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Welcome back CMC family! Certainly missed ya over the weekend. Hope everyone had a great time and is ready to tackle this week! 💪
Today in history (1990), Lithuania declared its independence under the Lithuanian Soviet Socialist Republic, in "The Act of the Re-Establishment of the State of Lithuania". ✍️
In today's newsletter, we will be covering the NEM Foundation getting rescued, the German Ministry of Finance calling on the government to recognize to legitimize blockchain-based securities andFidelity’s digital assets platform now live.
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! 📚
Quiet weekend 💤
During the weekend, total market capitalization dipped to ~$131.4 billion late Friday afternoon before gradually recovering to ~$134.5 billion over the rest of the day, where it remained for the remainder of the weekend. Daily volume levels maintained at ~$31 billion to ~$34 billion over the weekend. 👍
Over the weekend, BTC failed to break through the $4,000 level and is currently trading at ~$3,980. RSI level on the daily chart dropped from ~59 to ~56, and the MACD line failed to cross convincingly to the upside of the signal line. In addition, since shorts have been picking up and longs have been decreasing since 5 May. BTC needs to break through the ~$4,100 to ~$4,200 range before a stronger case can be presented that we have found the bottom of this bear cycle. 🙏🏻
New lease 😀
The NEM Foundation is charting its path forward after cutting most of its staff and obtaining an $8 million funding injection. Key members of the community approved the request to release 210 million XEM (the native token of the NEM blockchain) from the reserves. 💰
The NEM platform is mainly used to facilitate the development of enterprise blockchain apps. Its XEM token is currently the world’s 19th largest cryptocurrency and in January the NEM Foundation announced that it was in dire financial straits.
NEM foundation president Alexandra Tinsman recently confirmed that the foundation has laid off about 100 people, a mix of consultants and full-time staffers over the past month.
Call for action ✊
The German Ministry of Finance has called for the country to recognize blockchain-based securities as a legitimate form of financial instrument and regulate them as such. 🗣️
The agency said that securities can be issued electronically and should not have to be documented on paper. It also added that legislation should create a regulating framework for these digital instruments, with the flexibility to adjust the rules to the rapid changes of blockchain tech. 📝
According to the Finance Ministry, it believes that Germany can, as a European financial hub, secure a leadership position in tokenized finance. The ministry’s recommendations come as a draft bill on security token offerings (STOs) and is in development at the German parliament.
We are now live 🎙️
Fidelity’s digital assets platform is now live, though various parts of the platform are still being worked on. 👌🏻
The platform is currently live with a select group of eligible clients. It will continue to be rolled out slowly, with its solutions currently focused on serving the needs of hedge funds, family offices, pensions, endowments, other institutional investors. Fidelity will also continue to expand their client base as the firm develops.
A blockchain ledger that runs in parallel to a primary blockchain, where there is a two-way link between the primary chain and sidechain. This allows the sidechain to operate independently of the primary blockchain, using their own protocols or ledger mechanisms.
Other news 📰
Ethereum founder Vitalik Buterin has proposed increasing average user gas costs by 7% on the network to support developers with sustainable funding. 💸
Facebook’s careers website now lists 20 job openings related to blockchain technology. 😲
Lawmakers of the U.S state of Connecticut are seeking to legalize the use of blockchain smart contracts in business. 😊
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: "Crypto now plays a huge part in my life"
The average vote was a resounding 7.4. 31.8% of y'all even voted a 10! I hope that, through gain or loss, this crypto journey has proven to be insightful for you all and that you were able to learn a thing or two. Crypto is actually a multifaceted industry that forces you to learn about technology, economics, finance and computer science etc. 😊
"Why do you say so?"
The technology keeps evolving daily. A very dynamic space. - It truly is. Exciting, isn't it? 😀
Belief in the future constructs of digital economy. - Glad to have you on board this train! 👍
i dont own crypto atm - What are you waiting for! 😲 Since I start mining, buying, HODL, crypto become a part time job! - That is really awesome to hear. I'm sure it's going to pay off. 👌 It's the future, fiat currency is not worth what it's printed on - True. i spend about 2 to 3 hours daily on crypto stuff. i have some investment, so yes in coming time it will play a huge part in my life. - See you on the moon! 🚀 It doesn’t yet ... but is of significant interest - In due time (: CAN'T SPEND IT FOR EVERYDAY PURCHASES AND U.S. TAXES ARE CRAZY WHEN YOU MOVE FROM ONE EXCHANGE TO ANOTHER. - That is true. Taxes are insane atm. Hopefully it will become more favorable in the future. 🙏🏻 Its the future! - It sure is. 👌 Preparing for future ultimate break out and adoption - It might take some time, but I believe we will get there. Its time to dig in - Time to load up those bags of future digital gold! 💰 Because I like it - Hard not to fall in love with this space. 😉 Crypto is definitely something I follow regularly but there is so much more fun and joy to be had outside of things! - Agreed. It's all about striking a healthy balance. ☯️
"What are your plans for the weekend?'
Trade, HODL, fly. - To the moon! 🚀 Go kitesurfing! - That sounds awesome. Hope you had a ton of fun! 👍 Working to buy more digital assets. - A really good idea rn imo. Go to the forest - Be one with nature. 🌲 search info on new cryptos to invest! - Good idea! Check out Binance launchpad! 😉 Study code and blockchain - Never a bad idea. making ice cream, popcorn, movie... also will be baking fruit cake on sunday. at home basically.. - Seems like it was a therapeutic weekend. Hope you had a ton of fun! 😊 working half the time - Oh no! The grind never stops. 😔 Have coffee , meetings , same old ... practice welding - Wow welding! I am going to an ecstatic dance and meditation class. - Sounds zen. 🧘 Reading manga, watching anime - Any good ones atm? 🤔 Meeting some friends and reading books - A fairly productive weekend!
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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