“Gold medals are made of sweat, determination, and a hard-to-find alloy called guts.”
- Dan Gable
Happy Tuesday folks! We are already in the middle of the second month of 2019. Have you stayed committed to your new year's resolutions? 🤨 If not, remember that it's alright to fall behind from time to time, but always make sure to pick up the slack when you do so! 💪
Today in history (1903), the Austria-Hungary government decreed a mandatory two year military service, also known as conscription. 🔫
In today's newsletter, we will be covering Indonesia announcing new regulations for the trading of crypto assets on futures exchanges in the country, Bitmain Technologies' new Bitcoin mining processor and the German government seeking industry feedback to develop the country's blockchain strategy.
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's crypto rally persisted through the past 24 hours, as we saw total market capitalization rising from ~$125.4 billion to ~$134 billion, with most coins seeing gains in the ~5-12% range. Notable mover of the day is EOS, currently up ~23.7%, pushing it to 4th place by total market capitalization. 📈 24 hour volume is currently at ~$34 billion, the highest recorded thus far in 2019.
BTC is currently trading at ~$3,940, up ~5.1% over yesterday. RSI levels on the daily chart shot from yesterday's ~61 to today's ~70, indicative of strong short term bullish momentum. The last time RSI levels on the daily chart were at these levels was back in late July '18. Also on the daily chart, BTC is currently trading outside the upper Bollinger Band (+2 standard deviations from the mean), indicative of abnormal short term bullish momentum. 😲
Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has announced new regulations for the trading of crypto assets on futures exchanges in the country. 📝
The agency has confirmed that crypto assets are now officially recognized as commodities, but requires crypto futures exchanges to first be registered and approved before operating. In addition, futures exchanges and clearing houses that deal with crypto assets must have paid-up capital of at least 1.5 trillion Indonesian rupiahs ($106 million), maintain a closing capital balance of at least 1.2 trillion Indonesian rupiahs ($85 million), and employ a minimum of 3 employees who are Certified Information System Security Professionals (CISSP) that have undergone relevant AML and CFT compliance screens. 🤔
According to the chief of Bappebti, Indrasari Wisnu Wardhana, these "regulations have been put in place to provide legal certainty to the crypto futures sector, as well to protect consumers and investors." However, the agency clarified that the new rules do not apply to initial coin offerings (ICOs), as using cryptocurrencies as a means of payment is reportedly still barred in the country.
New and improved 👌🏻
Bitmain Technologies has announced a new 7-nanometer ASIC (application-specific integrated circuit) Bitcoin mining processor, called the "BM1397", that it is said to provide improvements in performance, chip size and energy efficiency for mining proof-of-work cryptocurrencies based on the SHA256 algorithm. 🤖
It was made using a 7nm FinFET process from Bitmain chip supplier Taiwan Semiconductor Manufacturing Company, and is able to achieve an energy consumption to computing ratio “as low as 30J/TH” (28% improvement over the previous 7nm chip).
BM1397 will feature in the new S17 and T17 Antminer mining devices. 👀
Seeking guidance 🌠
According to a report by Reuters, the German government is seeking industry feedback ahead of developing the country’s blockchain strategy by the summer and has invited companies and industry groups “that could become stakeholders in a blockchain deployment process” to provide strategy recommendations. 🤗
At the moment, the capital of Berlin hosts around 170 blockchain startups, and the country is seeing “great interest” in exploring blockchain technology across various sectors, including automobile, pharma, energy and public sector administration.
A unit of measurement for the amount of computing power being consumed by the network to continuously operate. The Hash Rate of a computer may be measured in kH/s, MH/s, GH/s, TH/s, PH/s or EH/s depending on the hashes per second being produced.
Other news 📰
According to a Bitmain IPO document, the firm has reportedly revealed $500 million Q3 '18 losses. 💸
The beta app Tippin has released a new Chrome Extension available to Google browser users that enables Twitter app users to send Bitcoin (BTC) payments via the Lightning Network. 👌🏻
Privacy-focused cryptocurrency startup Beam has secured an undisclosed amount of funding from Japan’s equivalent to LinkedIn, Recruit Co., Ltd. 💰
Crypto calendar 📅
31 Mar - U.S. SEC's initial decision onNYSE Arca and Bitwise Asset Management's Bitcoin ETF application
Why do you think so? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "I am happy with the crypto investments I've made"
The average vote was 6.8.
"Why do you say so?"
Long term prospects are excellent - Loving the optimism! 😀 I got in on BTC and ETH pretty early, so I'm happy 😀. - Just casually watching the calamity unfold by the sidelines. 👀 I feel like I’m working towards benefits for myself! - Great perspective! 👍 I’ve been dollar cost averaging since September. I’m down about 8%. Will continue to invest twice monthly. A good base is forming. Future looks bright. - Smart! This is way less stressful and efficient than trying to time and buy the bottom. 🤓 More good than bad, I've had, as Yoda would say. Would like to see BURST doing better though, as it's implementation of proof of capacity is pretty clever and much greener that PoW. - Patience you must have, young padawan! 😊 i have make multiple x profits.. so happy.. waiting for the bull market.. - Kudos to you! I've just gone all out for BTC, and have sold off my other 25 cryptos. I've done this because of the on going development of the lightning network. Also the fact that BTC is limited to only 21 million BTC. I am an amateur and only been at this for about 16 months. - Having a fixed supply is good in my opinion. It's deflationary nature will make it more valuable through all demand levels. 🤑 Other than the price of Bitcoin, we purchased mining machines and believe the price will increase over time. The low price eliminated those whom were seeking quick and easy money and left the more serious investors to acquire more blockchain activity. - Agreed. I’m happy that I’ve chosen some good ones that seem to have use cases that will make their values will go up over the long haul. - Keep the faith! Don’t get me wrong, huge bumps in the road, but I’m happy, And CMC is always here for me thanks everyone, I look forward to reading what you guys from every corner of the flat earth have to say and are thinking. (lol) sorry jk about flat earth - Bumps are good! A smooth sailing journey would be so boring. We try to best educate you guys as much as we can about the space! So glad you appreciate what we strive so very hard to do. Do continue to support us in any way you can! 👍. I initially invested in November 2017 when the market was much stronger and I pulled out of my investments at the start of the bear run. I have reinvested again whilst the markets are low in the hope for a strong bull run. - Glad to have you back (: Only about bitcoin! All my others like Jet8, Axel and Quarkchain went down the drain 🙁 - Unfortunately, this bear market will be weeding out many of the weaker alts. Too little, too late - missed the first big bull run, missed Bitcoin when it was dirt cheap. On the other hand - we might be in the second best moment, when everything still IS dirt cheap compared to what will happen in the next few years. I’m happy accumulating for now, seen a 100% return on some altcoins - beats my bank at 0% interest. - Perspective.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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