CoinMarketCap turns 6

Your daily newsletter for May 1, 2019
6-Years Young
As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.
- John F. Kennedy
CMC family! Today marks the 6th anniversary of CMC! 🎉 On behalf of the team, I would like to say thank you for the unwavering support you've shown us. Rest assured that as we continue to grow, so will the quality of consumable content on our site! 💪 Cheers to you all! 🥂

Today in history (2013), CoinMarketCap's enignamtic founder, Brandon Chez, launched the site! 🚀

In today's newsletter, we will be covering aspiring crypto derivatives provider ErisX launching a spot market, Tether (USDT) only has enough cash to back ~74% of its supply and Digital Assets Data receiving ~$6 million to improve its enterprise-facing data services operation. Also today, we have some birthday presents for you guys! Check them out in the announcements below! 😉

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! 📚

Rebound 🏀
In the last 24 hours, total market capitalization rebounded from ~$168.6 billion to ~$175.7 billion, with most coins seeing gains in the ~3-7% range. Notable movers of the day include Bitcoin Cash (BCH) and Ravencoin (RVN), both up ~14.3% and ~19.7% respectively. 

BTC is currently trading at ~$5,390, up ~2.9% over yesterday. RSI level on the daily chart is currently at ~67.7. 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. As of right now, it seems that the recent 2019 run up is leaning more towards exhausting than towards persisting. 📝


Multi-pronged 🐙
Aspiring crypto derivatives provider, ErisX, has launched a spot market. While still in its initial phases, the public launch will see dollar trading pair support with Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH), and 3 BTC pairs. 

According to ErisX's chief strategy officer, Matt Trudeau, the platform will include both its exchange and clearinghouse, thus allowing it to take custody of both cash and cryptocurrencies. He added that “the spot market is really the first component of our overall corporate strategy of what we’re looking to do in 2019.” 👁️

Concurrently, ErisX is also seeking to provide crypto derivative offerings, which are still pending approval from the Commodity Futures Trading Commission (CFTC). According to Trudeau, they "are engaged in an active dialogue with the CFTC and appreciate the staff’s diligence in reviewing our application.” 😬

Facepalm 🤦‍♂️
According to documents released by its own lawyers following an inquiry by the New York Attorney General, it was revealed the company behind USD stablecoin Tether (USDT) only has enough cash to back ~74% of its supply. 😲

This figure fall short of previous promises given by Tether executives, in particular that every USDT token had full fiat backing, in which a released a bank statement appeared to confirm in December last year.

According to a statement by Zoe Phillips of law firm Morgan Lewis, “Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74% of the outstanding amount of Tether”. She explained that "this sort of ‘fractional’ reserving arrangement is similar to how commercial banks work" and that "no bank holds in liquid cash more than a small percentage of depositors’ money". She also added that "the funds are invested". 🤦‍♂️

Industry gap 🕳️
In a recent seed round, Digital Assets Data received ~$6 million in funding to improve its enterprise-facing data services operation. Other investors include Digital Currency Group, Galaxy Digital, CMT Digital, Jump Capital, Morgan Creek, Ritholtz Wealth Management CEO Joshua Brown and others. 💰

Digital Assets Data provides analytical tools for crypto asset data, in hopes of solving poor data quality and the hassle of managing large quantities of data. They collect large quantities of on-chain, market, and reference data related to crypto assets and hosts them in a development environment. Firms can then access the data on the Digital Assets Data platform and code various analytical tools on it. 😄

According to its CEO, Mike Alfred, he does not "see enough investment [in crypto data analytics] relative to the opportunities" and thinks "it’s a multi-billion dollar market in the next three to five years”. 🤯

Blockchain term of the day 🤓 - Spot market
A public market in which cryptocurrencies are traded for immediate settlement. It contrasts with a futures market, in which settlement is due at a later date.

Special Announcements 📢 - HAPPY 6th BIRTHDAY COINMARKETCAP!!! 🎂

Announcement #1 - Data Accountability & Transparency Alliance (DATA)

We have launched DATA, bringing together partners to collaboratively contribute to a more transparent, exchange data reporting landscape.

Crypto exchanges Binance, Bittrex, OKEx, Huobi, Liquid, Upbit, OceanEX, Gate.io, KuCoin, HitBTC, Bitfinex, IDEX have all committed to providing in-depth suggestions at a biannual roundtable on crypto data transparency and its impacts, as part of their responsibilities of being a DATA partner! 🤝

Read more about it here!

Announcement #2 - CoinMarketCap Block Explorers

Here’s another birthday gift. 😜

We are proud to announce that we have launched CoinMarketCap’s very own Bitcoin (BTC) and Ethereum (ETH) block explorers! They’ve been made clean, simple, and very user-friendly to those new to blockchain! Check them out here


Announcement #3 - CoinMarketCap E-Store

Wait, there’s more?! Hell yeah there is! 💪

We know that you’ve all been wanting to get your hands on some CMC merch. Heh, we’ve listened and have launched our very own CMC e-store!

Also, if you’re an artist, submit some artwork for a chance to win some swag! More about this here


Announcement #4 - CoinMarketCap API Updates

Okay okay. Last one I promise! 🤣

We have some updates to our API plans! Our “HOBBYIST” plan has been reduced by 12%. The “STARTUP” plan now comes with a free month of OHLCV data. The "
STANDARD” plan now includes more conversion historical data. Also, the “STANDARD”, “PROFESSIONAL” and "ENTERPRISE" plans have a new endpoint!

Too good to be true? Come see for yourself!


Other news 📰
  • Through a partnership with New Zealand-based blockchain data and research firm Brave New Coin, stock exchange operator Nasdaq is adding a cryptocurrency index for XRP (XRP) starting today. 👁️
  • A senior executive from JPMorgan, Michael Albanese, has been hired to be the CEO of Tradewind, a blockchain-powered marketplace for precious metals. 🤝
  • HTC's decentralized chief officer Phil Chen said at a recent event in Taipei that the company is preparing to release a second generation of its blockchain phone, the EXODUS, by the end of 2019. 📱
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
On a scale of 1-10 (10 being maximum awesomeness), how awesome are our birthday presents to you guys? 💭
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Which is your favorite present, and why? Share with me any birthday wishes or messages you would like to say to the CoinMarketCap team in the polls! 😆
What you said
"How much do you agree with this statement: "CoinMarketCap is the first website I check every morning""

The average vote was a 7.5. 46.4% of y'all even voted a '10'! Appreciate the support, fam. You guys rock! 💗

"Why or why not?"

Got a business to run 70+ hours a week. Hodl anyway. - Impressive. Respect the hustle, sir! And keep HODL-ing hard! 😛

After having to pay an extra $3300 to my accountant for last year's tax return thanks to the complexities of cryptocurrency, I can't afford to actively trade at the moment, so day to day prices don't matter much to me... I enjoy the newsletters though! - Man, taxes sure are brutal. I do hope there will be laxed guidelines will be released on this. And very glad you like the newletters! I really do appreciate the support. I will continue to put in my best effort to produce the best content possible, and I can only hope that you continue to tune in! 🙏

I'm learning a lot about cryptocurrency and there's always something going on. This site is easy to understand. - That's the aim! The CMC team really believes in crypto and we want to help drive adoption too! ✌

It helped! - Very happy it did! Thank you for the support! 

Because you are the image of this crypto century at the moment. I will advise you to keep expanding globally, just to prevent sudden domination experienced by myspace from Facebook, basic. - Thank you for your kind words. We are gonna keep growing, and continue to do our best to fulfill the decentralized vision of S.N! 😬

You guys have been there for me and I thank you, I like these kinda questions from time to time constant what do we think question I usually sit out of, but I know we are trying to get a lay of the land - We ain't never gonna leave ya. I encourage you to participate! I really want to know how my subscribers think. That way, I can better cater to their needs! This newsletter is ultimately about you guys. 😊

Favorite site - Aww shucks. 💗

Nearly the first! - Definitely eagerly vying for that spot. 😜

market cap and prices - That's what we are here for! There are many other cool features on our site though. Do check em out when you have the time! 👀

Yes, I certainly need to agree, I look forward to your news, and add that in my region it is already 14.00). - Great to hear! Every time I send out a newsletter, I pray that you people enjoy it. 🙏

Because I want to keep informed on what’s going on with the crypto world. - Knowledge is powarrr 

To see if my crypto minions have made millions - They're gonna be 😆

First crypto email I see. - Woohoo! ✌

The Bull Market ahead will be building my abundant future!!! (10+) - Hell yeah! 💪

not among the first but still ranked u guys 10. anybody in crypto will visit your site multiple times a day.. thanks for providing us with this amazing website & for the hard work u guys put into it. - Thank you thank you! We are also continuously striving to roll out more and more features, to give you all a better user experience. Just like today! 😉

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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Happy Birthday CoinMarketCap Family! Much love from the team to you all!
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