“Remember that the most valuable antiques are dear old friends.”
- H. Jackson Brown, Jr.
It's already mid March, CMC! Time sure flies when you're busy. 😱 That being said, I am sure you've all been working hard this week, so be sure to treasure your weekend break and get ample rest! 😴
Today in history (1985), the internets first dot com domain name (symbolics. com) was registered by Massachusetts computer company Symbolics Inc. 😲
In today's newsletter, we will be covering Tether (USDT) updating the terms on its website, the Stock Exchange of Thailand (SET) building a digital assets platform and IBM's nationwide (France) blockchain deal. Today, we will also be covering Grin (GRIN) in our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by fund-software-as-a-service platform, Panda Analytics! So don't forget to check that out below too!
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! 📚
Small win 🏅
In the past 24 hours, total market capitalization gradually climbed from ~$134.3 billion to ~$135.3 billion, with most coins seeing gains in the ~1-3% range. 24 hour volume hit ~$33.3 billion, the highest all week. Over the past few weeks, BTC dominance has been dropping and it currently stands at ~50.9%, indicative of a growing preference for the other cryptocurrencies. 👀
BTC is currently trading at ~$3,920, up ~0.3% over yesterday. For the 5th consecutive day, RSI level on the daily chart is at ~54, indicative of market indecisiveness between bullish and bearish forces. BTC also continues to be holding above its 21 and 50-day EMA lines. 👍
Tether (USDT) has updated the terms on its website, in that its dollar-pegged USDT stablecoin may not be backed 100% by fiat reserves.
According to the site, while the stablecoin is 100% backed, its reserves may include other assets such as receivables from loans made by Tether to third parties, which may include affiliated entities. 🤔
Prior to this change, the site said that "every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USDT is always equivalent to 1 USD”.
The Stock Exchange of Thailand (SET) has confirmed that it is building a digital assets platform that it expects to go live in 2020. 😄
According to a recent announcement, the SET believes that it is “ready for digital transformation” and will work “closely and collectively” with all stakeholders in the country’s capital market to build a new ecosystem to support digital assets, so as to create more efficient investor experiences and to “open up new investment opportunities.” 💰
According to the president of the SET, Pakorn Peetathawatchai, the SET has created a 3-year strategic plan (2019 to 2021) to develop a digital infrastructure platform and a “one-stop” digital capital market. He also said that Thailand’s capital market will see “a real transformation” in 2 areas, in that there will be a full digitization of infrastructure through paperless processes, and the linkage of the stock exchange’s FundConnext mutual fund platform with Clearstream's global fund processing platform Vestima.
Nationwide initiative 😆
In a nationwide blockchain deal, court clerks across France will soon be recording changes in companies’ legal status on a Hyperledger blockchain built by IBM. 🤝
The National Council of Clerks (NCC) project is planned to go into full-scale production in the first half of 2019. Using the blockchain as a “single source of truth”, the clerks will be able to share regulatory information and coordinate changes across multiple regions and local registries. 👬
According to the senior manager for blockchain at IBM France, Vincent Fournier, “this initiative is a first in the justice sector in France and is a perfect example of blockchain’s role in helping regulated professions as they transform”.
Grin is an open-source cryptocurrency focused on privacy, fungibility, and scalability in its implementation of the 'MimbleWimble' protocol.
The Grin mainnet was launched on 15 Jan 2019, and so its a relatively new coin on the market.
Why people love it 😘
Grin is highly anonymous as no addresses or amounts are recorded on the blockchain. Transactions are opaque under the MimbleWimble protocol but are still appropriately validated.
Grin is fast, as it has 60-second block times.
Grin is scalable. All spent outputs on its blockchain can be safely removed, allowing a drastically reduced blockchain size.
Why people doubt it 🤔
Grin is considered by many to still be highly experimental. It has not proven itself as a store of value just yet.
Grin has some strong competitors in the privacy coin space, such as Monero (XMR) and ZCash (ZEC).
Other news 📰
In a recent speech before the Select Committee on the Modernization of Congress, the Republican leader of the U.S. House of Representatives Kevin McCarthy called for an exploration to see if blockchain can make the U.S. government more efficient and transparent. 🗣️
In a recent interview with FOX Business, U.S. SEC Chairman Jay Clayton expressed his concern about investor protection pertaining to the commission approving a Bitcoin (BTC) Exchange-Traded Fund (ETF). 😨
Instant crypto credit line provider, Nexo, says that it processed $300 million in 7 months. 🤯
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
If so, why do you say so? Also, how do you typically spend your weekends? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I am a fan of Grin (GRIN)"
The average vote was a 6.
"Why or why not?"
Just do not know much about Grin. - It's a fully decentralized, privacy coin that operates under the MimbleWimble protocol. You should read into it when you have the time! It's a pretty interesting coin! 🧐 i am a big big fan of GRIN. Its very interesting, also one of the fairest launch since BITCOIN. This coin will be very big in coming years, I easily see it in top 10 coin in coinmarketcap in coming time. - Me too! I definitely think there is something potential in it. 👍 strange branding, and flat distribution - I actually like the branding. Very cypherpunkish! 😝 Seems pretty interesting so far - Definitely! 😊 Have not fully done due diligence on the technology yet. - Do try to when you have the time. Mimblewimble is a pretty interesting protocol. 'cause my decison 5 pillars are: open source, decentralize, Anonymous, Daico, selfruling, (not ruled by central/Thierry party) - Well Grin definitely checks all those boxes (: great future and blockchain - I do see some value in Grin, mainly due to its fully decentralized and privacy coin properties. 🙈 😀😃😄😁😆lol I do, someone told me about mimble Wimble and my wife’s initials mw, why what do you know..... binance later🤭 - Hahaha, it's a sign! While Grin is already trading on several well known exchanges, a listing on Binance will give it significant exposure! 😄
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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