Beatdown after beatdown

Your daily newsletter for January 14, 2019
Pummeled
“No pressure. No diamonds.
- Thomas Carlyle
Welcome back, CMC fam! Hope you all had nice, relaxing weekend and are all refreshed for the upcoming week. 😀 Did you know it's already mid Jan?! Seems just like yesterday when we were ushering in the new year. 🤔

Today in history (1943), World War II's Casablanca Conference between Winston Churchill and Franklin D. Roosevelt commenced. 🗣️ It was held at the Anfa Hotel in Casablanca, French Morocco, to plan the Allied European strategy for the next phase of World War II including specifics of tactical procedure, allocation of resources, and the broader issues of diplomatic policy. At the end of the conference, the "Casablanca Declaration" was produced, solidifying a unified "unconditional surrender" intent between the Allied forces, in that Axis powers would be fought to their ultimate defeat. 😲

In today's newsletter, we will be covering the state of Wyoming recently approving a regulatory “sandbox” bill, ConsenSys has participating in a $2 million seed funding round and Coincheck now a licensed Japanese crypto exchange/ entity.

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! 📚

Can't seem to catch a break 😢
The weekend was quiet for the most part until early Sunday, when a sell off brought about a steep drop from ~$122 billion to ~$117 billion. As a result, most coins are seeing losses in the ~3-8% range for the day. 

BTC is now trading at ~$3,560, down ~3% for the day. It is back trading below its 21-day resistance EMA line on its daily chart. MACD indicators on the 4 and 24 hour charts are reflecting bearish crossovers and pointing towards further downswing in the short term. This follows after its rejection at the 50-day EMA line, which concurrently lead to the inverted head and shoulders pattern it was trading within since end Nov 2018 failing to break out to the upside. RSI levels on the weekly chart (~33) indicate strong and persistent bearish momentum. A highly probable scenario is that we will see BTC retesting the ~$3,200 levels again soon. Boy, this bearish cycle sure is brutal... 😔


Hall pass 👍
The state of Wyoming has recently approved a bill to let blockchain startups to operate within a regulatory “sandbox”. 👌

The financial technology bill, if passed into law, would authorize the state to allow startups (including blockchain startups) to test new technologies and determine how they might function within existing regulatory regimes.

According to the co-founder of the Wyoming Blockchain Coalition, Caitlin Long, 
many other U.S. states “can be very heavy-handed” with regulations, and so Wyoming's "sandbox provides a one-year alternative for innovators, and it can be extended for a second year", which provides "a lot of runway for disruptors looking to try new things.” 🙌

Seeds of hope 🌱
Ethereum development studio ConsenSys has participated in a $2 million seed funding round led by venture capital firm Crowberry Capital, for Iceland-based blockchain startup Monerium. 💰

Monerium is a fintech startup that was founded in 2016, and is led by the former chairman of the Central Bank of Iceland, Jon Helgi Egilsson. It seeks to develop "e-money", a solution to transact fiat currencies over blockchains. 💲 It's long term vision is to become a licensed institution that can issue “asset-backed, redeemable and regulated e-money” over blockchains and to make blockchains “more relevant and useful” to financial institutions and enterprises through its products.

Monerium's EU license application is currently in progress. According to Monerium's CEO, Sveinn Valfells, the licensing will enable the firm to "assume full responsibility for and control over the complete range of functions required to issue e-money on blockchains: asset management, compliance, risk management, and product development.” 👍

Back in business 💪
Japanese crypto exchange Coincheck, victim of a $530 million hack in January 2018, is now a licensed entity. 🤝

Monex Group, the Japan-based online brokerage firm that acquired Coincheck for $33.5 million following the hack, recently announced that Coincheck had its license approved by Japan's Financial Services Agency (FSA) on the basis of its improved risk management and governance systems, and is now registered under Japan’s Payment Service Act.

Coincheck now joins the growing list of regulated crypto exchanges in the country. 👀

Blockchain term of the day 🤓 - Airdrop

A marketing campaign that distributes a specific cryptocurrency or token to an audience without the need to buy in or pay. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app. A famous crypto that started with an airdrop is Ontology (ONT). 

Other news 📰
  • Grayscale Investments, creator of the Ethereum Classic Investment Trust (ETCG), recently assured its trust fund investors that their funds were not at "direct risk". 🤔
  • The elder brother of deceased drug lord Pablo Escobar has launched a cryptocurrency, the "ESCOBAR", targeting the impeachment of U.S. President Donald Trump. According to its website, the token came to existence "as a tool to raise money for the Impeach Trump Fund cause." 🤦‍♂️
  • According to a spokesperson from Japan's Financial Services Agency (FSA) to Bitcoin.com, "there is no such fact that we (Japan) are considering approving ETFs which track crypto-assets at present. We are not currently considering approving them." 😔
Crypto calendar 📅

Mid 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! 🤝

14 Jan (today) - Vietnam (HCM) Blockchain Ecosytem Meetup hosted by Yellowblocks
16 Jan - Vietnam (Hanoi) Community Meetup organized by Kyber Network
17 Jan - Asia Blockchain Review (Bangkok) - 7- 9PM at "SPACES", Chamchuri Square, 24th floor


Poll of the Day
How much do you agree with this statement: "Airdropping is the most fair initial crypto distribution method" 💭
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Why do you think so? And...How was your weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Regulatory clarity from the U.S. SEC will help unlock crypto markets"

The average vote was 7.1

"Why or why not?"

You guys said:

REGULATION - INDEED 👍
It will clarify uncertainty in the crypto market - And perhaps give institutions on the fence the confidence to enter the market. 💪
Regulatory clarity not only from US Sec but institutions & govt. all over the world will bring more funds to crypto & help unlock the market. - Agreed.
When the SEC approves Coins....the world will feel much safer when investing in Crypto Assets. - It could perhaps provide some 'legitimacy' to the space and encourage new money to enter. 💰 
Minus unstable markets, that’s what Tom, dick and harry are waiting for🤹🏻‍♀️ - Hahaha, this made me laugh! 😂
The SEC has sanctioned and censured a number of projects to date, giving full clarity on regulations will do away with the uncertainty. Historically, the rest of the world has followed the US in financial regulation, take KYC for instance. This is very important to the overall crypto sector whether you like or don't like regulation, it is required. - Isn't it funny how at the end of the day, this space (as much as it tries to distance itself from the hand of the government) still ultimately requires the SEC's help? 😂
The clearer they are, the better for investors - Not necessarily true. The more black and white the regulations, the easier for bad actors to find a way around them. 💭
Free markets are unincumbered by rules, regs and governments - I believe that totally free markets are a Utopian dream. 🙃
Large financial corporations have been establishing departments to trade in the crypto space as well as acquiring crypto currencies to establish their ETF's. Once ETF in the crypto space are sanctioned the public who is interested in owning cryptos without the current hassles will flock to these ETF's - The floodgates will open! 🌊
Regulatory clarity will help unlock crypto markets but the question is how much and how far will regulations go this time around. Time will tell. - That's true. Not much progress was made on this front in the past year, but I believe we will cover significant ground in 2019! 🙏🏻


Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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