Daily Email Archive

Keep rollin’ rollin’ rollin’ rollin’

Your daily newsletter for May 3, 2019
Ever forward
Commitment is the ignitor of momentum.”
– Peg Wood
Work hard, play even harder. CMC fam, it's been the perfect work week - the launch of DATA, the CMC e-store, the new CMC block explorers, as well as the updated API plans! 💪 Now it's time to make it a perfect overall week - time to go ham on the weekend! 🍻 But before we do, let's finish up today's newsletter! We've got some great readings to finish up the week with! 🤓

Today in history (2001), the U.S. lost its seat on the U.N. Human Rights Commission for the first time since the commission was formed in 1947. 👋

In today's newsletter, we will be covering a recent Fidelity Investments survey covering current digital asset investing sentiment, a company that seeks to standardize diamonds as a form of exchange and Qtum (QTUM) releasing a new instant virtual machine on Google's Cloud Platform. Today, we will also be covering Chainlink (LINK) 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!

Oh and another thing. If you haven't already checked out our CMC Interactive Telegram Chat Channel...well, what are you waiting for? Click here now!

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! 📚

Late night surge 📈
In the last 24 hours, following a late night run up, total market capitalization grew from ~$176.7 billion to ~$181.8 billion, with most coins seeing gains in the ~1-5% range. 24-hour trading volume is at ~$49.7 billion, the highest it's been all week. 

BTC is currently trading at ~$5,680, up ~4.7% over yesterday. RSI level on the daily chart is currently at ~74.5, inside the 'oversold' region. This run up also pushed BTC above the 0.786 fibonacci retracement (drawn from the mid Nov to mid Dec crash). Shorts are currently at the highest, and longs the lowest they've been in 2019.

The tribe has spoken 🗣️
According to a recent survey by Fidelity Investments, it was discovered that about 22% of investors have some exposure to digital assets, and that 40% of them are open to be exposed within the next 5 years. 😄

Aimed to gain an understanding of how institutions, financial advisors and investors generally perceive digital assets as part of an investment portfolio, the 400-U.S. institutional investors survey also discovered that about 57% preferred to in digital assets directly, while 72% preferred to buy investment products that hold them. 🧐

According to  Fidelity Digital AssetsSM president, Tom Jessop, there has been a "maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments”. He also added that "more institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets – new and old – becomes more readily apparent.” 👍

The diamond standard? 🤔
A company seeking to standardize diamonds into a form of exchange (similar to how gold is traded in 'bars'), Diamond Standard, has created a "diamond commodity" by grouping sets of diamonds in a standardized way within credit-card shaped bars. They will be grouped in the form of the Diamond Standard Coin (~$10,000) and the Diamond Standard Bar (~ $100,000), and comes combined with a hardware solution. 💎

According to Diamond Standard CEO Cormac Kinney, "the sets [of diamonds] are fungible, and the diamonds are independently certified.” He added that all this  “only became possible with the blockchain, providing a permanent public record for each commodity’s diamond geological contents and provenance, and to enable remote auditing and transactions.” 🤖

Each set is sealed, registered and has its provenance tracked via blockchain, thereby allowing diamonds to be traded at the speed of a crypto transaction. Also as a result, owners can store their diamonds in secure vaults and audit them remotely, such that they can put them up for trade on the Diamond Standard exchange without the need to bear the risk of carrying them. 😲

Expanding the community 👐
Qtum (QTUM) has added Google’s Cloud Platform to its list of software partners. Its compute engine code copy has been made available on Google Cloud, allowing users to deploy a full blockchain node on the platform by providing them with a developer environment to use as a testbed for code forks, decentralized apps, or staking. ⚒️

This offering is essentially a virtual machine software that allows users to “develop and deploy [their] own smart contracts from [the] ready-to-use GCP VM featuring Qtum core, soldity, solar (smart contract deployment tool) and Qmix web IDE”, all for a $15 per month price tag. 😲

According to QTUM CIO, Miguel Palencia, "launching a node was once an intensive and complex process" and through this new developer suite, there are now "helpful shortcuts and tools to make the process faster and easier”. 

Blockchain term of the day 🤓 - Proof-of-Work

Crypto deep dive: Chainlink
  • Cryptocurrency: LINK
  • Market Capitalization Rank: 39th (~$174 million)
  • Consensus: Proof-of-Work (PoW)
  • Notable Supporters: Brian Lio (Smith + Crown CEO), Jake Brukhman (former Triton Research CTO), Evan Cheng (one creator of LLVM), and Ari Juels (Co-director of IC3)
The gist of it ⚙️
  • Chainlink is a blockchain-based middleware that provides a decentralized oracle service and acts as a bridge between cryptocurrency smart contracts and off-chain resources like data feeds, web APIs, and traditional bank account payments.
  • Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts. Oracles provide external data (e.g. temperature, weather) that trigger smart contract executions upon the fulfillment of pre-defined conditions. 
  • Participants on the Chainlink network are incentivized (through rewards) to provide smart contracts with access to external data feeds. 
Why people love it 😘
  • Chainlink has a partnership with SWIFT, the largest global provider for secure financial messaging (transactions). This partnership could grant them network access to a plethora of large banks and high profile institutions around the world.
  • Chainlink is tackling a huge stumbling block in blockchain known as interoperability. If successful, there is significant upside due to the its large addressable market. 
  • From a price perspective, LINK has been pretty resilient in this bearish market and has been sneakily crawling it's way up the rankings in the past few months. 
Why people doubt it 🤔
  • A huge selling point of Chainlink is its partnership with SWIFT. This could lead to an over reliance on it which, could have very adverse effects on its network/ existing partners should the partnership dissolve in the future.
  • Chainlink's success is largely dependent on attracting institutions to utilize its technology, which means strong networking initiatives are required. 
  • Some argue that Chainlink does not have sufficient marketing initiatives. 

Other news 📰
  • According to the London Stock Exchange's (LSE) CEO Nikhil Rathi in a recent CNBC interview, the exchange has noticed several “interesting” ideas from rival stock exchanges pertaining to blockchain, but will be taking a wait-and-see approach to see which ones “gain market traction” before making any moves in the space. 
  • According to the CEO of Intercontinental Exchange (ICE), Jeffrey Sprecher, the ongoing crypto bear market has been helpful to pending crypto derivatives exchange Bakkt, because "it took some of the heat off the timetable to launch,” and "created buying opportunities for Bakkt". ✌️
  • 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
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: "I have been aggressively buying crypto during this bear run" 💭
Why or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "The new CoinMarketCap block explorers are great""

The average vote was a 6.3. Hmm, thank you for the feedback. We will definitely be making them better. What you're seeing now is just a MVP, so you guys can expect many new features to be rolled out in the coming weeks/ months.  

"Why do you say so?"

Great analysis with detailed graphical representations. Up to second in predictions. - It's awesome for a start isn't it! Can't wait to show you guys what else we have planned for them. 😆

Eh, kinda slow/laggy and I don't see the benefit to using them over any other ones like blockchain.info - Thank you for your feedback. That's for now. In due time you will. 😜

Super clean and easy to use! - That's always the aim! We have to make it easy for the newbies too! Block explorers provide really useful information, and newbies should be able to access the information as well! It would help to close the knowledge gap quickly. 😊

Need some extra features (can't see my tokens) but is a correct step in the right direction! Keep the good work!!! - Thank you! And amongst other things, we are working on the balance functionality! Bear with us! ✌

I wouldn’t know what to do with it, I’m just a hold-er - Well for one, you could see - 🤔

its good. the bitcoin is the one i will using most. for ethereum etherscan is the best today.. - Please do! Feel free to give any feedback whenever in the polls section of the newsletter! And yes, Etherscan is a great explorer. It has a clean interface, comes equipped with a wide variety of features, and is very easy to use. Our team is working hard to bring you guys this as well! Do stay tuned and continue to lend us your support! 😆

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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