Decompress

Your daily newsletter for February 8, 2019
Rest up
Do not take life too seriously. You will never get out of it alive.
- Elbert Hubbard

Yay for Friday! It's the weekend fellas! 🙌 I know you've all been grinding really hard this week, so make sure to have a good rest over the weekend. Remember, it's good to take a breather every now and then. 😴

Today in history (1942), the Japanese landed on and invaded Singapore, which at that time was a British stronghold and southeast Asian military base. 🔫 This led to what is now known as the "Battle of Singapore" of World War II. 

In today's newsletter, we will be covering crypto exchange Huobi reporting growing year-on-year trading volume, investing app Invstr launching a cryptocurrency index and the Ethereum foundation weighing a $15 million research bid. 

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! 📚

Need to break free 🦋
In the past 24 hours, total market capitalization rallied to a daily high of ~$112.6 billion early in the morning, before gradually slipping for the rest of the day to ~$111.4 billion where it is currently at. Most coins are either seeing gains or losses in the ~1-3% range. 

Similarly, BTC rallied earlier in the day to a daily high of ~$3,430 before steadily declining for the rest of the day. BTC is currently trading at ~$3,400, down ~0.6% over yesterday. 📉 Volatility has been steadily decreasing since mid-Jan this year, and the Bitcoin Volatility Index is currently at its lowest at ~2.4%. BTC's most immediate hurdle remains to be the 21-day EMA line on its daily chart. The lower highs and lower lows pattern it has been trading in since late Dec 2018, seems to have lost significant momentum, and we may see a new pattern in the coming days. 👀


2x 👯‍♀️
Global crypto exchange Huobi has reported a 100% increase in trading volume in 2018 over 2017. Headquartered in Singapore, Huobi has also reportedly increased its staff from 400 employees in early 2018 to more than 1,300 people in 2019, with 15 offices across 12 countries and regions. 🤯

Huobi’s over-the-counter (OTC) trading desk has become one of the most traded OTC platforms worldwide, while the recently launched service Huobi Cloud has obtained over 100 partnerships in 6 months. 👏

Last December, Hong Kong news agency South China Morning Post (SCMP) reported on Huobi laying off their staff amidst the crypto market crisis in 2018. However, the company has stressed that it will continue to recruit personnel for its core business and emerging markets.

Benchmark 👀
Investing app Invstr has launched a cryptocurrency index that follows cryptocurrency markets. Users can now track price fluctuations of the crypto market and make price comparisons of specific cryptocurrency pairs. 👍

Cryptocurrencies on the app will be reviewed quarterly, with the purpose of adding new and stable cryptocurrencies while removing suspended or unstable cryptos from the index. Some of the cryptocurrencies available for monitoring on the Invstr app include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH).

CEO of Investr, Kerim Derhalli, stated that the index will allow retail investors to examine the impact that crypto investments will have on their portfolios. 🧐

Punt 💰
The Ethereum foundation is weighing a $15 million research bid to push for Verifiable Delay Functions (VDFs) technology. 🤖 VDFs act as a source of computer-generated randomness that is unpredictable and unbias-able, and are envisioned for use in a “proof-of-stake”(PoS) system called Serenity, of which the Ethereum network will migrate to in the future. 

At present, Ethereum Foundation researcher Justin Drake said that test will be carried out by Ethereum developers before a final “go, no-go decision” is made on the incorporation of the technology into Serenity, estimating that the foundation could come to a decision about whether or not to use the technology in as little as 4 months time.


Crypto deep dive: Chainlink
  • Cryptocurrency: LINK 
  • Market Capitalization Rank: 31st ($147 million)
  • Consensus: Proof of Work (PoW)
  • Notable Supporters: Brian Lio (Smith + Crown CEO), Jake Brukhman (former Triton Research CTO), Evan Cheng (one creator of LLVM), and Ari Juels (Co-director of IC3)
The gist of it ⚙️
  • Chainlink is a blockchain-based middleware that provides a decentralized oracle service and acts as a bridge between cryptocurrency smart contracts and off-chain resources like data feeds, web APIs, and traditional bank account payments.
  • This of Chainlink as an application or services that interfaces blockchains with the real world. 
Why people love it 😘
  • Chainlink has a partnership with SWIFT, the largest global provider for secure financial messaging (transactions). This partnership could grant them network access to a plethora of large banks and high profile institutions around the world. 
  • Chainlink is tackling a huge stumbling block in blockchain known as interoperability. If successful, there is significant upside due to the its large addressable market. 
  • From a price perspective, LINK has been pretty resilient in this bearish market and has been sneakily crawling it's way up the rankings in the past few months. 
Why people doubt it 🤔
  • A huge selling point of Chainlink is its partnership with SWIFT. This could lead to an over reliance on it which, could have very adverse effects on its network/ existing partners should the partnership dissolve in the future. 
  • Chainlink's success is largely dependent on attracting institutions to utilize its technology, which means strong networking initiatives are required. 
  • Some argue that Chainlink does not have sufficient marketing initiatives. 
Blockchain term of the day 🤓 - Staking

Participation in a Proof-of-Stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards.

Special announcement 📢 CoinMarketCap Webinar: "Global Crypto Trends"

On 13 Feb 12:00 EST, we will be hosting our first-ever CoinMarketCap webinar on "Global Crypto Trends", presented by PwC Fintech and Crypto Leader for Asia, Henri Arslanian! 😄

Tune in to better understand what individuals and companies around the world are planning to do with crypto and blockchain! 🤓 But first, don't forget to sign up here!


Other news 📰
  • Cryptocurrency brokerage startup Voyager founded by Uber and E*Trade alums is going public on Canada’s TSX Venture Exchange. 🤑
  • According to data from transactionfee.info, the daily Bitcoin (BTC) transaction volume per day has been recently increasing to January 2018 levels. 👍
  • A Bank of Korea study reported that a central bank digital currency (CBDC) could adversely affect commercial banks and pose significant financial risk. 🤔
Crypto calendar 📅

TBA     - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
TBA     - SEC's ruling on VanEck Bitcoin ETF application

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: "A crypto index, (similar to the S&P500 for traditional finance but for crypto) would be useful for the crypo community" 💭
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Why or why not? And...how will you be spending your weekend? Do you have anything interesting lined up? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Crypto has changed my life for the better"

The average vote was 5.8. I was hoping this number to be higher. 

"Why or why not?"

New investment vehicle and something new to learn - It's never a bad idea to learn about something new! 👍
I am very fortunate to have joined early 2017. i learned a lot. also am financially more secure, so all good good for me. - Great on you. Similar to you, I have learned so much from this space its unbelievable. To think it's only an industry that started about a decade ago. Looking at how far it has already come, I can't help but feel excited for what's to come in the coming years. 👀
I feel that this is the future of everyone's - I strongly believe that it will play a role in the lives of most people in due time. 🔮
Gives me freedom and control over my financial ops besides making me aware of the security issues ever more than ever. Little pain for so much gain. - That's a great way to put it. It's great how you're able to see past the current bearish price action and look at the bigger picture. Personally, crypto made me realize the inefficiencies of the banking sector that many are often too preoccupied to see. 😠
Btw thanks for listening, more fun question and the whole proudly brought to me by, lol I know I’m nuts but 🤷🏻‍♀️ - It's my absolute pleasure getting to listen to you guys. Do continue to write in, as it's a great way for me to interact with you and better engage with my audience. Please feel free to write whatever's on your mind here. It's a safe space for my viewers! 👌🏻
Great learning curve. - Can't argue with that! 
It opened the door/ floodgates to a little security in my future, I started with crypto, dipping my toe in with the stock markets, and also a 401k, interested in getting my hands on some physical investments as well, and hopefully down the road good old fashioned land. - Great strategy! Unlike many crypto maximalists, you recognize the importance of diversification, which is really smart. 🤓
I have only lost money in the Sox months since I entered this space I am hopeful for a change soon. - If you believe in the overall space, don't be too worried about the 'short term' price action. 
The blockchain technology is unstoppable!!! Am living off it! - Hell yeah! 💪
How could losing 75% of an investment improve anything? - Well, I'm sure it must've be a great learning experience/ lesson for you. Always good to look for the silver lining. 🧐
I improved my financial/markets/TA knowledge, and that is something that crypto gave me. On the other side, it got me a little more stressed about losing the "invested" money. - Don't be! Learning about TA will help you to better time your entry/ exit when investing in any industry. You've acquired quite a valuable skillset there. Keep on learning! 🤓
I have developed an addiction/fascination /love of the technology the crypto space and what it can do for all of humanity - Glad to hear it has inspired you the same way it did/ is doing to me. 😊
My perspective on digital world which include digital currency expanded. Make me thirst to find more information and learn something new every day. Concept for the transparency and cut the middleman are something that i like and i implement on my other business. So does not hard to convince me to learn, adapt, and apply this technology. - That is so so great to hear buddy. I am so happy for you! Glad to know that crypto is helping you take your business(es) to the next level. 💯
It hasn't yet, but I'm a long time HODLer and I'm still confident it will change my life for the better sooner or later. - Keep the faith (:

Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
See you again on Monday!
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