Merry Christmas, CMC family! 🎄 And thank you, for tuning in even on this blissful holiday. May this Christmas season bring you all nothing but fond memories, happiness and laughter. ❤️ Be good!
Today also happens to be the birthdays of Princess Alexandra, The Honorable Lady Ogilvy, who is also the youngest granddaughter of King George V and Queen Mary. 👑 She turns 82 today!
In today's newsletter, we will be covering what the director of the Korea Institute of Finance thinks is crucial to facilitate the growth of the crypto market, a research report on remittances by Clovr and 340 UK cryptocurrency companies dissolving this year
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! 📚
Christmas crash 🛷
Over the past 24 hours, total market capitalization dropped from ~$142.5 billion to ~$129.2 billion, with most coins seeing losses in the ~10-16% range. BTC is currently trading at ~$3,830, down ~9.8% for the day. It is currently challenging its 21-day EMA line on the daily chart, and RSI levels dropped from ~53.2 to ~47.5. It seems like BTC failed to break through the moderate ~$4,000 to ~$4,200 resistance zone this round. Let's hope it manages to do so on the next run up!
Guardians of the (crypto) galaxy 🛡️
According to the Korea Institute of Finance's director, Gong-pil Choi, crypto custody is crucial in facilitating the growth of the crypto market. The Korea Institute of Finance is the agency that works closely with the government to research and evaluate financial policies so as to boost the country’s financial sector.
Choi said that the custody solutions market within the space will grow rapidly in the short term, as investors are seeking for regulated and secure ways to invest in the emerging asset class. When a major asset manager of institution seeks to enter the crypto market, custodial services and regulated investment vehicles are necessary to facilitate a large investment. 🛡️
He affirms that "the storage of private keys can be burdensome for investors" and that even 'the traditional financial sector has seen the establishment of the custody market." Hence, with cryptocurrencies being deemed by many to carry more handling risk than traditional assets, "the custody market in crypto will become a rapidly growing market." 💭
The cheaper alternative 💸
According to a report by research focused company Clovr, there has been a significant rise in the use of cryptocurrency in remittances across the globe. 😊
Part of the report included a 707 people survey that delved into their remittance habits discovered that 15.8% of them used cryptocurrency. To illustrate the disruptive capabilities of cryptocurrencies as a remittance medium, the study revealed that in order to send $500 abroad, banks charge $52.05 on the average, compared to $30.75 for money transfer operators, $34.05 for the post office and $16 for mobile operators. 🤯
As individuals are looking to ensure that as much of each dollar remitted gets sent, "digital payment options, like those presented by cryptocurrencies, can pique the interest of customers" going forward. 😉
'Twas a rough year
According to British news outlet Sky News, at least 340 cryptocurrency or blockchain companies in the UK were dissolved this year. 😔
Sky News gathered data from OpenCorporates, a website sharing data on corporate entities, and Companies House, the U.K.’s registrar of companies, and discovered that about 60% of these companies ceased activity between June and November, and that for the first time in the space newly registered crypto companies were growing at a slower rate than at the rate these businesses were dissolving. 😢
Other news 📰
A bill has been passed by U.S. regulators, called the “Blocking Iran Illicit Finance Act”, that threatens Iran with sanctions in response its plans to develop its own national cryptocurrency. 📜
CoinVantage and Picks & Shovels are merging to become "Interchange", which seeks to make crypto-asset management easier for institutional players. 👬
As of 23 Dec, node channels that support the Bitcoin Lighting scaling protocol were able to facilitate a capacity of 496.8 BTC. 💪
Poll of the Day
On a scale of 1-10 (10 being maximum enjoyment), how much do you enjoy Christmas?💭
And...is Christmas your favorite holiday of the year? Also, what are your plans for Christmas? Do you have anything special planned for today? Share with me in the polls! 😆
What you said
"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?" 💭
The average vote was 5. Split right down the middle.
"Why or why not?"
You guys said:
It feels good to do some good to someone who can’t repay - It is never a bad idea to lend help to someone without expecting something in return. 😊 Others will feel loved and cared for, but we also feel great for doing a good deed! Havent given it a thought, life hasn't started yet lots of self needs yet to be fulfilled. - No doubt, you should ensure you are stable and secure before considering an endeavor like this. 👍 Can't take it with me. I can however, choose how to keep working through my wealth. - That's a good way to look at it. In more ways than one, it helps to grow your legacy and continue to help others achieve their dreams. 👌 It would only be right for me to pay something forward to lift the others up. When you circulate wealth it comes back full circle to you. - But don't just do it for good karma points. True generosity has to come from within! 💖 To be honest in my country helping others is the most og the dignity - This should be universal IMO. 👍 Even before I die. - Good on you! Hopefully things change but goodwill would turn their nose up at what I’m currently leaving behind 😆💸💸🕸🌈🥅🏆 - Hahaha don't say that. Any contribution would go a long way. 😃 Because I have family. Got a ways to go for my family to be taken care of first. - Most definitely have to take care of that first.
As of now, I looking into donating some of my wealth but not the majority of it. - That is fantastic. Helping others and lifting them up is one of the pleasures of life. 😀 You will not bring all of those net worth to your afterlife. - Always good to not be too attached to the material things. Because you can't bring your money with you, maybe it isn't a bad idea to put it into a good cause then? It all depends on the size and needs of my family. - Perhaps once you have that sorted out, you could think about it! 🤔
I'd rather dictate the use than allow any other to do so. I already have a plan for both my own family (and their children) and a program I'm setting up for a humanitarian cause. - This is true too. There have been numerous cases where charities take the kindness of others for granted and misappropriate their funds. Sounds like you went out of your way to formulate a solid plan to contribute to the less fortunate and have one that you are comfortable with. Kudos to you! 💪
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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