Daily Email Archive

Careful persistent work

Your daily newsletter for February 18, 2019
The leading rule for the lawyer, as for the man of every calling, is diligence.
- Abraham Lincoln
Welcome back, CMC-ers! I hope you all had a relaxing weekend. Y'all must be jealous of our US friends at the moment, because its Washington's Birthday and is a public holiday. 💚

Today in history (1885), Mark Twain published the "Adventures of Huckleberry Finn" in the US. 👦

In today's newsletter, we will be covering Luxembourg passing a bill for securities issued over blockchains, the countdown begins for NYSE Arca and Bitwise Asset Management's Bitcoin ETF application decision and cautious crypto projections by SPiCE VC co-founder Tal Elyashiv. 

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! 📚

Sunday sprint 🏃
The crypto market over the weekend was quiet for the most part, until Sunday afternoon when total market capitalization began its gradual ascend from ~$121 billion to ~$125.4 billion. 24 hour volume is currently at ~$26.1 billion, about ~$6-7 billion more than last week's average. Most coins are seeing gains in the ~2-5% range. Notable mover of the day is Ethereum (ETH), currently up ~10.6% over the day before. 📈

BTC is currently trading at ~$3,730, up 3% over Friday. BTC is now trading above its 50-day EMA line on the daily chart, a resistance line it has been rejected by several times and been trading under since early Nov '18. RSI levels on the daily chart rose from ~51.7 to ~61, indicative of some bullish momentum building up. 

One step closer 👣
Luxembourg's parliament, the Chamber of Deputies, has passed a bill providing a legal framework for securities issued over blockchains. 📝

According to the chamber, the bill (titled "Bill 7363") "should provide greater certainty for investors and make the transfer of securities more efficient by reducing the number of intermediaries" and provide legal certainty for issuing securities using blockchain technology. 👍

The chamber also said that the new bill is an amendment to an existing 2001 law due to technological developments in recent years, so as to include the registration and distribution of securities using secure electronic registration “such as distributed ledger technology and in particular blockchain technology.”

Countdown begins 
The U.S. SEC recently announced that it was beginning its review of the Bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management. 🧐

Since the proposal was published in the Federal Register on 15 Feb, the regulator has from that date 45 days to make its initial decision on whether to approve, reject or extend the proposal. In total, the SEC has at most 240 days to make a final decision on whether to approve or reject the ETF. ⏲️

As a result, the SEC would have till 31 Mar '19 to make an initial decision, and till 13 Oct '19 to make a final decision. 
Grounded 😔
During a panel discussion at the Ethereum conference ETHDenver this weekend, Tal Elyashiv, the co-founder of one of the first firms to release a crypto security under existing U.S. securities laws, blockchain venture capital firm SPiCE VC, said that the use of crypto assets and blockchains as a way to replicate and represent securities is a concept that still remains very much “in its infancy.” 👶

He explained that the infrastructure currently in place for tokenized securities is not yet fully developed, preventing it from reaching its full potential. He also believes that the space will "start to see major pieces of the business infrastructure coming within the next few years" and will "start to see institutional investors coming in this year”.

Elyashiv was joined by the likes of COO of security token advisory firm Satis Group Shala Burroughs, director digital asset services of crowd equity platform Republic Frederick Allen and CPO of security tokens trading platform OpenFinance Thomas McInerney, all of whom asserted the same cautious projection.

Blockchain term of the day 🤓 - Full Node

Nodes that download a blockchain’s entire history in order to observe and enforce its rules.

Other news 📰
  • A blockchain-enabled waste permit portal will be launched in Sharjah, UAE by Bee’ah and the Hamriyah Free Zone Authority (HFZA). 🗑️
  • Law enforcement in Mumbai has arrested several suspects in an alleged $14 million crypto scam. 👮
  • 8 apps have been removed from Microsoft's app store after Symantec found they could illicitly mine cryptocurrency. ☠️
Crypto calendar 📅

31 Mar  - U.S. SEC's initial decision on NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
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! 🤝

25-26 Feb   - Crypto Assets Conference (Frankfurt, Germany)
27-28 Feb   - Trescon Kuala Lumpur (Kuala Lumpur, Malaysia)
4-8 Mar       - Hong Kong Blockchain Week 2019 (Hong Kong)
13-14 Mar   - Token2049 (Hong Kong)
Poll of the Day
How much do you agree with this statement: "I am happy with the crypto investments I've made" 💭
Why do you say so? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "After what Jaime Dimon said about cryptocurrencies in the past, I am shocked that JP Morgan will be launching its own cryptocurrency"

The average vote was 4.6. 

"Why do you say so?"

I feel most of the big companies will just create their own blockchain, sidestepping what we know and love. - If that happens, the network isn't truly secure as it would be secured by them. It would still be centralized. 🤦‍♂️
There's no shame in changing one's mind in the face of solid evidence. - True. 
Not shocked at all. First of all JPM subdivisions wer already trading BTC for their customers at the time he said these things. Secondly, deceit is banksters' main trade. - It's all a front. 🎭
48 Laws of Power, Law #3: Conceal your intentions. - Hahaha true. 
Because what JP Morgan or any of the rest of them say is all to promote themselves, not something or someone else. He has to slam the competition before he enters the fray. Not the way honest people do things but the way big money houses like JPM do things! - All these hidden agendas...😅
Sort of hypocritical of him, but not surprising. I'm sure all big banks want to control some centralized "digital coin". I'm sure we'll see more and more of these from other banks soon. - It's definitely gonna be interesting to see how it all unfolds. 👀
i am not shocked.. i see every financial institution / bank shifting to blockchain. JP Morgan spread FUD & took the first step. Smart Guy. - Money moves. This is a new era. 👌🏻
not really shocked, Jamie's just a Tosser - Hahaha this made me laugh. He's definitely seen as one by the crypto community. 😂
Credibility is such a valued asset especially in the crypto markets where fear, uncertainty, doubt, and scams run amok. So, why would a top institution deliberately set out to lie to the very people/businesses they rely upon to earn the revenues needed to stay viable as a trusted business? JP Morgan will not likely going to truthfully divulge why they won't stand by their previous public statements on this matter. However, it is still clear that trust is not what is truly important to them at all. It is due to their despicable morals/ethics centered on their lust for your hard-earned dollars which they strive to pry from your overworked hands at any cost. After all, once they have your money it is theirs to do as they please regardless of how any of us think or feel about how they obtained it. - Never take things at face value. More often that not, it's better to DYOR and formulate your own conclusions. 👍
Jamie Dimon is a corrupt pos - Oh gosh, hahaha. 😂
Many know to not listen but watch what they do.The big boys are setting infastructure.They know what's coming.They contiue use to supress the market cap until ready to get the big cash.p - I believe this is so as well. 
I’m not shocked at all. Banks laughed at first, and then crapped themselves, if you excuse the language. Now they have no other way but to join in and make sure they won’t miss out and be left behind the blockchain revolution. That makes a banker a hypocrite- hardly suprising, is it? - They're always ahead of the curve. 
It only goes to show the true value of crypto. It also shows that fiat shills only continue their crusade because they're in denial. Eventually, they'll see the light. - Hopefully so! 🙏🏻

"What are your plans for the weekend?"

Visiting some family in Texas, so much colder than south fla. I’m freezing 🥶 out here, beautiful sunsets, amazing night sky, totally worth it.(wife’s fam) - Oh man, that sounds like the perfect weekend getaway! I hope it went as well as it sounds! 👌🏻
Make homemade ginger beer. It's quite a bubbly market to get into! - Interesting. That sure is quite a niche. 🤔
Home, with family. - That's perfect. 👍
Running lovely and clean air Beijing - If I'm not mistaken, air quality in Beijing has been improving in recent months. 💨 
Drinking some spirits, NBA's All Star Weekend and reading. - Congrats to Lebron's team! I just wished they took these all star games more seriously. 
Wonderful weather = ski = crypto monday - Skiing is always a good idea. Hope you had sufficient pow over the weekend! 🎿
chill baby!!! - Chill vibes only.
Going out of town to see a concert - G Jones! - Wow I'm jealous! Hope you had a blast! 🎤
cake, donuts, icecream and fried chicken - You're making me hungry. I'm gonna order takeout right now. 😅
I plan to take a long drive out of state to the Pacific Northwest. - Drives help me clear my head. 🚗
Partying - Weekend warrior! 🎉
Continue to lounge around and educate myself. 🤓 - That sounds like the perfect weekend. 
Crypto-Crypto-Crypto - You know it! All day err day! 💪
I don't plan on making plans. - Going with the flow eh? 🌊

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow!
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