“The darker the night, the brighter the stars. The deeper the grief, the closer is God!”
― Fyodor Dostoevsky
Welcome back, CMC army. I hate to be the messenger of bad news, but there was a coordinated terrorist bombing in Sri Lanka amidst celebrations on Easter Sunday, on several churches in the capital (Colombo). The current body count is at 207, and 450 were injured. To Sri Lanka: the CMC army stands with you during this difficult time. You are in our prayers.
Today in history (1851), Canada issued its first postage stamps. 💮 It was in the value of 3 pence, and depicted a beaver in an oval frame. It was also the first stamp to picture an animal and not a monarch. The stamp was designed by Scottish-Canadian Sir Sandford Fleming, the same man who gave the world the idea of time zones. 😲
In today's newsletter, we will be coveringSBI Holdings Inc and FPT Corporation jointly investing in a Vietnamese blockchain startup, Chile's Minister of Finance Felipe Larraín introducing a bill regulating cryptocurrenciesandSouth Korean crypto exchange Coinnest closing down.
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! 📚
An ongoing battle ⚔️
Over the weekend, total market capitalization bounced within a tight range ~$175.5 billion and ~$181.8 billion, and maintained daily trading volumes of about ~$45 billion. 👀
Similarly, BTC traded within a tight range over the weekend and stayed between ~$5,240 and ~$5,360. BTC is currently trading at ~$5,300. As BTC continues to experience more consolidation at these levels (a sign of market indecisiveness), it also continues to be 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. Concurrently, BTC is also testing the 200-day EMA line on the weekly chart, a level is has essentially been trading under since late Jan 2018.
A healthy injection 💉
SBI Holdings Inc and FPT Corporation will be jointly investing $3 million in Vietnamese blockchain startup, Utop. They have both signed a memorandum of understanding (MoU). 💰
Utop is a technology startup based on FPT’s enterprise blockchain platform, dubbed akaChain. It's network allows for loyalty points to gained and redeemed at merchants. Also through the akaChain platform, registered small businesses will be able to reduce costs and secure data.
According to FPT Chairman, Truong Gia Binh, “the development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. We call it digital transformation.”
Chilean crunch 💪
The Chilean government's Minister of Finance, Felipe Larraín, recently announced the introduction of a bill regulating cryptocurrencies and fintech. 📢
According to Felipe, the requirements introduced by the new regulation will be proportional to businesses. The new rules take into account the fact that various companies have varying business models, and as such offer different services that comes with differing risks for both users and the financial market. As a result, recognizing the rapid pace of technological progress in the space, flexibility became a key focus on the bill. 😊
Felipe also explained that "regulation of these platforms (crypto exchanges) would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate" and that they "want to adequately protect against the risks associated with this kind of activity.”
Closing shop 🏳️
South Korea's third largest crypto exchange by trading volume, Coinnest, has announced that it is closing down. 🏳️
On its website, there is a notice that requires users to withdraw any funds by 30 April, and that the fees for withdrawals and the minimum threshold have been lowered to assist the process.
Pertaining to reasons for its closure, a Coinnest told crypto news source Coindesk (Korea) that “it is [was] a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.” 💸
A type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets. The term first became famous due to a typo made in a bitcoin forum, and the term is now commonly expanded to stand for “Hold On for Dear Life”.
Other news 📰
Japanese crypto exchange Zaif will be transferring its business to the Fisco Digital Asset Group (FDAG) on 22 April, and will resume normal activity on 23 April (7 months after its hack).
Arguably the best female tennis player of all time, Serena Williams, recently took it to instagram to introduce her venture fund, Serena Ventures (a fund that has been operating in stealth since 2014). One of its investments include crypto exchange, Coinbase.
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 confident that Bakkt will be live by the end of 2019""
The average vote was a 7.2.
"Why do you think so?"
Because, why would it fail? - Definitely a sure win. 🤑 Just a feeling nothing more - A feelin in ma tummy~ 🔮 Strong base support, & it represents future - I believe that it's only a matter of time. With Bitcoin's halvening date approaching, the announcement of Bakkt going live could quite possibly trigger the next bull run too! 😊 It's been pushed back and delayed how many times now? Bet there will be plenty more delays. No confidence that it'll launch anytime soon :(. - Yeah it's been quite disheartening for us crypto peeps to be dealt with disappointment after disappointment. I remain confident that it's only a matter of time before it gets approved though. I also think that now is the perfect time to catch up on reading about as many crypto projects as possible to better prepare for the next bull run! 🤓 if crypto is to go mainstream we will be seeing more adoption in 2019 & 2020.. i am looking at more retailers accepting crypto his year. for institutions like Bakt it should come this year. - It's so awesome to see more and more shops begin to accept crypto as a means of payment. Kudos to those who have taken that leap. They are doing loads in terms of contributing to achieving better price stability that the entire crypto space seeks. 👍 They have to make a move soon before others copy then and beat them to market - Hmm it might be hard to compete with ICE tbh. 🦁 Gov is lazy - Bureaucracy is slowww 🤦♂️ You can't count in anything in the market. - That's what makes it so darn exciting. 😉 US Govnt is full of crooks - lol! I am an institutional financial services professional. I see that lot’s of money and effort are being invested in this venture and the quicker they get it off the ground, the sooner they can start making returns. Plus, I want to work there! - Yes, the groundwork is being laid out right now. I have no doubt that this space is gonna be so so big, and far greater than where it is at atm. Take the leap! Trust me it'll be the best decision ever! You don't wanna end up regretting not taking the plunge years down the road. 👍
judging about the news that I see and read, then surely they should soon come to light .. - The crypto world certainly hopes so! 🙏
"What are your plans for the weekend?"
Working and spending Easter with my family. - That is just perfect! 😊 indoors - Avoiding them nasty spring allergens? 😷 Promote the whole business of Cryptocurrency to the world - Ooo a crypto evangelist! Thank you, on behalf of the rest of the crypto community! 🙏 Blazing down some trees cause tomorrow is 4/20 lol. Then Easter with the fam on Sunday. 😀 - 420blazeit. Light one up for me fam! 🌲 That sounds like the perfect weekend to me hahaha. 😂 weather is very hot so mostly plan to spend time indoor. also complete some pending work. - Never a bad idea. You're gonna feel great next week I'm sure. 😄 Blow and hookers - Lmao! Keep it PG homie. 😂 Clean my house and hang out with my boyfriend and cat. - That is lovely! 💑 Enjoy the spring weather. It is patio season in Atlanta. - Greatest season imo. Hope you had a great weekend! 😄
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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