“Better to fight for something than live for nothing.”
- George S. Patton
Welcome back, CMC army! 👋 I hope you all well used your weekend, and are fully recharged to fend off the Monday blues. 🤺
This fine Monday morning also happens to be the birthday of the late influential abstract expressionist painter, Jackson Pollock. 🎨 He was major figure in the abstract expressionist movement, and was well known for his unique style of drop painting. He would've turned 107 today! 🎂
In today's newsletter, we will be covering NYSE Arca filing the paperwork for a Bitwise Bitcoin ETF proposal, Polymath locking up 7.5% of its total supply for 5 years and Morgan Creek Digital investing $3.1 million in tokenized real-estate startup RealBlocks. Today, we also have a message from a sponsor, NexChange!
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! 📚
Last minute shenanigans 😠
For the most part of the weekend, total market capitalization stayed within a tight range of ~$118.2 billion and ~$121.5 billion. However, on Sunday afternoon total market capitalization experienced a sharp ~$5.6 billion drop from ~$119.4 billion to ~$113.8 billion, putting most coins at a ~5-10% drop for the overall weekend. 📉 BTC dominance currently stands at ~53.4%, the new high for the year.
BTC is currently trading at ~$3,470, down ~3.5% for the weekend. RSI levels on the daily chart dropped from ~44 to ~38.6, indicative of building bearish momentum. 🐻 BTC continues to make lower highs and lower lows, a pattern it has been stuck within since 7 Jan. BTC is currently at the lowest it has been for the year.
Wheels in motion 🎡
The NYSE Arca has filed the paperwork for a Bitwise Bitcoin ETF proposal. 📝
The proposal was filed on 10 Jan 2019 and elaborates on the methodology of the Bitwise Bitcoin ETF which is best known for its intended use of a regulated third-party custodian to store the Bitcoins (BTC). The proposal notably elaborates that prices for the ETF will be "“weighted such that Bitcoin prices from exchanges with a greater amount of the trading volume in the prior hour are weighted more heavily than Bitcoin prices from exchanges with lesser amounts of volume.” 🤔
While NYSE Arca has filed the proposal, the clock has not yet started for its approval or rejection due to the ongoing U.S. government shutdown - the SEC’s deadline for deciding an ETF proposal is set upon its publication in the Federal Register.
Signs of strength 💪
Crypto startup best known for their pursuit in advancing the idea of security tokens, Polymath, has locked up 75 million of its POLY tokens (7.5% of its total supply) for 5 years. 👀
According to Polymath cofounder Chris Housser, this move which comes at a time which many refer to as the crypto winter, demonstrates that its "treasury is healthy" and that they "don’t have a need for these tokens at this time”. He also mentioned that 74% of the locked-up tokens will come from company funds and 26% will come from founders' tokens.
Housser also mentioned that the current strongest immediate interest for security tokens is in real estate, as “people really like the idea of fractionalized ownership and the ability to own a piece of something that would be much more difficult to do in the traditional world." 😊
Institutionaldigital assets manager Morgan Creek Digital has invested $3.1 million in a seed round for tokenized real-estate startup, RealBlocks. 💰 The funding round was led by investment firm Science Inc., and also included others such as Zelkova Ventures, Ulu Ventures and Cross Culture Ventures.
According to the founder of RealBlocks, Perrin Quarshie, the investment will go towards the development of its Ethereum-based real estate platform. The platform will enable firms to raise capital through tokenized securities, investors to directly purchase real estate using both cryptos and fiat currency, and provide investors with access to offerings from private equity funds worldwide using fiat or cryptocurrencies.
A type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets. The term first became famous due to a typo made in a bitcoin forum, and the term is now commonly expanded to stand for “Hold On for Dear Life”.
NexChange Group is delighted to present Hong Kong Blockchain Week, taking place between 4-8 March, 2019. Set to be the largest blockchain event in Hong Kong, the global blockchain community will converge onto Hong Kong to discuss the latest developments and insights into the ever-evolving, real-world applications of blockchain technology. With Hong Kong being the 'Gateway to China', 'Asia's World City', Hong Kong is well positioned to be a leading international blockchain hub. Hong Kong Blockchain Week continues to play an important role in this endeavour.
Other news 📰
Levi Strauss and U.S. think-tank New America have launched a blockchain pilot that seeks to improve labor welfare. 🤖
Blockchain project Polkadot is seeking to raise up to $60 million through a 2nd token sale. 🤑
Israel-based blockchain prediction market platform Stox and its founder Moshe Hogeg are being sued for $4.6 million by Chinese investor Zhewen Hu over alleged fraud. 💸
Crypto calendar 📅
End Jan - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
Catch the CoinMarketCap team at these community events! 🤝
13 Feb - OKEX OTC Network launch event (Bangkok, Thailand)
25-26 Feb - Crypto Assets Conference (Frankfurt, Germany)
Poll of the Day
How much do you agree with this statement: "I am convinced of Bitcoin's potential as a store of value"💭
How much do you agree with this statement: "By the next 5 years, people purchasing Bitcoin (BTC) from Bitcoin ATMs will be commonplace"
The average vote was 8.
"Why or why not?"
Mass adoption will take 10-15 years still - Possible, although some would argue that with technological advancement, adoption rates could progress at a much quicker pace. 🤔 I believe market growth and acceptance will grow more slowly. 5 Years is overly optimistic. - It is certainly leaning more towards the optimistic side. Services to do so are almost already in place - The groundwork has been growing steadily. All you need is a phone or internet connection, it’s backwards from blockbuster now everything is digital, maybe run for a few years, but decline after that, just feels shady, think it won’t help adoption, I’m usually wrong 🤖 - You make a valid point. In my opinion, Bitcoin ATMs do not represent a significant role in the overall adoption of crypto. It is definitely a step that can easily be forgone as the purchasing of BTC can be done simply with an internet connection (something most people in the world already have access to). Will be in the 4th industrial revolution,the digital age - Hopefully crypto will play a significant part in it all. 🙏🏻 It’s the future baby - Damn right it is! 👌🏻 It's already happening now. - The revolution has begun. (: Bitcoin will rule the worlds financial markets by 2024. The first Bitcoin ATM will be installed on the dark side of the moon by 2025 - Lol! Made me laugh. Because the trend goes that way. The trend of transparency, direct, and fast transaction will be the future demands. Soon or later, FIAT money will be replaced by crypto currencies. - I doubt that fiat will be completely replaced. I think a more realistic outcome would be for both to co-exist. 😊 Crypto is here, it's not going away and will only continue to receive wider adoption. This will facilitate the need and demand for crypto ATMs. - Valid point! There will be another GFC, not if, but when, and btc will see mass adoption more than atm's i see people exchanging bitcoin for goods & services. everyone will have at least some satoshi's. i see wide acceptability in coming days.. - I certainly hope so! 🙏🏻
"What are your plans for the weekend?"
Ice skating in Beijing - Wow that sounds awesome. Ice skating is such a great sport that combines strength and finesse. ⛸️ I hope you had a great time! Hang out, surf the web, go to church. - Chill vibes... I'm moving out of state, moving is always lots of fun.... haha haha haha not - I personally like the idea of moving! 😀 Having a clean slate feels so refreshing to me. However, driving around with all your stuff can be quite taxing. 😞 Celebration of Our twin Grandsons 11th Birthday!!! - That is just lovely. You must be so so proud! 💓 Drinking - Never a bad idea. Go get it. 🍻 I will be making a dining table out of green oak, going swimming with grandchildren and starting a crypto trading course. - That sure is one productive weekend! I hope I can see the finished product of the table sometime! 😍 Watch football games and reading coinmarketcap news - Ayeee thank you for the support! 👌🏻 Duck hunting - Poor ducks ): Paint miniatures - Great de-stressing activity, I'd assume. Spend time with family.. and get up very late on Sunday... - Sounds like the perfect weekend to me! 😋
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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