“Men make history and not the other way around. In periods where there is no leadership, society stands still. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better."
- Harry S Truman
It's midweek, ladies and gents. This is turning out to be a great week for us crypto folks. Let's harness that momentum to make it a great week for everything else too! 👍
Today in history (2016), the Panama Papers were published. They refer to the 11.5 million confidential documents from offshore law firm Mossack Fonseca, that exposed the widespread illegal activities including fraud, kleptocracy, tax evasion and the violation of international sanctions by the world's elite in the world's largest ever data leak. 😲
In today's newsletter, we will be covering the PayPal's first investment in a blockchain startup, Coinbase being covered for up to $255 million of its coins and Pakistan seeking to launch a digital currency by 2025..
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! 📚
Keep rollin 🗡️
Double kill! Over the last 24 hours, total market capitalization rose further by ~$12 billion to ~$173.6 billion, with most coins seeing gains in the ~5-15% range. Notable movers of the day include Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV) and Dogecoin (DOGE), each up ~42.3%, ~21.3%, ~22.4% and ~32.1% respectively. 24 hour daily trading volume even hit ~$78 billion, more than double the usual daily trading volume over the last few weeks! 😲 Just in Jan-Feb, we were seeing daily trading volume in the ~$15-20 billion range.
BTC is currently trading at ~$4,980, up ~5.1% over yesterday. At about noon yesterday, BTC was even trading above the $5,000 mark, a level it has not touched since mid Nov 2018. RSI level on the daily chart is now at ~86.7, well in the oversold region. Also on the daily chart, BTC is now outside the upper limit of its Bollinger Bands, indicative that its current price is more than 2 standard deviations more than its simple moving average. RSI level on the weekly chart is now at ~54.1 - the last time it was at this level was back in late Feb 2018. 😀
Back in Nov 2018, the BTC market experienced a really sharp fall from ~$6,500 to ~$4,200, which many like to describe as a 'freefall'. This means that in between these levels, there is very little resistance. This is a possible explanation as to why BTC was able to go parabolic in the last 2 days. ✍️
Giant moves 💰
Online payments giant PayPal has made its first-ever investment in a blockchain technology startup. It has joined the extension of a Series A funding round in Cambridge Blockchain, a startup that helps financial institutions and other companies manage sensitive data using shared ledgers. 🙈
Though neither PayPal nor Cambridge Blockchain disclosed the investment amount, recent filings with the SEC indicate that Cambridge Blockchain has raised a total of $3.5 million in new equity from several investors over the past 9 months. 💰
Cambridge Blockchain’s main function is the onboarding of personal data and know-your-customer (KYC) vetting, necessary to open accounts with banks and other financial services providers.
Crypto exchange Coinbase has confirmed that it is covered for up to $255 million for coins held in “hot wallets” – in other words, assets which are essentially online and open to potential hacks. 👌🏻
Coinbase currently holds less than 2% of customers’ assets in hot wallets, with the remaining 98% in cold storage, where the private keys are offline.
Coinbase's vice president of security, Philip Martin, also pointed to the disconnect given that policies are denominated in fiat but the assets are in crypto. This means that in bull markets it can be difficult for companies looking to grow insurance policy limits at the same pace as asset prices are moving.
The State Bank of Pakistan (SBP), the country’s central bank, is eyeing the launch of a digital currency by 2025.
SBP deputy governor Jameel Ahmad said that the bank is currently working on the digital currency concept in order to “promote financial inclusion and reduce inefficiency and corruption.”
It is also reportedly planning to make its services “fully digitized and technology equipped” by the year 2030. 🤖
An online tool to view all transactions that has taken place on the blockchain, network hash rate and transaction growth, among other useful information.
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! 😀
Other news 📰
In a Twitter post, Elon Musk has called Dogecoin (DOGE) his “fav cryptocurrency”. 😂
WEG Bank AG, a previously obscure German bank focused on the real estate industry, is now 30% owned by crypto companies. 🤯
Venture capital firm Polychain Capital and Andreessen Horowitz’s cryptocurrency fund A16z Crypto have invested $25 million in cryptocurrency payments startup, Celo. 💰
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: "A lack of regulatory clarity is what is holding back the space, not a lack of interest""
The average vote was a 7.2.
"Why do you think so?"
People are always interested in an alternative asset class to diversify their portfolio - True. All about that capital preservation! 💰 Yea I some what agree with this, I also think a lot of ppl don’t understand the technology and to many crimes are associated with the coins which I think scars ppl that don’t understand the technology - Well, the amount of fiat used to finance crimes still vastly outweighs the amount of crypto used to finance crimes. 🤷 With the blockchain, transactions can be tracked too which can actually help mitigate the situation.
More Institutional Deep Pockets could Propel the Crypto Space to the Moon. - Agreed. I believe it has already begun a long time ago. 😀 In New Zealand, the laws don't fit well with cryptocurrency. Changes are needed, but there's no indication that they'll be made any time soon. In the meantime, it's not really usable as money thanks to the legal red tape. - This is mostly true for most countries too. It seems that the world is waiting on the U.S. to make a substantial move on this front. 👀 Those in power want their fair share of the rent. However this space is for every one! - Decentralization revolution! ✊ Actually I think ignorance by the masses is what holding us back - Could be true too. It's hard not to get behind the idea of Bitcoin once you are educated about it. What is currently lacking in this space is the educational content that can help the newbies of the space and with awareness. 🤓 No proper regulation, then no confidence. - This is true too. With regulation, we can expect more institutions getting their hands wet. Definitely regulatory clarity is a need, but general interest has dropped off significantly irrespective. - Many retail investors got burned during the last bull run and are afraid to reenter the space. Who can blame em tho? Regulation doesn't prevent the proliferation of drug abuse. The more people that begin to learn about crypto, the more growth we will see. - I would argue that regulation can mitigate the amount of drug users which then restricts the proliferation of drug abuse. If cocaine were suddenly made legal and easily accessible, think about the number of new people getting hooked. 💭 Institutions only come in with clear regulations; I should know -- I work at one - I agree! It seems that the is a great interest but at times things are not as clear even for the knowledgeable - That's because cryptocurrencies can potentially disrupt many economies. Crypto and blockchain is the biggest best invention of our time, problem however is local shop owner doesn't want to accept payments because he has no idea what the law will say on that. my entire office will use crypto only if we could. but until there a clear idea of what is permitted or not we just hudl. for trading the rumor in my country is, only locally listed. will it be seen as currency, shares, futures. the second it clear majority of people not owning crypto will start buying and using - Good point. Cause people don't want to make mistakes - Opening pandora's box could result in some very unfavorable consequences. 🙈
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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