“Realize deeply that the present moment is all you ever have. Make the Now the primary focus of your life."
- Eckhart Tolle
It's the weekend, CMC family! Wow, it's already mid April. Are you still on track to realizing your 2019 resolutions? 💭
Today in history (1945), then U.S. President Franklin D. Roosevelt died in office and Vice President Harry Truman was sworn in as the 33rd President of the U.S..
In today's newsletter, we will be covering crypto exchange Binance partnering with Ciphertrace to boost compliance procedures on its platform, payments startup Flexa raising $14 million in a private token sale involving reputable VCs and21 US lawmakers addressing a letter to the IRS Commissioner to clarify the rules on cryptocurrency taxes. Today, we will also be covering Decred (DCR) in our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, 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! 📚
Another step back 🏃♂️
The retracement continues... Over the past 24 hours, total market capitalization dropped further from ~$176.6 billion to ~$170.6 billion, with most coins seeing losses in the ~2-10% range. Over the past week, BTC dominance rose from ~50.4% to ~52.2%.
BTC is trading at ~$5,040 down ~3.3% over yesterday. RSI level on the daily chart dropped further to ~67 and it now outside the 'oversold' region. It's going to be interesting to see if BTC will be able to hold the $5,000 level going into the weekend, due to the increased bearish momentum over the past few days and the MACD line being close to crossing to the downside of the signal line on the daily chart. 👁️
Keeping it clean 🧽
Crypto exchange Binance has partnered with blockchain analytics firm Ciphertrace to enhance anti-money laundering (AML) processes in a bid to boost compliance procedures across its platform. In this regard, Binance also works with Chainalysis, Refinitiv (formerly the financial risk division of Thomson Reuters) and the Blockchain Transparency Institute (BTI). 👌🏻
BTI recently released a report that found that although Binance trading volumes were more than 85% authentic, some wash trading was occurring with niche token pairs. 😠
Pairing BTI insights with CiperTrace’s services would enhance Binance’s existing compliance capabilities, as the exchange already has an in-house team with “dozens” of legal and blockchain analytics experts devoted to tasks like platform moderation, AML and KYC compliance.
Strong backing 💪
New-York based payments startup Flexa has raised $14 million in a private token sale involving Pantera Capital, 1kx, Nima Capital, and Access Ventures among others. 💰 The startup’s token, Flexacoin (FXC), is an ERC-20 token that will eventually be used on Flexa’s network for merchant payment processing.
Although Flexa co-founder Tyler Spalding has yet to disclose which merchants will accept Bitcoin (BTC) through its app, videos have surfaced online showing people buying Starbucks with it. 😉
Moving forward, Flexa plans to add support for various exchange-issued stablecoins and other crypto assets. Until then, the focus is on partnering with exchanges and merchants to make custom on-and-off ramps via the Flexa protocol. 😊
Do your job! 🙏🏻
21 US lawmakers have addressed a letter to IRS Commissioner Charles Rettig, urging the IRS once again to clarify the rules on cryptocurrency taxes. 🗣️
The letter explains that taxpayers may find it difficult to calculate how much they owe the agency due to unanswered questions about how the IRS is treating various cryptocurrencies, explaining that "there is still substantial ambiguity on a number of important questions about the federal taxation of virtual currencies”. 🤷
The document lays out 3 specific areas that require “urgent need” for guidance: acceptable methods for calculating the cost basis of virtual currencies, acceptable methods of cost basis assignment and lot relief for virtual currencies and the tax treatment of forks.
Blockchain term of the day🤓 - Privacy coins
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! 😀
"How much do you agree with this statement: "I am interested in the Coinbase crypto debit card""
The average vote was a 7.1. 42.6% of y'all even voted a '10'!
"Why or why not?"
💪😀 🤙😊🤷♂️ 😊✍️ 😄
Easy way to pay if this card arrived - Hell yaas! 🤙 Absolutely! But I don’t think I can get it in the US? Hopefully, I’m remembering what I read incorrectly! 🤞🤞🤞BTW, where will you be posting a link to the webinar that takes place on Sunday? - Yeah it won't be out in the US just yet. I believe it will soon though! With regard to the webinar, you gotta first sign up with your email through the link to the Google form above! The Webinar link will then be emailed to ya! 😊 fuck coinbase - lmao apart from their high fees, why?! 😂 To accept at my business - Dang, good on you for wanting to help drive adoption! 👍 I want to save my coins, not spend them. However, when it's time to spend them, a card is a convenient, effortless way to do so. - Very true. It would be good to have this bridge. 🤝 Be very handy to owe,convenience - Agreed! I’m mostly a hodler as of now no real interest - Makes sense. Then it would be of more use to you in the future. 😄 Makes crypto adoption much more applicable for the masses - Yes! Bridging this fiat to crypto gap will really help drive adoption in this space. 👍 Need easy way to go from Fiat to Crypto - Exactly! It’s like using your bank debit card using fiat money instead you use crypto currencies. The best and simplest way to spend your cryptocurrency. - It's gonna be so cool! Think of how its gonna be able to sway the non-believers once they see first hand the real world applications of crypto! 😄 Curious to see how it works... - It's gonna work just like any other debit card! The moment a transaction is made (card is swiped), the crypto will be changed to fiat, based on a live exchange rate, and the payment is made! 💳 Everything related to crypto is interesting, as long as you're not required to submit identification so to speak. - In order for the space to be regulated, it will be hard not needing to submit identification. Perhaps privacy coins could help with that. 🙈 Interested in using to spend crypto, but the deciding factor would be cost of fees and limits. They shouldn't charge you to spend your own money, also the centralisation factor also is off putting. - Yeah I agree. For now we can expect high fees, but as more of these services pop by we can expect fees to drop due to simple economics (more competition = more supply = lower fees). The idea here is first being able to bridge the fiat-crypto gap. I believe that in due time, fees would be competitive. 👌🏻 I think it would be great to have a more instant access to your funds. You wouldn't have to rely on a bank transfer especially if you just want a small amount. - Yup, I most definitely agree here. Not a fan of middlemen haha. 🙅 Just not something I feel a need to rush into! (And, by the way, I'd welcome you becoming one of my students! - From yesterday's comments.) - Well, how can I join?! Sounds like you've got a wealth of knowledge and experience I can tap into. 😄 The idea ROCKS but only Europe and UK so unless I go on holiday it but a future idea. A company in S Africa recently launched but fees are crazy. USD50 just for card that expires in 3-5 years. And minimum amounts you can load. But it theory until shops widely accept crypto it a brilliant short term solution if you want to use crypto day to day. although the price will be in fiat not really as yet a leap forward in large scale adapting of crypto. but a step forward - It's a giant step forward imo. Personally, I wouldn't patronize until more of these cards are offered in the market and fees are lowered due to the increased competition. Right now, I'm more concerned about loading up ma bags and HODL-ing! 💰 Why not. Very convenient - Yup! i would be very interested in a crypto debit card.. it will also bring adoption & more people in crypto space. - For sure! These are really exciting times. Can't wait to see how the space develops in the coming months. 💪 So interested I spent two hours fighting with the bloody app glitching. Missions accomplished, will get my card soon 🙂 Suppose the server problems mean I was not alone in trying to get the card! Why? Any chance to have some privacy with my money away from government's and bank's curious eyes is good. - Congratulations! Haha and I'm pretty sure it's not outside the ever watchful eyes of the government/ banks. 👀 i do not like bring cash - I too dream of a cashless society. It's the logical next step! NEW WAY OF LIFE - Woooo! 🤙
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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