“Momentum begets momentum, and the best way to start is to start.”
- Gil Penchina
It's Christmas Eve everyone! 🔔 I hope you are all thoroughly enjoying the festivities with your friends and loved ones. Today also happens to be the birthdays of radio personality and TV host, Ryan Seacrest, and Puerto Rican pop musician Rickey Martin! Livin' la Vida Loca~ 🎶 I'm sure those two are especially enjoying this fine day. 😄
In today's newsletter, we will be covering ICE likely to delay Bakkt's launch,
3 executives of South Korean crypto exchange UPbit charged with fraud and Coinbase CEO pledging to donate much of his wealth to charitable causes.
Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚
Jolly good 😄
Over the weekend, markets retraced slightly on Friday to ~$126 billion before rallying throughout Saturday and Sunday to ~$142.5 billion, where it is currently standing. This mini bull run over the past week has seen BTC dominance drop from ~55% to ~51.5%. 24 hour daily trading volume has been in the ~$20 billion levels as of late, a relatively healthy level as compared to previous weeks. 💪
BTC is currently trading at ~$4,210, up 3% from Friday. It is currently challenging this moderate resistance zone (~$4,000 to ~$4,200), which if it clears could possibly see it go past its 50-day EMA line and a run up to the $5,000 levels. RSI levels on the daily chart are currently at ~57, built up from 'oversold' ~28 levels over the past week, indicative of some moderate momentum to make this a possibility. 😊
On the weekly chart, BTC's RSI levels have also been increasing, and MACD indicators are headed towards convergence for BTC - which if occurs, could lead to a mid term bullish run. 👁️
Logical deductions 🤓
The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, may possibly delay the launch of Bakkt, its Bitcoin futures trading and custody platform that will offer physically settled BTC futures contracts. 😟
ICE announced in a blog post earlier this year it expects trading to begin on 24 Jan 2019. However, it has yet to receive the requisite approvals from the U.S CFTC - The CFTC must first grant Bakkt an exemption to custody BTC on its clients' behalf in its own warehouse, as regulations traditionally require customer funds be held in a bank, trust company or futures comission merchant (FCM).
At this juncture, CFTC has received Bakkt's exemption request (21 Dec) and will vote on whether to put out the proposal for public comment for a 30-day period. The CFTC will then likely take a few days to read the commence and after which, vote on the proposal. However, since the 30-day clock will likely commence on 26 Dec, as the 24th and 25th are federal holidays, this will push the end of the 30-day clock to 25 Jan, even without taking into account the time needed to read the public comments. ⌛
Where there is smoke... 🤔
3 executives of UPbit, one of South Korea’s largest cryptocurrency exchanges, have been formally charged by the Prosecutors’ Office of the southern district of Seoul on the basis of fraud. 👨⚖️
Founder Song Chi-Hyung and 2 other senior staff members, have allegedly made fraudulent transactions between Sep to Dec of 2017 through a fake corporate account to make fake orders worth 254 trillion won (or $226.2 billion), so as to inflate trading volume figures and attract more customers to the exchange. They are also accused of selling 11,550 BTC to customers at an average price of ~$11,585/BTC through rigged transactions. 💸
UPbit has since denied the allegations in a publicly released statement stating that it only "provided liquidity to our [their] corporate account and have not benefited or traded in this process". However, it conceded that it had made some transactions early on for marketing purposes for a period of about 2 months, which it claims to not have affected the market and comprised only of about 3% of the total volume at the time.
Philanthropic pursuits 💝
Coinbase CEO Brian Armstrong has pledged to donate much of his net-worth to charitable or other causes. 👍
According to a blog post on "The Giving Pledge", a website founded by Bill Gates and Warren Buffet to encourage the rich to donate their wealth to worthy causes, Armstrong said that once a certain level of wealth is acquired, that "there is little additional utility" from spending more on oneself. Armstrong is therefore more interested in helping others' ideas come to fruition, "whether it’s through improving education, creating a more level playing field, or increasing economic freedom." 👏
Other news 📰
News site Popula has successfully stored a U.S. news article in full onto the Ethereum blockchain. 📰
Crypto mining equipment manufacturer Ebang has refiled its draft IPO prospectus with the Hong Kong Stock Exchange (HKEX). The new prospectus revealed a significant drop in revenue over July to Sept. 💸
Facebook is reportedly working to launch its own stablecoin for money transfers for its messaging app, WhatsApp. It is supposedly only still in the strategic planning stage. 👁️
Poll of the Day
On a scale of 1-10 (10 being most likely), how likely are you to pledge to donate the majority of your net worth for philanthropic causes/ charity when you die?💭
And...why or why not? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most confident), how confident are you that all your devices are free of any crypto malware?" 💭
The average vote was 7.7. Seems like most of you aren't as confident as you should be! Whatever the case, you should never store all of your cryptocurrencies on a centralized exchange. Instead, I would recommend storing the majority of them in a cold wallet like Trezor/ Nano (bought first hand), and leaving the rest in a hot wallet to perform necessary trades in. Also, never ever store your private keys on your desktop as you never know when your device is compromised, which brings me to my next point... always have an anti malware running!
"Why do you say so?"
You guys said:
I don’t concern myself but I feel everything is infected - Get it thoroughly checked! All it takes is one instance for you to lose all your cryptos. Never say never, but I'm rather security aware, taking several precautions and I don't think it would go unnoticed to me. - Good on you. Security cannot be understated, especially in this space. Countless of cryptos have been lost due to negligence, and I wouldn't want it to happen to anyone. 😟 I keep crypto on separate computers where there is no other browsing activity what so ever, they are dedicated computers, only crypto. - A good strategy! I should adopt it haha. I would have given 10 .. but then over confidence is not good 🙂 - True. Overconfidence, the slow and insidious killer. 🔪 While I'm pretty confident 😅I don't have any malware☣️ on my mobile and PC devices. I try to use good antivirus and VPN👨💻. But I can't be 💯 percent...by the way I just joined, excellent news letter 😎😀🤘 - Good to have you on here mate! Appreciate the sign up 🤘 While it's hard to ever be 100% sure in these things, it's great that you're taking precautions. Currently using Ledger Nano S wallet! - Sleek device! 😎 I switched to an encrypted email, protonmail, from a free email plus I use a vpn. - Good switch! I am not sure if the developer of my devices already made anti crypto malware for it - Don't just rely on default security programs! Extra precaution is always recommended. I’m not sure if my device is free of crypto malware. All I do is buy crypto, I don’t mine it.....but I guess I can check to make sure. - Please perform a full check up when you find the time.
"What are some of the measures you take to prevent crypto malware from infecting your devices?"
You guys said:
Wish🧚🏻♀️ - Wishin ain't enough. 😂 I keep crypto separate from my browsing and roaming laptop. - Good strategy. 👍 Use general best practice & lot of common sense. do read #MyCryptoWinter on twitter there are some very good advices. one thing i have noticed is that guys using computers since late 90's generally know a lot of underlying stuff may be because of DOS, terminal & all the things (in a way that time is a reflection of the crypto scene today). on the whole i thing security cannot be taught, it is acquired knowledge & comes will exposure over a period of time. OT guys using since 80s made apple & microsoft. - While true security know-how might be something that can only be acquired over time, there are many online guides out there which can help people achieve an acceptable level of security. I believe #MyCryptoWinter has rebranded to #MyCrypto.com, but yes they do have good advice! Oh well as stated above 😆 Im using antivirus on my mobile and VPN, as well on my other devices. I also use encrypted email and dashlane for managing all my password 😬🤓. I think I have a good system🤪🤔. - Sounds pretty bulletproof to me! 🛡️ Well I don’t mine crypto at all. - It doesn't matter if you mine! There might be malware in your IoT devices that might be mining crypto for other people without your consent. 😈 Antimalware, antivirus, no third party soft installation - Checking regulary for update and i don't install anything that i not investigate before - It's always good to do your research! But don't neglect anti-malware software too. Sometimes, third party apps can be compromised after they've been installed.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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