“Happiness doesn't depend on any external conditions, it is governed by our mental attitude"
- Dale Carnegie
Welcome back CMC crew! Glad to see you all back here again for another week of rad crypto news! Without further ado, let's get right to it! 👍
Today in history (1982), the 15-acre theme park located at the Tokyo Disney Resort in Urayasu, Chiba Prefecture, Japan, also known as 'Tokyo Disneyland', opened its gates to the public! 😬
In today's newsletter, we will be covering the International Monetary Fund (IMF) and World Bank jointly launching a private blockchain and a quasi-cryptocurrency, Binance Labs awarding $15,000 grants to 3 startups andSamsung SDS collaborating with Tech Mahindra to penetrate the overseas blockchain market.
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! 📚
Risky business 🎲
Over the weekend, for the most part, total market capitalization bounced within a tight range of ~$167.7 billion and ~173.4 billion, before experiencing a slight rally to ~$177 billion early Monday morning. Volume over the weekend was significantly weaker than the rest of the week, registering average 24 hour volumes of about ~$38-40 billion. Most coins are seeing gains in the ~2-7% range over Sunday.
BTC is currently trading at ~$5,185, up ~2.4% over Sunday. BTC seems to be holding the $5,000 price level (a level it broke to the upside of on 2 April) as evidenced from the consolidation we have seen over the last few days. Coupled with the RSI level on the daily chart at ~70 (in the 'oversold' region), it seems that there has been some significant short term risk taking. The next target for BTC will be the $6,000 level, a level in which it is likely to be met with significant resistance, as it was a support level that held for the most part of 2018. As BTC continues to move towards $6,000, it is unlikely that it will break through that resistance level as it would require a substantial additional amount of risk taking and momentum. The more likely scenario would be it getting rejected at that level on the first go.
To better understand 🧐
According to the Financial Times (FT), the The International Monetary Fund (IMF) and the World Bank have jointly launched a private blockchain and a quasi-cryptocurrency known as the "Learning Coin". 🤓
However, the asset will only be made accessible within the IMF and World Bank, and will have no monetary value. As the name implies, the coin was launched to better understand the technological underpinnings of crypto assets. 😊
Staff in both organizations will be able to earn coins for achieving certain educational milestones, which can then be used to redeem rewards.
According to the IMF, the rapid development of crypto assets and distributed ledger technology is "forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology.” The creation of this quasi-cryptocurrency will allow both organizations to better learn how the coins are used in real life. 👌🏻
The investment arm of crypto exchange Binance, Binance Labs, has awarded 3 $15,000 grants to startups developing open-source blockchain technologies. 💰
The first grant was to Ironbelly, a mobile wallet for the Grin/Mimblewimble blockchain. The second to HOPR, privacy-preserving messaging protocol, and the third to Kitsune Wallet, an upgradeable on-chain wallet. 🙌
These 3 startups are now the first “fellows” of Binance Labs’s Fellowship program, which funds early-stage open-source development projects. According to Binance Labs director, Flora Sun, Binance wants to "support early-stage projects that are helping to create the building blocks and infrastructure for larger utility and enabling growth in the blockchain market.”
A joint conquest 🤝
According to The Korea Times, Samsung is partnering with Indian IT giant Tech Mahindra in an attempt to penetrate the overseas blockchain market. ⚔️
The systems integration arm of Samsung, SDS, plans to expand itsNexledger blockchain platform in India, the U.S. and Europe. Both SDS and Tech Mahindra will seek more business opportunities in these regions, and will cooperate on further Nexledger updates.
Nexledger is a blockchain security platform that was launched in 2017, and has been used in finance, manufacturing, logistics and other areas. It was even used by the Korea Customs Service in a export customs logistics services trial, which saw 48 other organizations participating. 😲
An event in which the total rewarded bitcoins per confirmed block halves, happening every 210,000 blocks mined.
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 📰
The vice president of crypto exchange Coinbase's international business, Dan Romero, is leaving the firm at the end of this month after a 5-year tenure. 👋
Resona, one of the Japanese banks working with SBI Holdings and Ripple (XRP) on the cash transfer money application, Money Tap, has withdrawn from the project. 🏳️
According to latest research bulletin by crypto exchange Binance's research arm, Binance Research, the cryptomarket could have already bottomed out following the recent period of high internal correlations (which it believes tend to trigger trend reversals) between Bitcoin (BTC) and the altcoins. 🚀
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
"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 tomorrow for your daily dose of crypto news! 💙
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