“Permanence, perseverance and persistence in spite of all obstacles, discouragements, and impossibilities: It is this, that in all things distinguishes the strong soul from the weak."
- Thomas Carlyle
Happy Thursday, CMC army! It's been an absolutely amazinggg week so far, so let's continue to push through and make it a perfect one! 💪
Today in history (2011), the suspected mastermind behind the infamous September 11 attacks and the FBI's most wanted man, Osama bin Laden, was killed by US special forces in Abbottabad, Pakistan. 🔫
In today's newsletter, we will be coveringSquare receiving ~$65.6 million in Bitcoin (BTC) revenue in Q1, Bitpay partnering with Refundo to provide a service to customers to receive their tax refunds in Bitcoin (BTC) and the U.S. CFTC Chairman anticipating more clearinghouse applications going forward.
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! 📚
In the last 24 hours, total market capitalization bounced between a tight range of ~$174.5 billion and ~$176.7 billion, with most coins seeing either gains or losses in the ~1-3% range.
BTC is currently trading at ~5,450, up ~1.2% over yesterday. RSI level on the daily chart is currently at ~70.3, peeking just inside the 'oversold' region. Shorts are at the highest and longs are at the lowest they've been all year. Even as BTC continues to inch higher as of late, it is approaching the very heavy resistance zone between ~$5,800 and $6,800 with momentum that isn't too convincing. It will be hard for it to push past these levels. 😔
It's picking up 😆
Payment processing company, Square, has revealed in its Q1 earnings report that it has seen strong growth in Bitcoin (BTC) sales through its Cash app, to the tune of ~$65.6 million in BTC revenue. 🤑
While costs were reported to be ~$64.7 million, the overall figures top previous all-time highs. In Q4 of 209, Square saw ~$52.4 million in BTC revenue and ~$490,000 in profit. As such, Q1 2019 profits achieved a 80% gain over the Q4 2018 profits.
Nonetheless, BTC still remains to be a niche product for Square. The service is currently offered to all 50 states in the U.S. 👍
Alternative procurement method ✌️
Blockchain payments processor, Bitpay, has partnered with U.S.-based taxation services provider, Refundo, to provide Refundo customers with a service dubbed "CoinRT" that would allow them to receive their federal and state refunds in Bitcoin (BTC). 😲
Taxpayers first have to set up an account to get a unique routing and account number to input on their tax return, provide necessary know-your-customer (KYC) background information, and provide a BTC wallet address in order to use the service. Upon receiving tax refunds from the Internal Revenue Service (IRS), BitPay will automatically process the payment and send BTC to the registered BTC wallet address. It will cost $34.95, regardless of the refund amount.
According to Refundo CEO, Roger Chinchilla, the service seeks to help the underbanked community by providing them with a service to "get BTC quickly and easily for one flat fee” and avoid paying "high check cashing fees". 🙏
Influx anticipation 👀
According to the U.S. Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo at a “the state of the CFTC” talk before the U.S. House of Representatives Committee on Agriculture Subcommittee, the "explosion in interest" in cryptocurrencies will likely give rise to new applications for clearinghouses. He also said that it's an area "in which protection of the cryptocurrencies will be one of the highest risks”. 👐
Clearinghouses are financial institutions that act as intermediaries to facilitate transactions between two parties and ensure trust. The CFTC routinely examines these entities to identify any possible issues that may affect their ability to monitor or control risk. 🧐
Giancarlo also stated that the CFTC will conduct increased examinations of clearinghouses to help them mitigate risks.
A person or entity that has partial control and access over a cryptocurrency wallet.
Other news 📰
The U.S. state of Washington has passed a bill, substitute senate bill 5638, that recognizes and protects the legal status of electronic records pertaining to distributed ledgers like blockchains. 📝
According to recent research by blockchain analytics firm, CipherTrace, losses arising from cryptocurrency hacks and fraud are estimated to have hit ~$1.2 billion in Q1 2019. 🤯
CoinFlip, the crypto ATM startup that had planned to add the Tron version of USDT to more than 180 of its machines, has put the plan on hold due to the NYAG’s court case involving Tether and Bitfinex. 🛑
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
"On a scale of 1-10 (10 being maximum awesomeness), how awesome are our birthday presents to you guys?"
The average vote was a 7.6.
"Which is your favorite present, and why?"
I congratulate you! the scale of your gifts impresses !!! Hurry to learn how to use it all ... - Thank you! They sure are awesome huh? The team worked tirelessly to deliver it to you guys on time! ✌
I think the DATA alliance, seems cool to have actual partnerships with exchanges, as that data underpins a lot (all?) of the data on CMC. - With DATA, we are definitely taking a step towards the right direction in terms of displaying the most accurate data possible. It's gonna be real beneficial for the entire community. 💪
The Merch store, though please include a tank top versions for the babez! - In the works! We got chu. 😆
Free Bitcoin - Wish we could do that. 😂
"Share with me any birthday wishes or messages you would like to say to the CoinMarketCap team!"
To all friends from society, - success !!!! - Thank you. We are all going to help elevate this industry to newer heights. 💪
Happy Birthday CoinMarket.. stay blessed & prosper. Keep doing the hard work. We love you. - Thank you for your kind words. We love you too! 💗
Cheers to 6 years and here's to 6 more! Thank you to everyone on the CMC team, especially the devs, for making such an informative and intuitive site! Keep on keeping on! 😀 - Thank you for your well wishes! Our devs are insanely good at what they do it ain't even funny. 💪Wait till you see what else they have in store for you guys in the upcoming weeks (:
Good Job - Cheers!
Happy Birthday Bitchez!! love CMC - It's reciprocated. We love you too! 😬
Join us for a bit - Send location. 😛
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!