“Looking at beauty in the world is the first step of purifying the mind.”
- Amit Ray
Welcome back CMC army! Hope everyone had a relaxing and rejuvenating weekend break. It's already the last week of February! Man, doesn't it seem like time is breezing by? 💨
Today in history (1964), 22-year-old Muhammad Ali shook the world by dethroning then world heavyweight boxing champ Sonny Liston in a 7th round technical knockout. 🥊 Before the bout, Ali infamously boasted that he would “float like a butterfly, sting like a bee” and predicted knocking out Liston in the 8th round. ⚡
In today's newsletter, we will be covering the government of Thailand permitting the issuance of blockchain-based securities, the University of Michigan potentially investing more in Andreessen Horowitz’s A16z crypto fund and Pantera Capital raising more money for its new fund.
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! 📚
Weekend whirlwind 😵
What a roller coaster of a weekend! 🎢
We saw markets rallying to a weekend high of ~$144 billion late Saturday, before experiencing a steep drop early Sunday to ~$127.1 billion. The large price swing brought about stronger trading volumes as we got to see volume in the last 24 hours ballooning to ~$38.7 billion, the highest we have seen thus far in 2019. The last time we saw levels like these was back in late April last year! 🤯 Who cares if markets retraced after the early weekend rally, this is something to be glad about. Markets are finally starting to look alive again and charts are looking healthier. Hopefully, it will be able to build upon this momentum. 🙏🏻
BTC is now trading at ~$3,840. The weekend rally got it to test the 50-day EMA line on the weekly chart, but BTC failed to break through it. Until BTC closes above this level, it would not have a strong enough case that we have found the bottom of this bear run. The good news is that BTC has been forming higher highs and higher lows since mid Dec '18 on the weekly chart, and on the daily chart since early Feb '19. Also seen in the weekly chart, the rising RSI level is indicative of bullish momentum. 👀
The government of Thailand has given the go-ahead to allow blockchain-based securities to be issued and traded in the country. 👍 The nation’s Securities and Exchange Commission (SEC) will issue detailed guidelines and rules for tokenized and electronic securities in the next few months.
The SEC will also decide whether a Security Token Offering (STO) will be regulated under the royal decree or the securities act, though this legislative effort clears the way for tokenisation platforms in the future, and will help develop the digital asset ecosystem. 🤗
Doubling down 💸
The University of Michigan is considering further investing in Andreessen Horowitz’s A16z cryptocurrency fund. The university, which boasts an endowment of $12 billion, previously committed $3 million to the $300 million fund in June 2018 and is now looking at follow-up investments, though it did not disclose an exact amount. 💰
Andreessen Horowitz launched a16z Crypto last year to invest in cryptocurrency-related tech companies at different stages. The fund had also attracted participation from Yale University. 😊
Andreessen Horowitz’s general partner, Chris Dixon, said at the time of the launch that the fund plans to invest consistently over time, regardless of market conditions.
Following suit 🏃
Brazilian investment bank Banco BTG Pactual is planning to raise $15 million through the offering of a security token. 💰 The bank said it will back its blockchain-based token with distressed Brazilian real estate assets while establishing a secondary market following the sale in order to provide liquidity to the tokens. 🏘️
According to Banco BTG Pactual, the offering will allow investors to invest in the Brazilian real estate market and potentially receive periodic profits. International investors will be able to purchase the token, called ReitBZ (RBZ), through a “low-cost, tax-efficient structure”.
A peer-to-peer exchange that allows users to buy and sell cryptocurrency and other assets without a central intermediary involved.
Other news 📰
The state treasurer of Ohio said in a forum that 2 businesses in the U.S. state of Ohio have paid taxes with cryptocurrencies. 💰
A hands-on preview of Samsung’s newly unveiled flagship phone, the Galaxy S10, reveals new details of the device’s upcoming 3 crypto features - payments to merchants, digital signatures and crypto storage and transfers. 📱
$430k worth of cryptocurrencies seized by Belgian law enforcement from online drug dealers are to sold off by an Ireland-based auction house. 🙋♀️
Crypto calendar 📅
31 Mar - U.S. SEC's initial decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
5 Apr - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
On a scale of 1-10 (10 being most pleased), how much do you like the new infographics in our "Blockchain term of the day" section?
The average vote was 8. Half of you guys voted a '10'. Glad to know the majority of y'all liked it!
"Why do you say so?"
IT'S pretty good - Why thank you! Panda Analytics definitely did a great job with it! 👌🏻 It was cool and informative but it was hard to read :(. I tried saving it and zooming it and that didn't work too well. CTRL+"+" on the browser kinda worked. - Glad it worked out! Feedback about font size is noted too. 👍 Infographics are awesome though sometimes they can be over kill (too much information or more than is required to get the point across). - Noted. Thank you for the feedback. 😀 Knowledge helps us all. Good work here. - Thanks fam! 🙏🏻 It was very clear and easy to understand. - Great! It was introduced to help educate newbies and ease them into the space. I guess it did the job! i love it. your newsletter is very well written & provides a very good daily dose of crypto knowledge.. thanks for this. - Thank you for your kind words. Here at CoinMarketCap, we strive to produce the best content possible, and present it in the most concise and digestible manner for you folks. Comments like these only motivate us to work harder at this. Appreciate! 🙏🏻 Very Informative - Thanks kind sir. 😬 I like this one, a graphical explanation is better than only words, is a big improvement! Keep the good work! - Woohoo! We figured that some of you may be better visual learners and so decided to introduce it. Cheers! Is a very importannt information - It sure is. Good. - Thank you! Highly informative - Only way we do it 😉 I preferred the old format as it was easier to read. - Noted. Thanks for the feedback! ✍️ I like the idea.. but it breaks with your visual style and branding - Noted. We could definitely work on the design to make it more seamless. 😊
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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