“Times and conditions change so rapidly that we must keep our aim constantly focused on the future.”
- Walt Disney
Welcome back, lads and lasses! 😀 I hope the weekend thoroughly refreshed and rejuvenated you bunch. Mondays can sometimes suck and hurt, but remember that not achieving your goals hurt many times more. 🙃 So jump out of bed and tackle this week with ferocity!
Today in history (1991), CBS News correspondent Bob Simon and 3 TV crew were captured and held for 40 days by Iraqis in the Persian Gulf. They were accused as spies, blindfolded, beaten with canes and truncheons and kept in solitary confinement. 🤯
In today's newsletter, we will be covering the United Arab Emirates (UAE) and Saudi Arabia to collaborate on a new cryptocurrency, Netherlands possibly introducing a licensing system for crypto servicesand the Stock Exchange of Thailand (SET) to apply for a license to launch a new digital assets exchange.
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! 📚
Dreary demeanor 😔
During the weekend, total market capitalization saw a spike from ~$122 billion to ~$124.9 billion early Saturday, before dropping to ~$119.5 billion early Sunday where it remained for the remainder of the weekend. 📉 BTC dominance currently sits at ~52.5%, after rising consistently since the start of the year.
Similarly, BTC saw a spike from ~$3,660 to ~$3,750 early Saturday before dropping to ~$3,590 early Sunday where it continued to remain. At time of writing, BTC is currently trading at ~$3,600. It is still below its 21-day EMA resistance line on the daily chart, with a RSI level of ~41.3 which indicates some market indecisiveness between the bulls and bears. No interesting developments occurred over the weekend, and BTC continues to be making lower highs and lower lows - a pattern it has been in since 6 Jan. 😣
Joint effort 🤝
According to a UAE official news agency, Emirate News Agency, The United Arab Emirates (UAE) and Saudi Arabia have announced an agreement to collaborate on the creation of a new cryptocurrency. 🤯
The Executive Committee of the Saudi-Emirati Coordination Council held a meeting Abu Dhabi that saw 16 attendees, to discuss the initiatives in the Strategy of Resolve. Among the 7 initiatives in the Strategy of Resolve, some include civil aviation, financial awareness youth training, and the development of a cross-border digital currency.
The new cryptocurrency “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.” 👌🏻 This initiative seeks to protect customer interest, create standards for technology, consider the cybersecurity risks while determining the impact of central currencies on monetary policies and research the effect of a central currency on financial policies.
Heeded advice 🗣️
Netherlands’ Minister of Finance, Pete Hoekstra, has reportedly received official advice about cryptocurrencies from the Netherlands’ Authority for the Financial Markets and the local central bank, De Nederlandsche Bank, and has announced that he has begun working in accordance with the advice immediately after receiving it. ⚡
According to the article, the Hoekstra received advice that a licensing system should be introduced for crypto services, one that would require crypto exchanges and wallet providers to monitor their customers’ transactions and report suspicious activity to authorities. In addition, exchanges have to collect and store information about their customers in order to be able to hand it over to authorities in case of an investigation. 🤔
However, companies will first be tested before being granted the license to see if they are able to collect the required user data.
Changing conduct with the times 🌊
According to the Bangkok Post, the Stock Exchange of Thailand (SET) is planning to apply for a license from the country’s Ministry of Finance to launch a new digital assets exchange this year. 😲
According to the vice-chairwoman ofthe SET board of governors and chairwoman of the Association of Securities Companies, Pattera Dilokrungthirapop, this stems from the SET's desire to capitalize on the growing investor demand for cryptos. SET is now working to create a sound technical system for the exchange and a digital wallet for token storage. 😊
Pattera added that several securities company members of the SET already plan to apply to become brokers and dealers to trade on the new exchange.
A form of technical analysis that serves as a momentum oscillator, measuring the speed and change of price movements, developed by J. Welles Wilder. It oscillates between zero and 100, where a cryptocurrency is considered overbought when the indicator is above 70 and oversold when below 30. Don't use this as a standalone signal to buy though! All it really is, is a momentum gauge. It should be used in conjunction with other indicators before you decide to buy/sell.
Other news 📰
2 leaders of South Korean crypto exchange, Komid, were sentenced to jail for faking exchange volumes. 🏳️
The former governor of the Banque De France and former French central bank chief, Christian Noyer, is now a member of the board of directors of blockchain startup SETL. 🤝
According to a recently published report by the Organization for Economic Cooperation and Development (OECD), it thinks that initial coin offerings (ICOs) might one day serve as a useful financing tool for small and medium-sized businesses (SMEs), but the space is still not mature or regulated enough for the “mainstream”. 😔
Why do you think so? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "More countries should follow in South Africa's footsteps in adopting a "limited regulation" level of oversight when it comes to crypto"
The average vote was 6.9.
"Why do you think so?"
Is the currency of the future, - You're not alone on this. Most of us feel the same way! 💪 Stop frawd - Frawwwdulent behavior. Need less regulation by governments. - In this regard (crypto), I'm hoping there will be less. However, it's unlikely. 😂 If they want ppl to claim crypto taxes they need a reasonable system that doesn’t fuck over the crypto investors - 😂 Agreed. Crypto taxes can get pretty darn ridiculous, especially so in the U.S. I would prefer governments do not get involved at all (so I can't go higher than 4). I realize governments will most likely get involved so I won't give less than 4. - In a utopian world, I would like zero government intervention. However, I think its not a realistic expectation. The crypto space needs their stamp of approval, so that institutional support can step in. 😊 Regulation is the first step to massive adoption by government - True.
"What are your plans for the weekend? Got anything special lined up?"
Find the best crypto’s to buy! - Always on da hunt. Good on you! 👌🏻 Chilling with my gf and son , soccer practice Saturday. Grandparents Sunday. Good times. - Good times indeed. Nothing beats spending good quality time with people that matter most to you. 👍 Enjoy every moment - Loving the attitude! 😀 Buy more trx 😎 - Ooo bold move I'd say, after its recent run up. Planning to work on my garden, also planning to try preserving tomato in puree form.. - Wow wish I could join you. I hear garden work is super therapeutic for the mind. I should probably look into it... Hope you had a fun time! 😊
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!