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Your daily newsletter for April 30, 2019
We all make choices, but in the end our choices make us.” 
― Ken Levine
Happy Tuesday, CMC family! It's only day 2 of the week, so I hope you're all still going strong thus far. Stay hungry, and stay excited! Now, on to what's going on in the cryptosphere... 👀

Today in history (2018), a new species of water beetle from Malaysian Borneo’s Maliau Basin was named after actor, Leonardo DiCaprio. The 3mm-long black insect, called "Grouvellinus leonardodicaprio", was named DiCaprio to mark his 20 years of environmental campaigning. That's hella rad! 🐞

In today's newsletter, we will be covering developments pertaining to pending institutional crypto exchange Bakkt, a recent report on blockchain by rating agency Moody's and crypto investment firm Galaxy Digital reporting a 2018 net loss of ~$272.7 million. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit! 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! 📚

Take notes 📝
In the last 24 hours, total market capitalization dipped further to ~$168.6 billion, with most coins seeing losses in the ~2-6% range. 

BTC is currently trading at ~$5,235, down ~1.3% over yesterday. RSI level on the daily chart is currently at ~62.7. Many are speculating that the recent golden cross (50-day EMA line crossing to the upside of the 200-day EMA line, and usually seen as a bullish signal) signals the start of the next bull run. I believe that we need further confirmation for this, such as 2 successive closes above the 200-EMA on the weekly chart (something we have yet to see since mid Jan 2018) and breaking to the upside of the very heavy resistance zone between ~$5,800 and $6,800. 📝

Nirvana bound 👑
Intercontinental Exchange (ICE)-lead institutional cryptocurrency trading platform, Bakkt, has acquired Digital Asset Custody Company (DACC), partnered with BNY Mellon, and has secured insurance for assets it hold will in cold storage. 🤙

Bakkt COO, Adam White, revealed in a blog post that the acquisition of DACC (for an undisclosed amount) was to continue developing a secure digital asset storage solution. He also hinted that the acquisition may "serve as an important accelerator" to add cryptocurrencies apart from Bitcoin (BTC) after launch due to DACC's current "native support of 13 blockchains and 100+ assets". 😬

The partnership with BNY Mellon is to set up a “geographically-distributed” private key storage, given their long history of storing institutional clients’ assets, such as those of hedge funds, asset managers and broker-dealers.

Bakkt has also secured insurance for its cold wallet assets, revealing that they "are insured with a $100,000,000 policy underwritten by leading global insurance carriers". ✌

Bakkt is also currently seeking a custodian license from the New York Department of Financial Service which if granted, would permit the exchange to provide a regulated custodian for any crypto assets it holds, which could ease its launch of physical BTC futures contracts. 🙏

Chiming in 🗣️
In a recent report titled “Blockchain Improves Operational Efficiency for Securitizations, Amid New Risks” by rating agency Moody's, the firm reported that while the consensus mechanisms in private chains may not be as strong as those seen in public chains, private chains are in Moody's opinion better than public blockchains. 😔

It explained that while private/ centralized blockchains are more exposed to fraud risk as administration remains concentrated with one or few parties, it has a clear responsibility and governance system to better manage risk. While decentralized systems make data recovery and auditing easier, there is an increase in “the number of gateways for attacks.” 🤦‍♂️

Moody's also believes that smart contracts can streamline the creation and management of securities, but expects applications of them to only be experimental in the near future. It also thinks that “a full replacement of natural language contracts by computer code is unlikely because of a lack of flexibility in the scripting language. 

Pricked by the bear 💉
Crypto investment bank Galaxy Digital has reported a net loss of ~$272.7 million for 2018. CEO Mike Novogratz reportedly told shareholders during a conference call that the results aren't "great by any means", but are "a little deceiving because for me [him] what matters is the operating loss is and what our [their] cash book does.”

Novogratz explained that the goal of Galaxy Digital is to get its operating business "as close to breaking even as possible”, and that "good progress has been made so far in 2019." He added that the yield-to-date rally of 2019 “yielded a notable increase in activity across our [their] business lines”, which has helped
 Galaxy Digital’s bottom line.

Novogratz continues to remain bullish about Bitcoin's (BTC) long-term potential and believes that it eventually become digital gold. He also predicted just 2 months ago that 
$8,000 was a feasible medium-term price point for BTC. 🔮

Blockchain term of the day 🤓 - Mnemonic phrase
A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets. It should be kept secret from everyone else. It is a standard in most HD wallets.

Tutorial Tuesday 🤓 - What is a Wallet?

In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'What is a Wallet?'! Class is in session. Check it out here!

Other news 📰
  • In a CNBC interview on 28 April, Fundstrat Global Advisors founder Tom Lee predicted that cryptocurrency prices will hit new historic highs by 2020. 🔮
  • Singapore-based exchange conglomerate Huobi Group is rapidly expanding and reportedly has ~80 partnerships in the pipelines. 🤯
  • In an ongoing Denial-of-Service (DoS) attack, the number of infected Electrum bitcoin (BTC) wallets has reached 152,000. 😠
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! 🤝

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: "CoinMarketCap is the first website I check every morning"" 💭
Why or why not? Share with us in the polls! 😆
What you said
"How much do you agree with this statement: "I am more excited about the next episode of Game of Thrones than Avengers: Endgame.""

The average vote was a 5. Woah, it's even Steven on this one. Personally, I'm a bigger GOT fan. The story is just so riveting, and the production value is off the charts. I was hooked from the first episode of season 1. 😛

"Why do you say so?"

Neither excites me. - Why!! 😲

I have never cared about “superheroes” one bit. GOT has a fun story to tell. - Man GOT is great. Gonna be lowkey sad when this season is over. 😔

I’m a Disney guy, what can I say, a slave to a mouse 🐭 - Disney is killing the game! I think it's only a matter of time before they acquire all the major entertainment companies. 🤔

I'm not a Marvel fan. - DC fan? 😂

Call me “out of touch”. Don’t keep up with either. No time for such trivial matters when there’s crypto to be had! 😳😆 - Noooo, you're really missing out! While I respect the hustle, it's important to decompress from time to time. If you do ever have some time to burn, do catch GOT of thrones! It has a great storyline. 

absolutely not.. Tony Stark it is.. - Haha my favorite amongst the avengers. 🤖

Never watch GOT - You're missing out~ 😛

I like comics not imaginary actors - Don't comics portray imaginary beings as well? 🤔

Because i like both - Can't blame you. They are both great franchises. 😄

✌🙏 - 😬

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow!
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