Happy Tuesday morning, ladies and gents! Hope the Monday blues didn't get to ya. I know some of you may still be feeling the dread of the new week, so perk yourselves up and get going! 💪
Today also happens to be the birthdays of both naturalist and influential theorist of evolution, Charles Darwin 🐵, and the 16th U.S. President of the U.S., Abraham Lincoln 🎩. They were both born on the same year (1809), and would have turned 210 today!
In today's newsletter, we will be covering the SEC working on “supplemental guidance” for crypto, IBM releasing its blockchain mainnet from its Melbourne Australia data center and remittance firms UAE Exchange and Unimoni going live with RippleNet payments to Thailand.
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! 📚
All eyes on you 👀
In the past 24 hours, total market capitalization dropped by ~$122.1 billion to ~$120.5 billion, with a 24 hour trading volume at ~$20 billion. Most coins are either seeing gains or losses in the ~1-3% range. BTC is trading at ~$3,640, down ~0.5% from yesterday. RSI levels on the daily chart are currently at ~52.8, down slightly from the run up 2 days ago. It's going to be interesting to see what pattern BTC trades into within the next few days. 👀
Work in progress 🚧
In a recent speech at the University of Missouri School of Law, a SEC commissioner Hester Peirce said that the agency’s staff are working on “supplemental guidance” to help projects determine “whether their crypto-fundraising efforts fall under the securities laws.” 📝
Peirce explained that while the "Howey Test" remains to be the U.S. standard for determining whether something is a security, with regard to token offerings it could be "overly broad" and that there is a “need to tread carefully” as token offerings do not always resemble traditional securities offerings.
Peirce also talked about how “ambiguity is not all bad” with regard to current little crypto regulations as delays in bringing regulatory clarity can allow “more freedom” for blockchain technology to grow and projects to mature.
IBM has released its blockchain mainnet, built on the Hyperledger Fabric, from its Melbourne Australia data center that will allow customers to run their applications on the company's cloud. 🤖
IBM is also looking to open another data center in Sydney at the end of March to make the technology more widely available and provide redundancy. Through these establishments, IBM customer data will not have to cross borders and will be provided with security for regulated applications in government and financial services.
IBM's head of blockchain in Australia and New Zealand, Rupert Colchester, stated that blockchain technology is already widely applied and is “pretty much active” across all industries in Australia. 😍
In a partnership with Thailand’s Siam Commercial Bank, remittance firms UAE Exchange and Unimoni have gone live with real-time cross-border blockchain-based remittances to Thailand using RippleNet. More destination countries are expected to be added going forward.
The firm that owns both UAE Exchange and Unimoni, Finablr, believes that the "adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.” ⚡
Finablr also owns other brands such as Travelex, Xpress Money, Remit2India Ditto and Swych, and is looking to deploy blockchain technology across some of their services as well. 👍
On a scale of 1-10 (10 being maximum anticipation), how much are you looking forward to the launch of ICE's digital asset platform, Bakkt?
The average vote was 6.8.
"Why or why not?"
Ah, I have a lot to learn, A LOT - Don't you worry! Keep tuning in and I am certain you will be brought up to speed! 🤓 I think the bull market will start when it’s launched. - While we may all be anticipating it a tad bit much right now, I believe that it'll highly likely be a catalyst of sorts. It will open up the markets. 🙌 I am looking forward to it. it can bring serious institutional investors. and also provide safe entry for high net worth individuals. - Yup, it'll allow them to benefit from the price movements of BTC without actually owning the asset. 💰 Because it may bring some volatility on cryptomarket. - Hmm possible. 🤔 Looking for wider growth in the CRYPTO spoace but I do not see this happening for a year or more ! - I agree that it's gonna take some time. ⏲️ Any institutional / regulated offering to the public will give the crypto market a huge boost in confidence as well as market cap. - Hard to disagree with this. Should be good for Crypto but it could turn out to be another dud and cause negative sentiment. - Possible, can't rule this out either. Regulation issues - It's been rough, but I believe we will eventually get there! 💪
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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