“Pride makes us artificial and humility makes us real.”
- Thomas Merton
Happy Tuesday, CMC army! In case you missed it, just yesterday the New England Patriots beat the Los Angeles Rams to win the Super Bowl LIII. 🏈Quarterback Tom Brady now has 6 rings, the most of any player in NFL history! 💍
Today in history (1922), the first Reader's Digest magazine was published, with an initial run of 1,500 copies. 🤯
In today's newsletter, we will be covering crypto exchange Kraken acquiring a U.K.-based crypto exchange and futures provider called Crypto Facilities, the U.S. SEC seeking information on blockchain ledgers to monitor risk and improve compliance and the Bitfury Group and South Korean R&D firm Commons Foundation to launch a network of Bitcoin mining operations in Paraguay.
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 stayed within a tight range of ~$1 billion and is currently at ~$113.6 billion. Most coins are either seeing gains or losses in the ~1-2% range.
Similarly, BTC traded within a very tight ~$30 range and is currently trading at ~$3,470 for a ~0.1% gain for the day. RSI levels on the daily chart has been in the ~39-41 range over the past couple of days, indicative of market indecisiveness. BTC's immediate challenge remains to be its 21-day EMA resistance line on the daily chart. 👀
Money moves 💰
According to an official press release, U.S.-based crypto exchange, Kraken, has acquired a U.K.-based crypto exchange and futures provider that is fully regulated by its Financial Conduct Authority (FCA), Crypto Facilities, in a "nine-figure deal" (exact figure not disclosed). 💰
According to Kraken CEO, Jesse Powell, Kraken is "excited to introduce eligible clients to these industry leading futures and index products” and will work to "continue to enhance and expand these offerings" in the coming months. 👍
This move will grant Kraken a strong foothold in the European market, as Crypto Facilities will remain London-based and continue to benefit from the regulatory oversight of the FCA, the financial watchdog of the U.K.. 💪
Big data 🤖
The U.S. Securities and Exchange Commission (SEC) revealed in a recent solicitation notice that it is looking for businesses who can provide them with data for the “most widely used” blockchain ledgers in order to “monitor risk and improve [cryptocurrency] compliance”. 🤗
The SEC requires the data to be in a “easily reviewable” format, and be given with an overview of how the information is to be extracted to ensure “there is no loss in data completeness and accuracy due to the data transformation tools and processes applied”.
According to the announcement, interested vendors would have to respond to the SEC by 14 Feb. 👀
Resource maximization 💯
Crypto mining manufacturer Bitfury Group and South Korean R&D firm Commons Foundation are collaborating to launch a network of Bitcoin mining operations in Paraguay. 🤝
According to Bitfury, several mining centers will be set up in the country using its BlockBox AC bitcoin mining devices, and will be powered by two major hydroelectric power plants called Itaipu and Yacyreta. ⚡
The collaboration is part of Commons Foundation’s "Golden Goose" project, an initiative backed by the government of Paraguay that seeks to establish the country as the world’s largest crypto mining center through its ample supply of cheap yet clean electricity. At the moment, the country is only utilizing about 50% of the electricity produced by both plants. 😅
The Commons Foundation is also planning to launch a cryptocurrency exchange, integrated with Bitfury's compliance analytics platform Crystal, in Paraguay later this year.
A technique played by a group of traders, aimed at manipulating the price of a cryptocurrency. The bear trap is set by selling a large amount of the same cryptocurrency at the same time, fooling the market into thinking there is an upcoming price decline. In response, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets at a lower price. The price then rebounds, allowing them to make a profit.
Other news 📰
Crypto service providers such as exchange platforms and miners in Venezuela will now have to register with Sunacrip, the country’s superintendency of crypto-related activities. 📝
A subsidiary of Overstock, Medici Land Governance, has signed a memorandum of understanding (MoU) with the municipal government of Tulum, Mexico, to create a digital land records system. 🤝
A 20 year old by the name of Dawson Bakies has been formally charged in a New York Supreme Court indictment over SIM-swapping identity and crypto theft of over 50 victims. 😠
"On a scale of 1-10 (10 being most likely), how likely do you think the founder of crypto exchange QuadrigaCX faked his own death and exit scammed the QuadrigaCX's customers?"
The average vote was 7.8.
"Why do you think so?"
Too obvious he made his will lately - It sure is sketchy... 🤔 Too many irregularities - It doesn't check out to me too. 🧐 after reading your newsletter, it is totally possible. the best way to find out would be to contact Canadian embassy in India. Also if guys who have lost their money think they are being scammed they should file a FIR with Police in India. There will be death certificate & Police can speak with the doctor issuing it. I am sure things will be clear if they approach early. - Wow its amazing that you know all this! Why do I have the feeling that you've dealt with something similar previously haha 🤔😂 “Why do I think so”a short story 📕 by bula: 🤥 Duh.....the end🤷🏻♀️Dude these people tried to pull a fast one 👉🥌🛫💸💶 probably skimming $ into a wallet for a while to live on for a while, then probably magically that $$$will start moving around, come on he’s the only one with the 🔑, no other fail safe redundancy something, more than one person can go into a bank safe obviously money isn’t always safer in one persons 🖐 unless it’s yours, and you should probably have a protocol in place if the if happens. Luckily both my wife and I love crypto and have access to our hardware wallet 💑 - You guys are smart. Keeping your digital assets in your own hardware wallets is the safest way to store them. 🤓 Sounds fishy - It sure does... I don't know Rick , It look fake! - Hahaha, that's a great meme. 👍 I actually visited the actual shop a couple of years ago. Too much coincidences in favour of the deceased, and chron is not fatal. - True. Too uncanny. 🤔 Everything is just to conveniently aligned. - Agreed. 👍
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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