“We suffer more often in imagination than in reality.”
- Lucius Annaeus Seneca
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Happy Tuesday, folks! Good job surviving Monday. I know it was tough, but you made it! 👍
Today in history (1861), Kansas officially became the 34th state of the U.S. Happy birthday Kansas! 🐃
In today's newsletter, we will be covering BitTorrent Tokens (BTT) selling out in minutes, 4 South Korean crypto exchanges partnering to combat money laundering and increase customer protection, and Multicoin Capital leading a $2.5 million seed round in The Graph. 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! 📚
Bleak outlook 😔
Over the past day, total market capitalization dropped from ~$113.8 billion to ~$111.2 billion, with most coins seeing losses in the ~3-6% range. BTC dominance, currently at ~53.6%, continues to rise and push the highs of 2019.
BTC is currently trading at ~$3,410, down ~2.1% for the day. It continues to be making lower highs and lower lows, and is currently breaking new 2019 lows. Dropping RSI levels on the daily chart indicate more bearish momentum build up. It seems that this downward trajectory BTC is on will likely end up with it testing the 2018 lows of ~$3,200. 🐻
Gone in a flash ⚡
The public sale of 59.8 billion BitTorrent Tokens (BTT) on the Binance launchpad, worth roughly $7.2 million, sold out in minutes. There was a total of 966 participants. 😲
The Binance launchpad, a token sale platform, held the sale in 2 sessions - one for those paying with Tron (TRX) tokens, and the other for those paying with Binance Coin (BNB). Each BTT token was valued at $0.00012 for the sale, and had a minimum purchase amount of 100,000 BTT.
According to Tron founder Justin Sun, the BTT tokens sold out within 14 minutes. Binance founder Changpeng Zhao then mentioned that sale could have ended in mere seconds if not for technical issues with the launchpad platform due to the "astronomical" demand. 🤯
Justice league 🛡️
4 crypto exchanges in South Korea, Bithumb, Coinone, Korbit, and Upbit have partnered on an initiative to combat potential money laundering and customer protection. 🤝
They will create a hotline to share real-time wallet information on suspicious crypto trades, and seek to identify trades with suspected links to phishing, predatory lending, pyramid schemes and other illegal activities. The exchanges will also operate a shared database of suspicious wallet addresses to help them identify and stop scammers from using different exchanges to move large quantities of cryptocurrencies to the same wallet. 🙌
The 4 exchanges are also encouraging other crypto exchanges to join the initiative.
Straight to the source 👌🏻
Multicoin Capital has led a$2.5 million seed round in The Graph, a company that is building an open source software that indexes data from public blockchains, such that anyone building decentralized applications can quickly access them. 💰
According to Multicoin Capital, companies that use these data often times build their own data tools to extract the relevant data. What The Graph is doing is proposing to index everything in a way everyone can use forever, so no one will need to build a tool to do so. 🙏🏻
Other investors that contributed in the seed round include Compound VC, CoinFund, DTC, Kilowatt, Reciprocal Ventures, SPC and others.
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 📰
Crypto exchange QuadrigaCX, whose customers have been unable to withdraw funds for months, has been inaccessible for several hours and cites "maintenance" as the cause. 🤔
Blockchain-based internet browser, Brave, has partnered with news website Cheddar to offer free access to its premium content for a limited time. 😋
A former Ethereum core developer, Bob Summerwill, is now the executive director for the Ethereum Classic (ETC) Cooperative. 🤝
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: "Binance is my favorite crypto exchange" 💭
How much do you agree with this statement: "I am convinced of Bitcoin's potential as a store of value"
The average vote was 7.7.
"Why or why not?"
I bought my first Bitcoin about 3 years ago, & have topped up in intervals since then, if i see the gain i got, no other asset can equal that.. so yes bitcoin is the store of value.. BTC is KING - A true OG! Preach it, brother! 🗣️ Potentially, the finite amount will eventually enable a good store of value, ..... but thus far whew🎪🗿📈📉📈📉📈📉🎢 - You're right about the deflationary properties of Bitcoin. And hahaha, I feel you about the rough current bear cycle. 🤦♂️
Limited supply - It's deflationary properties does serve it well. 👌🏻 I saw a great video from Ivan on tech with Tyler Jenks explaining that bitcoin could solve the world debt crisis - I must say, Ivan on tech produces great content that is very informative to all levels of the crypto community. I have been following him for some time, and I certainly respect his hustle too! 😀 Limited supply, fundamentals, first to market. But still regulatory uncertainty. - True. Bitcoin is the future. With more maturity, I expect less short term volatility - For the market to mature, it could take some time. ⏲️ Does what gold does without the hassle of keeping safe and risk of being confiscated by the government. - Better at being gold than gold itself. Lol. 🤑 Not too easy to believe in this nowadays lol - Easier said than done, but try to distance yourself from price and progress! 😊
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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