“A cynical young person is almost the saddest sight to see, because it means that he or she has gone from knowing nothing to believing nothing.
- Maya Angelou
Welcome back, CoinMarketCap-pers! To our readers in the U.S. and Mexico, hope you had a great Cinco de Mayo weekend! 🍻To those who aren't aware, Cinco de Mayo is an annual celebration held on 5 May, to commemorate the Mexican Army's underdog victory over the French Empire at the Battle of Puebla, on 5 May 1862, under the leadership of General Ignacio Zaragoza. 🇲🇽
Today in history (1954), Roger Bannister of the UK, then a lanky Oxford medical student, became the 1st person to run a 4-minute mile, recording 3:59:4 at Iffley Road Track in Oxford. 🏃
In today's newsletter, we will be coveringa report by The Wall Street Journal about the Facebook coin, the NYAG requesting Bitfinex to disclose Tether deal documents and a Bitfinex shareholder releasing promotional material for the exchange's upcoming $1 billion IEO.
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! 📚
A neat feat 🥂
Over the weekend, total market capitalization bounced within ~$177 billion and ~$188.3 billion. Total market capitalization currently stands at ~$180.7 billion, pretty much continuing where it left off at the start of last Friday. BTC dominance is currently at ~55.8%, the highest it's been since mid September last year, indicative of the preference of the safer assets (less volatile, higher market capitalization) in the space.
BTC is currently trading at ~$5,700. It experienced a run up from ~$5,500 to ~$5,800 on Friday evening and bounced between the ~$5,650-$5,850 range for the remainder of the weekend. On the weekly chart, BTC finally had 2 successive closes above the 200-day EMA line, a feat it has not been able to accomplish since mid May last year. Also on the weekly chart, RSI level is the highest it's been (~64) since January last year. BTC is now attempting to break through the very heavy resistance zone of ~$5,800-$6,400.
According to a recent report by The Wall Street Journal, "citing people familiar with the matter", Facebook is in talks with firms like Visa and Mastercard to support its planned stablecoin-based payments platform, and has already been working on it for about a year. 😊
The project, internally dubbed "Project Libra", seeks to develop a cryptocurrency that would enable the firm's billions of users to send money to each other, as well as make online purchases. Facebook has also been reportedly seeking to raise about $1 billion in total as collateral for the stablecoin to buffer it against volatility, and have been in discussions with e-commerce companies to gain acceptance of the planned stablecoin. 🙏
Notably, Facebook is said to be aiming to eliminate the swipe and card processing fees paid by merchants on every transaction to banks and payments processors and networks. 😲
Show me the money 🧐
According to a recent memorandum of law, the New York State Attorney General (NYAG), Letitia James, has requested the release of documents concerning the alleged deal made between crypto exchange Bitfinex and stablecoin operator Tether. 🧐
The memorandum of law claims “that Bitfinex and Tether misled their clients and investors”, and explains that the discrepancies in the case "only heighten the OAG’s [Office of the Attorney General’s] need to obtain documents and information in a timely, organized fashion so that the OAG may understand what has taken place, and what continues to take place, at these companies.” 🤔
At this point, authorities have also crafted an injunction to prevent them from further dissipating the cash reserves that supposedly back the tether virtual currency, pending completion of the OAG's investigation.
A shareholder of crypto exchange Bitfinex, Zhao Dong, has released promotional material for the exchange's upcoming $1 billion initial exchange offering (IEO). 🗣️
The material, in the form of a document, allegedly released by the parent company behind Bitfinex and Tether, iFinex, announces the availability 1 billion USDT worth of the "LEO" for purchase. LEO will supposedly be used as the utility token of the Bitfinex ecosystem. 🤣
The marketing document promises LEO token holders reduced crypto to crypto trading fees, lending fees, withdrawal and deposit fees and derivatives fees. It also promises similar benefits on future iFinex trading platforms.
A privately-owned and -operated blockchain in which a consortium shares information not readily available to the public, while relying on the immutable and transparent properties of the blockchain.
Other news 📰
Fidelity Investments has hired the former head of Barclays' digital assets project, Chris Tyrer. 🤝
Balaji S. Srinivasan, CTO of Coinbase, will be leaving the firm. He is also the founder of Earn.com. 👋
In an ongoing court case between self-proclaimed Satoshi Nakamoto Craig Wright and David Kleiman, the United States District Court of the Southern District of Florida issued an order requiring Wright to produce a list of his public Bitcoin (BTC) addresses. 🧐
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 have been aggressively buying crypto during this bear run""
The average vote was a 7.7. 45.5% also voted a '10'! Ayeee keep getting it. So proud of y'all!
"Why or why not?"
Entered the crypto market last September. Have been buying steadily every month. I’m enjoying the ride and the future looks so bright I gotta wear shades. - Shades all day! Glad to have you on this ride with the rest of us. You joined at quite a good time too imo. 👍
during last months i have topped on my BTC holdings. also i sold most shit altcoins & brought Grin, Beam, Zilliqa and few more. next bull run i see most of these in top 20 coinmarketcap. - Ooo I see you like your privacy coins! I'm a fan of Grin as well. Catch you on the moon soon! 🚀
Cheap - Time to load up the bags! 🛍️
Oops hit wrong # ment #2, I am a buyer usually on the way down or level out not usually on the way up, but I always buy bitcoin once a week, small chunk, that’s just me - Well as long as you keep buying during this period, I'm sure you will be fine. The key is to stick to it and be consistent! 😆
Anticipation - Awaiting the arrival of the bull. 🐂
Since much research over recent months has led me to believe that we are on the verge of a steady increase in the crypto market, I have been buying with caution rather than agression. Personally I see a future of calculated increase in both the use and the development of crypto worthy of the 21st century - and probably sooner than many people think ! - Well I think it's great that you're investing within your means. It can give you the peace of mind that could perhaps lead to better judgement calls with what to do with them down the road. I also think that the transition can happen in the blink of an eye. So don't miss out. 😜
Need more funding, - Live within your means! There is always a way to put some money aside for investments. You really have to sit down, identify your leaks, and plug em! 🔌
Why not - Exactly! Just. why. not. 🤔
Its a no brainer. Buy the dip and Hodl - That's the gist, but way easier said than done! 🤣
"What are your plans for the weekend?"
Start on a mild tan as it should hit 80 degrees for the first time. - Summer is here! Don't fall asleep though! 🙅🏿♂️
cyclone is forecasted this weekend.. so mostly staying indoors. - Oh noo. Stay safe! 🙏
buy ZCOIN - please do a feature for that coin. good privacy tech - We did one before! Check out
Beach - Suns out, guns out! 💪
R&R - Decompress to gear up for next week's battles. Rest up well! 😊
Try and enjoy the sun which is gradually showing its face again in this NE Brazil rainy winter (rather like the crypto market !) - Hahaha, great allusion! 🤣
Spend with my fwmily - Always a good idea! 😊
The missus is away with the kids So its beer, pizza and xbox for me. - Let the weekend of degeneracy and debauchery begin. 😜
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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