate the blockchain sector within its existing financial lawsand the Hong Kong Stock Exchange's apprehension towards approving the IPOs of Chinese Bitcoin mining equipment manufacturers.
What better way to celebrate our 100th newsletter edition, than to see it accompanied with a mini crypto bull run!
Total market capitalization is currently at ~$113.5 billion, up ~$10 billion for the day with most coins seeing gains in the ~8-12% range. The price spike also brought about a spike in daily volume of ~$17.3 billion, similar to the levels we saw in late Nov this year. Ahhh, it sure is nice to see fields of green for a change...
BTC is currently trading at ~$3,530, up ~8.1% for the day. It's RSI levels on the daily chart shot up from ~30 to ~40.
Constantly innovating 🧠
Coinbase users can now commence crypto-to-crypto trading. 😀 With its latest "Coinbase Convert" feature rollout, the company added support for crypto-to-crypto trading for its retail customers.
Coinbase Convert currently supports trading for BTC pairs with BCH, ETH, ETC, LTC and ZRX, but is looking to add more in the future based on customer feedback. 👌🏻
The exchange has been rolling out this functionality over the past week, and will continue to gradually roll it out to each of the different countries Coinbase offers native payment access in.
Making it work 💪
The government of Switzerland intends to accommodate the blockchain sector within its existing financial laws. 👍 The council has proposed an amendment to the country’s securities law to increase the legal certainty of crypto tokens. It also wants to segregate crypto assets from the insolvent debtors’ total estate in bankruptcy proceedings.
The Swiss government has been working on blockchain regulations since 2016, when the country’s Federal Department of Finance outlined its plans to regulate fintech. Most recently, Switzerland’s Financial Market Supervisory Authority (FINMA) introduced a new fintech license with “relaxed” requirements that is applicable to blockchain and cryptocurrency-based firms. 😊
Cold feet ⛸️
The Hong Kong Stock Exchange (HKEX) is reluctant to approve the initial public offering (IPO) applications of Chinese Bitcoin mining equipment manufacturers. 🤔
Following the 2017 cryptocurrency market boom, mining giants Canaan Creative, Ebang and Bitmain applied to sell shares on the HKEX. But the 2018 bear market has made the exchange nervous about listing such companies. 😰
According to Ivy Wong, a partner at the law firm of Baker McKenzie in Hong Kong, the companies’ reasons for seeking IPOs may vary – some do it for profile and presence in the market while others do it for fundraising and realizing gain. She also added that it may be too early to gauge the success of any of these crypto companies as the market is still relatively young and it remains to be seen how they emerge and develop. 💭
Other news 📰
State-owned Brazilian National Social Development Bank is using Ethereum to issue a stablecoin. 💲
Malta is about to get a bank that will finally begin servicing crypto and blockchain companies as well as high net worth individuals. 😁
Timothy C. May, cypherpunk legend and author of the “Crypto Anarchist Manifesto,” has passed away at the age 67. 😔
Poll of the Day
On a scale of 1-10 (10 being great enjoyment), how much do you enjoy reading this daily newsletter?💭
And...what do you enjoy about it? What would you like to see changed? What else would you like to see in upcoming newsletters? Share with me in the polls! 😆
What you said
"On a scale of 1-10, how beneficial would the new Coinbase feature of enabling cash to be directly withdrawn into PayPal accounts be to you?" 💭
The average vote was 8.5.
You guys said:
Fast withdrawal - It's going to make things a tad bit more convenient. The fee free benefit is a big added plus too! Think of the benefits it brings to those who do not invest large amounts of crypto; they are now able to move money into their PayPal accounts and spend them directly from there. There are now more avenues for everyday crypto expenditures. 👍
Well for me $ walks in one direction from bank to crypto, to happy future, have yet to experience a need to withdraw - When the time arises when you have to, you're going to be so thankful for this new feature roll out. Cashing out is never easy for a host of reasons. 🤦♂️ Faster cash back - The entire process is much more efficient. Traditionally, to cash out crypto to a bank, bankers still have to manually approve the wire transfers, which can set you back several days. Plus they even add a transfer fee for processing your transfer. 💸 I like the idea of seamless system integration - As with each step we take to create more crypto-fiat gateways, we are taking one more step towards mainstream adoption! 👌 Easier to get your profits - Yay for ez access! 🙌 Just to release cash is a bonus - A definite huge bonus. Anyone who has cashed out from crypto-fiat can vouch for this. The waiting time when your cash is in 'limbo' (being transferred from crypto exchange to bank) is tormenting. At times, banks might not approve of the transfer and your funds can get stuck. Because no party is liable for the time the funds are in limbo, there have been cases where some people have lost funds this way! 💸
In a sense it will enable payments.. u withdraw btc to your PayPal account & u can use the vast PayPal network for payments.. will mean more adaptation. - Well said. This too is what I am most excited about. PayPal is such a widely accepted payment medium. 😊 This will encourage more money into crypto as there is a more familiar way in which they can move their funds around. We need to make the crypto space as easy as possible to manage, and a CB/PayPal withdrawal would be a great step. - Agreed! Options are always a good thing. - No doubt. Having as many at our disposal is never a bad thing.
"Do you feel that you currently have sufficient fiat-crypto gateways available?"
14.3% said "Yes".
85.7% said "No".
The tribe has spoken. We need more gateways as they bring about a greater degree of convenience and accessibility to the crypto space. Having fast and reliable ramps to and from the crypto space would encourage more people to buy in. 👍 Many people on the fence are still worried that buying into crypto might be a one way street, and so this would give them one less thing to worry about. It would be such a huge step forward towards mainstream adoption. 👣
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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