“The key to growth is the introduction of higher dimensions of consciousness into our awareness.”
- Lao Tzu
Happy Tuesday, CMC family. I hope everyone will have as splendid a day as the crypto markets did yesterday! Read on to find out what happened. 😀
Today also happens to be the birthday of Quavious Marshall, more commonly known as Quavo from the American rap group Migos! He turns 28 today! You can wish him on his instagram page here! 🎂
In today's newsletter, we will be covering the federal government of Pakistan adopting new draft crypto regulations, Japanese crypto exchange Coincheck launching an over-the-counter (OTC) crypto trading service and the Canadian government freezing the assets of the founders of Vanbex as part of an investigation probe. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit! 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! 📚
Winner winner 💰
What a day! Over the last 24 hours, total market capitalization rose from ~$145.1 billion to ~$161.6 billion from a late evening run up. Most coins are seeing gains in the ~8-20% range. Daily trading volume reached ~$52.7 billion, almost 1.8x the daily trading volume we have been experiencing over the last few weeks. 😲
It seems that BTC finally broke through the 50-day EMA line on the weekly chart, a level it has failed to break through several times since Nov 2018. BTC is now trading at ~$4,755, up ~15% over yesterday. The upswing also propelled BTC through its 100 and 200-day EMA lines on the daily chart! RSI level on the daily chart is currently at ~85, well in the 'oversold' region. It sure has been awhile since we've seen a day like this. This is in fact the biggest daily upswing we've had since the start of the year!😀
Heeding advice 👍
Following recommendations from the Financial Action Task Force (FATF), the federal government of Pakistan has brought in Electronic Money Institutions (EMIs) draft regulations for its crypto industry. 📝
Under the new framework, companies are mandated to meet capital requirements, store personal details such as name, ID card number, address and telephone number as part of a due diligence process, as well as undergo executive evaluations in order to obtain licenses. ☑️
Through these draft regulations, the Pakistan government hopes to better monitor and regulate the sector, and prevent the illicit use of cryptocurrencies.
Meeting the demands 👐
Japanese crypto exchange Coincheck has launched an over-the-counter (OTC) crypto trading service, that will primarily deal with large Bitcoin (BTC) trades, to target larger clients. 🤖
Coincheck is the same exchange that suffered a $530 million hack in January 2018, losing about 500 million NEM tokens in the process. Shortly after in April that same year, the exchange was acquired by Japanese online brokerage Monex Group for $33.5 million. It has since received a regulatory license in Japan and is now a registered entity with the Kanto Financial Bureau.
The minimum trade size for Coincheck's OTC trading desk is 50 Bitcoins, and the service is available on weekdays between 10 a.m. (13 UTC) and 3 p.m. (18 UTC) Japan time.
Where there is smoke... 🤔
The Canadian police have frozen assets owned by the founders of blockchain services company Vanbex, Kevin Hobbs and Lisa Cheng, as part of a fraud investigation into a 2017 initial coin offering (ICO) that raised $22 million and saw the issuance of tokens under the ticker symbol, FUEL. 🤑
According to Canada’s Ministry of Attorney General, Vanbex told investors that the FUEL tokens would be usable in a forthcoming smart contract system called Etherparty, and that its value would "increase dramatically”, but then “developed no usable products”.
Hobbs and Cheng then purchased 2 $3 million condominiums, one in Vancouver and the other in Toronto, 2 Land Rovers and leased a Lamborghini worth $375,000 for a 3-year term. Hobbs even spent some of the misappropriated funds on gambling “domestically and internationally at the high roller level”. 💸
The Canadian government has since seized the Land Rovers, ordered the Bank of Montreal to freeze Hobbs’ 2 accounts worth less than $1 million, and ordered him and Cheng not to sell, borrow against or damage their Vancouver condominium for at least 30 days.
An escrow is a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. This is possible to be automated using smart contracts on the blockchain.
Special announcement 📢 - 'A 10-Year Perspective: From Genesis to Today' webinar with Karthik Iyer
Join us in our second webinar as Karthik shares the history on how the crypto space came to be. From the day Satoshi Nakamoto announced the first Bitcoin client on the P2P-Foundation website, to how everything transpired and evolved to its current state. Join us as he takes us in a trip back in time in the cryptoverse!
Karthik Iyer is an ambassador for the P2P-Foundation, venture partner of Genesis Block NYC and CEO of BlockchainMonk!
The webinar will take place on 14th April 2019, 10pm Eastern Time (UTC-4) / 15th April 2019, 10am (GMT+8). But before all that good stuff, be sure to fill our the pre-webinar survey form here!
Special announcement 📢 - CoinMarketCap Mobile App Beta Launch
Calling all CoinMarketCap crew... 🤙
We are soon going to be launching our new CoinMarketCap mobile app! If you are interested in participating in our private beta launch and help us test it, simply fill out the form here! What are you waiting for! 😀
In this week's Tutorial Tuesday, our friends over at Goodbit has created an educational video on 'Ethereum 101'! Class is in session. Check it out here!
Other news 📰
ConsenSys Ventures, the investment arm of Ethereum development studio ConsenSys, has selected its second cohort of its accelerator program, Tachyon. The startups are Genomes, Blok-Z, Glimpse, Sensor.link, Lawcoin, Cypherock, Ether.cards, Sooho, Ibisa and LinkDrop. 👍
Tron (TRX) has pushed to remove gambling DApps in the Japanese market on its blockchain to comply with local regulations. 🙅♂️
Crypto Facilities, subsidiary to San Francisco-based exchange Kraken and derivatives products provider, has reported a jump in the trading volume in its altcoin futures markets in recent weeks, particularly from its Litecoin (LTC) and Bitcoin Cash (BCH) futures contracts. 📈
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
21 May - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
Why do you think so? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I'm more alert on 1 April than normal days"
The average vote was a 5.4.
"What is the best April fool's joke you've seen or heard?"
This lady I know who is and looks straight as a arrow a mum of 4, had a Tatts lotto tick with the winning number and a copy of the news paper with the results. 1st division was 37 million we all thought she won it. What she did was got a ticket the next day filled out yesterday’s numbers on the ticket and they matched up to the news paper had everyone going for a bit till we looked at the date of the paper lol. - Hahaha that's a good one. The effort though. 👌🏻 its just another day.. but do enjoy the humour some guys put up. - Sometimes you just gotta appreciate the effort and wit! 😂 1.5 grams of a green leafy substance that’s a paper clip and a 1/2 landed me in a do not collect $200 situation 👮♂️, I had to call my wife and convince her that I had 100% been arrested 😀, to top it off the jail had a sars outbreak 😷 so no bondsman would visit lol good times - That is brutal hahah. The SARS part is a nice tough though. Wish I could've been there to see her reaction. Nice one! 💯 It's been a while since I encountered a truly brilliant one that made me laugh. - This is likely due to how everyone is on high alert on April fools. That's why when a good one does finally happen it's so much more impactful. the uk is leaving the eu. - lmao! I cheated people in the office I have given them a gift of $25000,they felt very happy only to learn that today was fools day hehehe. - Man that is brutal, hahah. It reminds me of those fake lottery ticket pranks you can find on youtube. 0-100 real quick, but also 100-0 real quick. 🤣 BTC reach USD20,000 - All fun and games until it happens (:
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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