“Chaos is inherent in all compounded things. Strive on with diligence.”
Brought to you by:
Welcome back, fam! New week, new month, new you! 🌞 Strive to put your best foot forward in all that you do this week. You got this! 💪
Today in history (1957), one of the most widely used stock market indexes, the S&P 500, was introduced and replaced the S&P 90. Using a free-float capitalization-weighted method, the S&P 500 creates in real time, a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE, NASDAQ, or the Cboe BZX Exchange. The S&P 500 covers approximately 80% of the equity market of the U.S.. 😲
In today's newsletter, we will be covering Coinbase users closing their accounts due to its acquisition of Neutrino, Binance putting out $100K to entice users to test out its upcoming decentralized exchange (DEX) platform and crypto companies still finding it difficult to open accounts with banks. Today, we also 2 special announcements, one by crypto.com, and another regarding a "Blockchain & Crypto Assets for Finance Professionals" workshop!
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! 📚
Odds stacked against us 🎲
Unlike the previous weekend, this one was relatively quiet. Over the weekend, total market capitalization rose slightly early Friday to a weekend high of ~$132.5 billion before falling back down to ~$129.8 billion, where it remained for the rest of the weekend. In all, total market capitalization only bounced within a small ~$2.9 billion range. Daily volume continued to stay high throughout the weekend, at about ~$24 billion.
At time of writing, BTC is currently trading at ~$3,840, down ~0.5% from Friday. The 50-day EMA line on the daily chart has been providing some good support over the last few days, and BTC seems to be testing this line again today. However, MACD indicators on the daily chart have diverged and RSI level has dropped from ~54.4 to ~51.9, so we may see BTC break below the 50-day EMA support line and into a new trading pattern. 👀 Otherwise, if the 50-day EMA support line holds, we could see BTC continue on its current trend in making higher highs and higher lows and test the ~$4,200 levels.
In protest 🗣️
Some Coinbase users are closing their accounts amid the outcry of the acquisition of Neutrino by the crypto exchange service.
The users are protesting Coinbase for acquiring Neutrino because the blockchain analytics outfit’s executive suite – CEO Giancarlo Russo, CTO Alberto Ornaghi, and CRO Marco Valleri – have previously launched projects for the startup Hacking Team, which sold spyware to several governments known for human rights abuses. 😅
The verdict is out whether the controversy will make a significant impact on Coinbase’s user base, given the platform’s convenience for entry-level users and the hassle associated with switching providers.
Carrot dangle 🥕
Crypto exchange Binance has put out $100K in tokens to entice users to test out its upcoming decentralized exchange (DEX) platform. 💰
Binance is splitting the competition into 2 different events. Firstly, there’s the “Token Competition for Healthy Price Volatility,” which will see users compete to issue and list tokens on the testnet. Secondly, there is the “Absolute Return Competition” event where users will be ranked according to the absolute returns achieved through their trading strategies, on specific tokens.
Binance has announced that the DEX is open for public testing. Users can now create wallets and interact with the trading platform’s interface, while at the same time view a blockchain explorer for the testnet of its Binance Chain network, which supports the DEX.
According to Bloomberg, crypto companies still find it difficult to open accounts with banks. 😔
CEO of quantitative crypto trading company Alameda Research, Sam Bankman-Fried, has said that while it is not illegal for banks to serve crypto businesses, “it’s a massive compliance headache that they don’t want to put the resources in to solve”.
However, Bloomberg also pointed out that while the larger banks avoid dealing with crypto companies, smaller ones are trying to compete for this under served portion of the market. 👌
A situation where a large limit order has been placed to sell when a cryptocurrency reaches a certain value. This can sometimes be used by traders to create a certain impression in the market, preventing a cryptocurrency from rising above that value, as supply will likely outstrip demand when the order is executed.
Special announcement 📢: Favorable crypto rates with crypto.com
Buy crypto at the best rates with crypto.com! Crypto.com's Vortex Trading Engine is now live! Prices have been enhanced so as to offer you the best execution prices possible with no fees and no markups! Too good to be true? Find out for yourself! 😄
Special announcement 📢: "Blockchain & Crypto Assets for Finance Professionals" workshop with Henri Arslanian
On the 16th March 2019, CoinMarketCap will be organizing a workshop conducted by PwC's Fintech and Crypto Leader for Asia, Henri Arslanian!
He will cover the essentials a financial services professional needs to know about cryptoassets and blockchain, such as how central bank-backed cryptoassets will change the value ecosystem and serve citizens, the ways financial institutions can start experimenting with the technology, regulatory stances of the various jurisdictions and the latest trends and developments in the global crypto scene that could disrupt the financial sector.
Don't miss out on this rare opportunity to learn from Henri himself. Register now for a 30% early bird discount!
Other news 📰
Hong Kong-based private equity firm GSR Capital will be cutting Overstock tZero investments from $404 million to $100 million. The deal is expected to be closed mid-April. 💰
Blockchain addresses for Quadriga CX’s cold, or offline, Bitcoin wallets were finally released by Ernst and Young (EY), the court-appointed monitor for the ailing crypto firm. However, they are still unable to account for about 26,000 Bitcoins (approx $100 million in value). 💸
Blockstream has released an upgrade to its c-lightning software. 🤖
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
How much do you agree with this statement: "I am shocked about the news that Facebook will be issuing a crypto this year"
The average vote was 3.9.
"Why do you say so?"
It was inevitable. - They couldn't resist no more 😂 Like PayPal? Decentralised or centralised? Which countries? 100% fiat backed? - The crypto world is definitely watching this closely, and details will likely be revealed in due time. While chances are that Facebook will introduce a centralized coin, similar to that of the JPM coin, this is a great start. It shows that a big company is advocating the usage of tokens. 👍 Wave of the future - Indeed. Excellent opportunity for me - For all of us too! 🙌 They've made their intention clear about moving into the crypto space and have always been good at seizing opportunities quickly - Facebook definitely moves fast. ⚡ Need more information... please find it for us!!! - Of course! Do stay tuned...and thank you in advance for the support! 🙏🏻 I'm not shock it was only a matter of time, smart move with 2.5 billion users already! adoption will be easy. - Imagine each of them possessing a coin/ token. This is going to drive adoption and showcase its feasibility in day-to-day exchange! 💪 If money can be made in the crypto space, then Facebook will try to do just that. - Money moves. 💰 I think all major US companies are looking at how to play in the cryptocurrency sandbox. - I believe it's on their radars too. this has been in news since about a year, so not shocked. in fact i will be shocked if they & other giants in online space don't in 2019. - Can't say I don't like that outlook (: Why wouldn't they want to miss out on a rewards program that will keep everyone glued to their phones. Start giving people Facebok tokens for their likes and dislikes and you'll have them on there all day. The Sheep are in the pen. - Oh boy...that's really mean but very likely true. 😂 Facebook crypto... Seriously!? I would not trust Facebook to be good stewards of our money nor our transaction data. - True hahaha NOT! (at all shocked.) - Me 2. I heard they were looking for people with blockchain knowledge ,a few months ago - Yup, Facebook was keeping it really hush hush. It's gonna make headlines when they finally reveal it to the world. Dont want to be left behind! - They're gonna very likely lead the pack. 🐺 This is total surprise. - Welcome to the world of crypto where everything moves so quickly. Hahaha. Man, I sure love this space! ❤️
"What are your plans for the weekend?"
Taking my new boat for a spin. - Swankyyy 😎 STUDY stable coin projects - Good idea. 👍 Gaining more informations - Stay on that perennial quest for knowledge! 🧠 Catching up on work since I've been traveling! - Gotta bring home the bacon. 🥓 Buy coca-cola, Pringles and play rpg games for 24h!!! - A night of debauchery. We all need that every now and then. 🤡 probably smoke some weed. - Blaze it. 🌿 Stay warm and stay dry. - Be safe wherever you are! 👍 at home.. movies & popcorn. - Yet another sublime weekend! Staying in with my wife and little pumpkin. - Sounds like the perfect weekend to me! 👌 A bit of D&D then a bunch of home renovation! - Sounds exciting. Hope renovation went well! Work overtime - Ah man I feel you. ): Enjoy family - As they should be. 😀 laziness - The bug got to ya. Do something fun at least! 🤦♂️ I'm going to a karaoke bar tonight with friends - Hope it was a good session! Trading bot configuration - Oooo do share the results! Watching anime - Am a huge fan myself! Been following since the days of Samurai X and Slam Dunk. (:
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!