“The secret of your future is hidden in your daily routine.”
- Mike Murdock
Good Thursday, fam! Many of you must be back at work today and dreading the return after the extended break. 😂 Good news is that the weekend is already around the corner. Don't you just love December? 😄
Today in history (2007), the former Pakistani prime minister Benazir Bhutto was assassinated. The assasination took place in Rawalpindi, Pakistan, shortly after her political rally at Liaquat National Bagh.
In today's newsletter, we will be covering an interdisciplinary committee of the Indian government not for an outright cryptocurrency ban, crypto exchange Bithumb acquitted from a $335,000 hack civil courts lawsuit and the Litecoin Foundation to sponsor UFC 232.
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! 📚
Over the last 24 hours, total market capitalization dropped from ~$132.6 billion to ~$126.5 billion, with most coins seeing losses in the ~5-10% range. Markets seem to be retracing after the mini bull run we saw last week. BTC is also down ~2.4% for the day and is currently trading at ~$3,780. Momentum has been slipping to the bears, evidenced by RSI levels on the daily chart dropping from ~55 to ~46 over the past few days. BTC is also challenging the 21-day EMA support level at time of writing.
Fingers crossed 🤞
According to New Indian Express article, an interdisciplinary committee set up by the Indian government to investigate cryptocurrencies is not in favor of an outright ban, and could possibly lead to the country legalizing cryptocurrencies but under tough terms and conditions. 👊
A senior official who attended the committee meetings told the newspaper that there has already been 2 meetings, and "there is a general consensus that cryptocurrency cannot be dismissed as completely illegal" and that "it needs to be legalized with strong riders." 😊
The committee was created in April 2017 to examine the legal framework related digital currencies and to suggest new ways to deal with the technology, such as addressing consumer protection issues and money laundering.
Personal ownership ✋
A South Korean court has ruled in favor of South Korean crypto exchange Bithumb, after a user was hacked for $355,000 and attempted to sue the firm for the loss. 👨⚖️
Court documents reveal that Bithumb user, Ahn Park, claimed to have had 400 million Korean won on 30 Nov 2017, and had a hacker log in to his account to purchase ETH with the funds before transacting out the tokens in 4 transactions. 💸 Ahn then took the case to a civil court in Seoul in an attempt to reclaim his funds, arguing that the exchange did not adequately serve its fiduciary obligations and pointed out a major information breach that occurred to Bithumb in April 2017 as a possible source of leak of his account details.
However, the court ruled that according to the Electronic Financial Transactions Act, Bithumb is "not a financial company, an electronic financier, or an electronic financial assistant" and therefore is not responsible for the loss. The court was also unable to verify whether it was the major information breach that led to the account hack, as his login details could have been obtained via a phishing website, or his cellphone might have been hacked. 💭
Lace em up 🥊
The Litecoin Foundation will become a sponsor ofan event of the Ultimate Fighting Championship (UFC) mixed martial arts organization that will be held on the 29 Dec this year. 👀
According to a statement released by the foundation, it has become the “Official Cryptocurrency Partner” of the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson at UFC 232, adding that the sponsorship is part of an effort to expand the adoption of digital currencies - "With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”
Other news 📰
A verified Bitmain staff has confirmed on Maimai (China's LinkedIn), that the company will start laying off more than 50% of the entire Bitmain headcount next week. 😥
Scientists at the Dalian Institute of Chemical Physics at the Chinese Academy of Sciences in Liaoning have developed a method to turn copper into a substance that is “almost identical” to gold. 🤯 This could eventually negatively impact the demand for gold, and allow Bitcoin to be more valued as a store of value.
The United Nations Office on Drugs and Crime (UNODC) will partner with blockchain-based telemedicine and telepsychology firm, doc.com, to expand free basic healthcare services across Eastern Africa. 🤝
Poll of the Day
How much do you agree: "More crypto/ blockchain companies should be sponsoring sporting events"💭
And...if you owned crypto/ blockchain company and were looking to be a sponsor, which sport would first come to mind? Why? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being maximum enjoyment), how much did you enjoy your Christmas?" 💭
The average vote was 6.8. Not as well as I expected. 😂
"Why do you say so?"
You guys said:
Did not celebrate it due to lack of funds - Oh man! I hope you were at the very least able to feel the warm Christmas vibes. Christmas should never be about money! Just alone - You ain't alone, I'm always here for ya! 🤙 Family and good food - Good vibes only.
Enjoyed the day and dinner with Sister and family and we were all able to Zoom and enjoyed time with my kids and grandchildren! - Its was lovely.. food, family & late night chat, catching up with everyone.. thank god for all this.. already looking forward to next Christmas. - Sounds like you got your healthy dose of Christmas this year. Lucky you! 😊 I did not have enough to give - There is always something to give. Never think it has to be something material/ monetary and don't ever feel inadequate! 😄 Granddaughters and boating - Bougieee 🛥️ The family was not here to visit so it just doesn't feel the same ! - It's never ever the same without family. 😢 Market down. Crypto down - Let's take it in stride and focus on the long term! 😊 I got to visit my mother, but not my son. - Oh no. I hope your paths will cross again sometime in the near future. 🤞 Bad mood - It happens... it'll pass. 👍 I created an atmosphere of great love, fun, and acceptance. - I would love to be at a party where you're hosting! 🎉 .................if kindness, consideration and selflessness need a national holiday to do what should have been done long ago ,then the nation is dying a slow death. - Why the pessimism! You can find kindness everywhere if you look hard enough. Focus on the positives and do your part! Be the light for others. ⭐ 10/10 = Swiss Alps + All Family + Blue Sky 7/10 = England + Cloudy sky + incomplete family = In my books, anything + family = 10/10. 💕 Didn’t do much but received gifts that I wanted and gained a significant other. 😊 - The stars truly aligned for you this festive season. 🌟 So happy for you!
"Are you already looking forward to the new year?"
86.2% voted "Yes".
13.8% voted "No".
Bring it on 2019!
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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