It's Thursday. Wherever you are, don't forget to try and enjoy whatever it is you're doing today! Be appreciative! 😀
Today in history (1920), the Treaty of Versailles went into effect. It was the peace treaty that brought the end to WWI, by ending the state of war between Germany and the Allied Powers. The treaty required Germany to disarm, make ample territorial concessions, and pay reparations to certain countries to the tune of 132 billion marks (then $31.4 billion, roughly equivalent to $442 in 2019). 💸
In today's newsletter, we will be covering a newly released privacy cryptocurrency found to have a critical vulnerability, Venezuela submitting a complaint to the UN against U.S sanctions and 2 major European regulators calling for crypto regulation at the EU level.
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! 📚
There wasn't much activity in the past 24 hours. Total market capitalization hovered between ~$136.3 billion and ~$138.3 billion, with most coins seeing either gains or losses in the ~1-4% range. At time of writing, total market capitalization currently stands at ~$138.2 billion, up ~$1.5 billion from yesterday. Notable mover for the day is Tron (TRX), which is currently up ~28%.
Similarly, BTC also traded within a tight range today (~$4,020 and ~$4,060), and is still trading between its 21-day and 50-day EMA lines. At time of writing, BTC is trading at ~$4,060. RSI levels on the daily chart have stayed inside the ~46-53 levels since late Dec, with slight daily movements, indicative of market indecisiveness as of late. As it come to the end of the inverted head and shoulders pattern it has been trading within end Nov 2018, the possibility of seeing BTC breaking through the ~$3,800 to ~$4,200 consolidation zone is quite likely. 👀
Rapid response ⚡
The team behind a newly released privacy cryptocurrency utilizing the privacy tech known as Mimblewimble, Beam, announced that a "critical vulnerability” has been discovered in its wallet software." 😲
The Beam team took to their official Twitter account to urge users to uninstall the Beam Wallet application immediately and re-download a patched version from their website. They went on to add that the vulnerability was "discovered solely by the Beam developer team “and not reported anywhere else."
Beam’s GitHub page states that “details for the vulnerability and the CVE will be published within a week to avoid exploits.” In a post on Discord, Beam'sCTO Alex Romanov said that “the issue was already fixed” and that miners and nodes are unaffected. 👌🏻
I'm telling Mom 😭
In an effort to push back against U.S. sanctions pertaining to its national cryptocurrency, the "petro", Venezuela has submitted a compliant to the World Trade Organization claiming that the U.S. is infringing on Venezuela’s rights under the General Agreement on Tariffs and Trade (GATT) signed in 1994 and the General Agreement on Trade in Services (GATS), including restrictions placed upon “Venezuelan digital currency” transactions. 🗣️
The filed complaint follows after President Donald Trump signed an executive order targeting the petro last March. According to the complaint, the U.S. has "imposed discriminatory coercive trade-restrictive measures on the Bolivarian Republic of Venezuela in the context of attempts to isolate Venezuela economically.”
The complaint adds that since "digital currencies originating in the United States are not subject to the same prohibitions as Venezuelan digital currencies, the United States is according less favorable treatment to Venezuelan financial services and service suppliers than to like domestic financial services and service suppliers."
Seeking guidance 🤓
2 major European regulators, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), have called for bloc-wide crypto regulation at the EU level. 📢
The EBA, a regulatory agency of the EU, has urged the European Commission to carry out a “comprehensive” analysis to determine what action may be required at the EU level regarding “highly risky” crypto asset-related activities so as to protect investors. It has advised the commission to take into account the international cryptocurrency regulation guidance to be issued in June this year by the global money-laundering watchdog, the Financial Action Task Force (FATF).
The ESMA has advised the EU’s Commission, Council and Parliament on the existing rules that could be applied to crypto assets and further sets out any regulatory gaps to consider for policymakers. It believes that, with some adjustments, a handful of crypto assets could fall under the EU’s MiFID financial framework and be classified as financial instruments.
Short for ‘Application Specific Integrated Circuit’; it is a mining equipment that is used specifically to mine a certain cryptocurrency. Often compared to GPUs, ASICs are specially created and bought for mining purposes and offer significant efficiency improvements and power savings due to its narrow use case. Think of it as a specialized tool, created for the sole purpose of mining cryptocurrencies.
Other news 📰
Hans-Ole Jochumsen, an ex vice chairman of NASDAQ Europe, has joined the advisory board of Concordium Foundation, the Swiss non-profit developing a cryptocurrency with a built-in compliance function. 🤝
Pakistan-based Telenor Microfinance Bank, a subsidiary of telecoms multinational Telenor Group, has launched a cross-border blockchain-based international remittance service using blockchain technology from Alipay. 💪
The U.S. Department of Energy has announced federal funding of up to $4.8 million, through the department’s Office of Fossil Energy, for universities working on R&D projects, including those related to blockchain. 💰
Crypto calendar 📅
Early Jan - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
27 Feb - SEC's ruling on VanEck Bitcoin ETF application
Catch the CoinMarketCap team at these community events! 🤝
Are you a fan of privacy coins like Monero (XMR) and Zcash (ZEC)?? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most confident), how confident are you that Ethereum will be able to find and implement a scaling solution by the end of 2019?" 💭
The average vote was 7.6.
"Are you a fan of Ethereum (ETH)?"
90.3% said "Yes". 9.7% said "No".
"Why or why not?"
You guys said:
Believe to be the most multiple use crypto - It certainly has a huge network effect, and as an infrastructure coin the applications are abound.
I am pretty confident, some of the best people are working on the project. What interests me in your newsletter today is Sharding as the scaling solution. This month Zilliqa will be launching mainnet & will probably be the first to launch with Sharding tech for its blockchain. I think apart from Ethereum, few others like Zilliqa & Thunder will be able to deliver reliable high output blockchain product in 2019. - Perhaps they might, but delivering on what they are promising is another issue. 👀 I like - Me too! 😊 They are actively trying, I’m sure they will get it all sorted out📬 - I'm confident they will as well. The people behind it are awesome. 💪 Team value. Work ethic. Reliable to mission. - I agree. Pretty hard not a get behind a team like that. 🙌 Smart contracts are definitely an aspect of the blockchain economy and will continue to be in the future. - They have other competitors in this space though, but it'll be hard for them to overcome Ethereum's existing network effect. There are better more scalable coins available. - In theory yes, whether they can deliver is another issue. Many other coins have not even experienced the number of real-time transactions the Ethereum network is handling on a daily basis. 🧐 I think ETH is the cornerstone in the blockchain system. Unfortunately other steal their technology and claim the benefits. - Stealing it is one issue, whether they can progress upon it is another. Accessible and scalable smart contracts. - And the Ethereum wallet is pretty easy to navigate too! 👌🏻 So much of this space depends on it. The community is strong, for example.. The upcoming Constantinople hard fork has for the most part already been freely accepted. - I don't think the space depends on it. Rather, all eyes are on it to make the first move in terms of a scaling solution. 👀 Amazing team - How can one not be a fan of Vitalik? 😀 It is the best crypto framework so far. - For now, I agree on this too.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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