“Patience, persistence and perspiration make an unbeatable combination for success.”
- Napoleon Hill
Happy Wednesday everybody! Already halfway through the week. Persist! 💪
Today in history (1962), Mercury astronaut John Glenn became the first American to orbit the Earth. 👨🚀
In today's newsletter, we will be covering Coinbase acquiring Neutrino, the Seoul Metropolitan Government committing to invest 1.2 trillion won ($1.07 billion) by 2022 in startups and BitGo providing $100 million of digital asset insurance coverage.
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! 📚
Not out of the waters just yet ☠️
Despite the high trading volume recorded for the past 24 hours, total market capitalization only rose ~$0.5 billion to ~$134.5 billion, with most coins either seeings gains or losses in the ~1-3% range. Notable mover of the day is Binance Coin (BNB), currently up ~14.8% for the day.
BTC is currently trading at ~$3,970, up ~0.9% over yesterday. While it may be trading above its 50-day EMA line on the daily chart, it still has yet to clear the 50-day EMA line on the weekly chart. Breaking past that resistance level would increase the likelihood that we have found the bottom. On the daily chart, RSI levels are currently at ~71, indicative of very strong bullish momentum, but also indicative of it being overbought in the short run. Furthermore, BTC is still trading outside the upper Bollinger Band (+2 standard deviations from the mean), indicative of abnormal short term bullish momentum.
Shared vision 👀
Coinbase has acquired a blockchain analytics startup, Neutrino, as part of its wider push to offer more diverse crypto assets across borders. Neutrino will supposedly help Coinbase identify “which new tokens are gaining value and gaining traction in the space.” 💰
Starting this week, Neutrino’s eight employees will move into Coinbase’s London office and will retain their distinction as a separate entity in order to continue serving external clients. 🤝
According to Coinbase's director of engineering and product, Varun Srinivasan, this acquisition will help Coinbase research new assets and identify undesirable activity, like theft, without handing over internal information to external companies. Neutrino's CEO, Giancarlo Russo, also said that they decided to join Coinbase as it aligns with the "company’s mission of building an open financial system" and shares the "same commitment to regulation, compliance and security in the cryptocurrency space."
Healthy injection 💉
The government of South Korea’s capital city, the Seoul Metropolitan Government, has committed to invest 1.2 trillion won ($1.07 billion) by 2022 via a Seoul Innovation Growth Fund for startups, including those working with fintech and blockchain. 💰
It plans to invest 13.25 billion won ($11.75 million) in the first half of 2019, spread across investment segments such as the Fourth Industrial Revolution, Smart City and cultural content projects, startup support and rehabilitation support. It will then invest 8.4 billion won ($7.45 million) in the second half of 2019. 💪
The city government believes that the average initial investment of South Korean startups needs to be increased from about $1.1 million currently, as compared to places like London ($7 million) and Silicon Valley ($6.5 million) as “innovative start-up investment will be the cornerstone of corporate growth" of the Korean society.
Always wear protection ⛑️
Crypto security company BitGo is providing $100 million of digital asset insurance coverage against theft or the loss of cryptographic keys via the Lloyd’s of London insurance market. ☔
Custodial assets held in BitGo business wallets or under its qualified custodian arm, BitGo Trust Company, will be covered against third-party hacks or the theft of private keys; insider theft by employees of private keys; and physical loss or damage of private keys.
According to BitGo's CEO, Mike Belshe, “this is the most complete insurance offering in the industry” and BitGO is "being more transparent than any other company about the (coverage) terms". 🗣️
A property that defines the inability to be changed, especially over time.
Other news 📰
Elon Musk, founder and CEO of Tesla and SpaceX, has gone public in a podcast interview with investment firm ARK Invest with his belief that cryptocurrency offers an improved alternative to conventional money. 📢
Crypto startup True Digital has hired an investment engine department manager from the world’s largest hedge fund (Bridgewater Associates), Thomas Kim, to be its CEO. 🤝
Law firms Miller Thomson and Cox & Palmer will represent 115,000 QuadrigaCX customers in its case against the exchange. 👨⚖️
Crypto calendar 📅
31 Mar - U.S. SEC's initial decision onNYSE Arca and Bitwise Asset Management's Bitcoin ETF application
How much do you agree with this statement: "Bitcoin (BTC) has bottomed"
The average vote was 5.8.
"Why do you say so?"
Maybe, but even though Bitcoin has proved highly reliable so far, there remain some fundamental challenges that it hasn't solved, such as the small number of miners providing an enormous proportion of the network hashrate. This kind of issue could cause problems that crash the price. - Bitcoin hashrates are pretty well distributed imo. 🤔 Relative Strength Index is trending more positive on longer time frames - All it really is, is a momentum indicator though. Try to think of it as a measurement of price movement inertia. 🏃 Liquidity continues to be low, and probably be more sell offs, until more players enter the market. - What if they've already been slowly entering for some time? (: Look at a 6-months chart, or even 3 months ... - It doesn't look good, but we can always see bearish momentum slowing down! 👌 I don’t think quite yet, I feel we gotta wait left before the big boom 💥 So funny to me Monday’s question I answered on vacation, Tuesday am back at home regularly scheduled program 🐑baaa - You are a man of routine! i think so.. its very undervalued at the moment. if i have spare fiat i will buy below 5000 USD. - Buy da dip! 💸 Bottom will be arround 1000$ +- 20% - That's an aggressive prediction! 😲 Seems like the panic selling is over - Bearish momentum has definitely slowed as of late. 👍 Trust the process - Damn straight! 💪 Wishful thinking that the SEC will have a few positive approvals. - Market is over anticipating this IMO. Just listening to "the experts". No one really knows but the news is more encouraging than it was just a week ago. There is a lot of OTC buying of BTC. ETF's, TD Ameritrade and others will be jumping in. The blockchain and cryptos are the future and we are still in the very early days of this new economic order. - Well said. I agree. Still too early after the ATH, I think by the end of the year will see a true bottom then increase until the next BTC halvening in May 2020. Then around 12 - 18 months after the next ATH. - Sounds very reasonable/ plausible. 🤔 If you can genuinely call something a digital gold - that’s Bitcoin. Which can be easily, securely stored away from any government’s prying eyes. And as such is very undervalued. It might temporarily go down a bit, but if it doesn’t steadily go up for next few years I shall eat my left sock (and it’s a thick one!). - Preach it brother! Maybe not so much on the sock part, hahaha. 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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