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Delayed gratification

Your daily newsletter for April 19, 2019
I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion."
- Muhammad Ali
It's the weekend! I know you've all worked really hard this week, so be sure to rest well this weekend, and make the best of it! But before you do, let's get on to news in the crypto world... 🗞️

Today in history (1982), Sally Ride was named the 1st American woman astronaut. 👩‍🚀

In today's newsletter, we will be covering the Intercontinental Exchange (ICE) reportedly seeking a New York license for Bakkt, crypto exchange Coinbase reportedly bringing in an estimate ~$520 million in global revenue in 2018 and crypto exchange Binance launching Binance Chain. Today, we also have a special announcement about our new CoinMarketCap mobile app! Today, we will also be covering IOTA (MIOTA) 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! 📚

Same old 💤
Markets today are pretty much at the same spot they were as yesterday. Over the last 24 hours, total market capitalization bounced within a tight range of ~$177.5 billion and ~$180.9 billion, with most coins either seeing gains or losses in the ~1-4% range. 24 hour volume registered ~$44 billion, similar to the average level of the week. Notable mover of the day is Enjin Coin (ENJ), currently up ~16.5%. 📈

BTC is currently trading at ~$5,260, down ~0.5% over yesterday. BTC is still challenging the 0.618 fibonacci line (drawn from the mid Nov to mid Dec crash), a level it was rejected by just on 10 Apr. RSI level on the daily chart dropped slightly to ~67. 

Many ways to skin a cat 🔪
According to a Bloomberg report, the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), is seeking a New York license for its long-delayed crypto exchange, Bakkt, and sees it as a solution to the difficulty faced in trying to convince the Commodity Futures Trading Commission (CFTC) to approve its services in Bitcoin (BTC) custody and physically-delivered futures contracts. ✍️

The CFTC's chief concern is the issue of safeguarding clients’ BTC linked to Bakkt's futures product, and thus a state license may help Bakkt cut through its reservations. Through the New York license, CFTC may permit ICE to issue its futures by self-certification and sidestep the regulator’s requirements that client funds are deposited at a bank or trust company.

Even with permission to custody crypto in New York state, Bakkt would still require approval from the CFTC over the wider operations of the exchange. 🙏

Racks on racks 💰
According to news source Reuters, crypto exchange Coinbase brought in ~$520 million in global revenue in 2018. 😲

The astounding figure was based on Coinbase's U.K. revenue, which according to a filing with the U.K.’s corporate registry, grew 20% last year to ~$173 million. According to Coinbase U.K. CEO Zeeshan Feroz, business accounts of the U.K. account for “almost a third” of the firm’s overall revenue. Coinbase U.K. also made a net profit of $7.4 million) last year. 🤑

Mainnet 🤖
Crypto exchange Binance has launched its new custom blockchain, Binance Chain. The new chain will be able to support the Binance Coin (BNB), which at the moment runs on the Ethereum protocol as an ERC-20 token.

BNB will be activated on the new network on 23 April, after which holders are encouraged to port over their balances to the new network. The old ERC20 BNB tokens will be destroyed as new BNB tokens are created on Binance Chain in order to maintain a constant supply across both networks. 👍

On 23 April, the Binance Chain explorer and Web Wallet will be live and users will be able to withdraw their BNB tokens into their Binance Chain addresses and convert their ERC-20 BNB tokens into BEP2 BNB tokens, facilitated on Binance.com. 

Blockchain term of the day 🤓 - Security tokens
Crypto deep dive: IOTA
  • Cryptocurrency: MIOTA
  • Market Capitalization Rank: 16th ($861 million)
  • Consensus: Tangle (Directed Acyclic Graph)
  • Notable Supporters: Richard Soley (OMG's CEO), Johann Jungwirth (Volkswagen's Chief Digital Officer), Rolf Werner (Fujitsu's Head of Europe)
What it's about ⚙️
  • IOTA (IOTA) is a distributed ledger for the Internet of Things that uses a directed acyclic graph (DAG) instead of a conventional blockchain.
  • Its quantum-proof protocol, Tangle, reportedly brings benefits like 'zero fees, infinite scalability, fast transactions, and secure data transfer'.
  • The IOTA Tangle is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network; instead, the throughput grows in conjunction with activity in the network; i.e., the more activity, the faster the network.
  • IOTA was founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. It held its ICO on November 25, 2015, and was created with a fixed supply of 2,779,530,283 MIOTA coins.
Why people love it 😘
  • Tangle has good scaling potential, as it theoretically scales according to the network size. Network integrity is upheld by everyone, as a small PoW of 2 past transactions is needed to send a transaction. This also makes IOTA energy efficient.
  • The IOTA network has a data marketplace for connected devices to transfer, buy and sell data sets. Data access can now be monetized. It also helps that machine learning and AI are both rapidly growing industries.
  • Existing partnerships with strong brands like Microsoft, Volkswagen, Fujitsu and Samsung.
  • IOTA is theoretically quantum resistant. MIOTA tokens are sent from different addresses, each connected to the seed wallet, for every transaction. This might be increasingly advantageous in the future, when the threat of quantum computing on security becomes more prelevant.
Why people doubt it 🤔
  • There is currently a presence of a 'Coordinator' entity that monitors transactions. It has the authority to stop bad actors. Although it will be removed once the network is ready, this is currently a centralization issue.
  • IOTA does not have smart contract functionality. However, the team is working on bringing this up.
  • Network presently has insufficient nodes and is small, hence only processes about 5 TPS. However, this will scale as the network grows.
Special announcement 📢 - CoinMarketCap mobile app is now live
CMC army! The moment you've all been waiting for is finally here...

We are proud to announce that our new CoinMarketCap mobile app is now live! It is available on both iOS and Android. Well, what are you waiting for? Get it here😀

Other news 📰
  • Crypto exchange OKCoin has invested in crypto custody provider Prime Trust, for an undisclosed amount. 💰
  • Andrew Yang, one of the candidates currently gunning for the Democratic Party nomination, has released a new policy statement for crypto-assets, in that he is seeking to “create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift." 📝
  • India’s central bank, the Reserve Bank of India (RBI), has published its draft framework for a regulatory fintech sandbox. It may include blockchain startups and tools, but explicitly excludes any cryptocurrency-related projects. 😔
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
TBA      - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

Catch the CoinMarketCap team at these community events! 🤝

18-19 Apr   - Blocklive.Asia (Singapore)
23-24 Apr   - 3rd International Blockchain Life 2019 Asia (Singapore)
25-26 Apr   - Trescon World Blockchain Summit Taipei (Taipei, Taiwan)
25-26 Apr   - DLT 101 Taipei (Taipei, Taiwan)
23-24 May  - Malta Blockchain Summit (Malta)
8-11 Jul      - RISE Conference 2019 (Hong Kong)
10-11 Jul    - Barcelona Trading Conference (Barcelona, Spain)

Poll of the Day
How much do you agree with this statement: "I am confident that Bakkt will be live by the end of 2019" 💭
Why do you think so? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Having more fiat-to-crypto on-ramps will greatly help drive crypto adoption"

The average vote was a 8.8. 77.3% of y'all voted a '10'.

"What is your favorite fiat-to-crypto crypto exchange?"

Coinbase - Coinbase is really user-friendly. It has a great interface as well! 😄
having more option from reputed exchanges for fiat to crypto would greatly help crypto adoption as it will be easier to buy & also store crypto for novice users. i haven't buy crypto from fiat through any exchange so don't have any favourite.. but i think coinbase, binance, huboi, okex & alikes should be good. - I believe that having more on-ramps will greatly drive adoption. I think that we are at a stage where many would like to participate, but there is a lack of avenues and restrictions preventing them from doing so. 😔
https://www.bestchange.net - Never heard of this one. Will check it out! 👍
Coinbase but only because so many of them make it really hard for US investors. - Yeah, there are so many restrictions for U.S. citizens. It's tough. It's like you wanna participate so bad, but are being discriminated against. Hahaha. 🤦‍♂️
Bitstamp - I hear Bitstamp isn't too bad. I should probably check it out! 🧐
Binance - Binance is not a crypto-fiat exchange yet! It will be next week though, starting with the launching of its Singapore Dollar on-ramp! 😊
It goes a long way, as a lot of people have a few extra $ at end of week or month and want to get into crypto, but have a wider variety available than some wallets offer and also not the minimum amount a wallet app charges. also for people who have no access to banking. bridges the gap and that the field i think focus needs to go for large scale adoption of crypto. - Yeah I agree. Rn, I think there is still more demand than there is supply in terms of fiat-to-crypto on-ramps. Still isn't as easy as it should be. 

Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
See you again on Monday!
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