“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
Welcome back CoinMarketCap crew! I hope you've all had a great Mother's day weekend. Shout out to all the moms in the world for holding the fort like only a woman can since day 1! 🙏 Like literally though, since day 1. Each one of you is amazing.
Today in history (2012), English Premier League (EPL) football club Manchester City beat QPR 3-2 at home (City of Manchester Stadium) to win the EPL title for the first time since it was founded in 1880. Manchester City just won the 2018-2019 league yesterday as well, clinching the title for the 6th time. 🏆
In today's newsletter, we will be covering theEthereum Foundation to allocate $30 million over the next year to improve its protocol, stablecoin project Reserve to launch a crypto-fiat payments app in Venezuela and AngolaandHTC's new EXODUS 1s will be capable to act as a full node for the Bitcoin network.
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! 📚
Record breaking 😲
What an interesting weekend for the crypto sphere! Total market capitalization experienced a gradual run up from Friday to Sunday afternoon (~$186.6 billion to ~$224 billion), before dropping back to the ~$210-215 billion levels where it bounced between for the remainder of the weekend. 24-hour volume also hit ~$99.4 billion on Saturday, the highest ever recorded in the history of the crypto space! 🎉
BTC also broke past the $7,000 mark, a level it has not touched since it broke down from it in end Aug 2018, and is currently trading at ~$7,080. BTC, against all odds, broke through the heavy resistance zone of ~$5,800 to ~$6,400, so hopefully it will be able to sustain these levels. RSI levels on the weekly chart is currently at ~72.5 and within the 'oversold' region. The last time BTC saw this RSI level on the weekly chart was back in Dec 2017, right before the steep drop which led to the recent crypto winter. The run up also put BTC outside the upper Bollinger Band (+2 standard deviations above the 20 MA).
Continual growth 🌱
According to the Ethereum Foundation's executive director Aya Miyaguchi at the recent ConsenSys’ Ethereal Summit, the foundation is planning to allocate $30 million of its funds over the next 12 months to fund different projects across the ecosystem to improve Ethereum’s performance and security. 💰
Specifically, the funds will be used to improve the current proof-of-work (PoW) algorithm of Ethereum 1.x, used for general core support and development, and used to raise awareness about Ethereum by organizing hackathons, developing relations, and attracting new talent. The foundation also wants to increase academic involvement in Ethereum and attract top-tier researchers by issuing grants to academic teams and organizations. 🤓
An example of a recently funded project is MolochDAO, which seeks to further development of the next major iteration of the Ethereum blockchain, Ethereum 2.0. It has received a donation of 1,000 ETH each from Ethereum founders Joseph Lubin and Vitalik Buterin, 2000 ETH from a group of individuals at ConsenSys and the Ethereum Foundation.
In dire need 😟
Stablecoin project Reserve will be launching a crypto-fiat payments app, similar to that of Venmo, in Venezuela and Angola. The app is expected to be made available "in the coming weeks" for Android users via Google Play. 💲
Through the app, individuals and businesses will be able to switch back and forth from their local fiat currency to the firm’s 1:1 USD-pegged stablecoin, the Reserve Dollar (RSD).
According to the co-founder and CEO of Reserve, Nevin Freeman, the reason for the launch in Venezuela is because "Venezuela is suffering the most inflation of anywhere in the world right now" and they "felt that it had to be done" despite some discouragement from even their investors. To provide some context, the Venezuelan bolivar loses nearly 10% of its value every day due to hyperinflation. 💸
Contributing your part 👐
According to mobile phone manufacturer HTC's chief content officer Phil Chen, its new low-cost version of its blockchain phone, EXODUS 1s, will be capable of acting as a full node for the Bitcoin (BTC) network. In other words, users will be able to store BTC's entire blockchain network data on their devices. 😁
Chen explained that HTC saw the inclusion of this optionality as “a really important piece of the pie” for the Bitcoin ecosystem and because it's "giving them [users] the ability to verify data themselves" and "contribute to the security of the whole network", and believes that it is "foundational to the whole decentralized internet and just the whole fundamental premise". 💪
HTC is targeting an end of Q3 release for the EXODUS 1s, and will retail between $250 and $300. The phone will also come equipped with its crypto wallet app, Zion Vault.
A copy of the ledger operated by a participant of the blockchain network.
Other news 📰
Recently hacked crypto exchange Binance is expected to resume deposit and withdrawal services tomorrow, according to its CEO Changpeng Zhao. 👍
According to a report by its court-appointed monitor and trustee Ernst and Young (EY), Canadian crypto exchange QuadrigaCX only has ~$21 million in assets amongst its affiliated entities (Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd), despite owing creditors ~$160 million. 🤦♂️
The Federal Reserve of Boston is starting a new blockchain experiment to look into possible opportunities to set up a “supervisory node,” a regulatory surveillance tool that should be able to connect to various banking blockchains in the future. 🧪
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
Why or why not? How was your Mother's day? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most keen), how keen are you to buy tokenized real estate?"
The average vote was a 6.4. 22.2% of y'all voted a '10'. Personally, I think it's a great way to open up a traditionally illiquid asset class. Through real estate tokenization, you can give smaller investors the chance to invest in the asset class and enjoy the capital appreciation benefits, without need to fork up large amounts of capital/ take loans. The smaller ownership stakes can then even be traded on exchanges. You could even use the blockchain to secure votes as to when to sell, or whether to rent it out etc. 🏠
"Why or why not?"
interesting - It is huh! 😁
i would love to.. it will save us lot of time in authenticating the title.. also it will be great at the time of transferring the same in future.. in coming time i see lot of countries moving into blockchain for registration of real estate. - I believe that this is all only a matter of time. 🙃
I'm not really keen on buying real estate right now in general, and if I do, I think I'd rather do it the old school way. Seems like a lot of risk doing it on blockchain. - Understandable. The old school way would require a huge loan though! 🤔
My interest has been peaked, I find it interesting, potential I don’t understand, but I’d probably toss a little that way, just like this little emoji ➡️🐸 - It's worth reading more into! And yes, you gotta keep your emoji game strong haha. 💪
It's the next big thing - I believe so as well.
Just makes absolute sense. - The next logical step! 😁
I'm not in a hurry to leap into any 'crypto-linked' real estate transactions at such an early stage. The best investment ever, over the years, decades and centuries has ultimately been real estate. Once the 'crypto-foundational' base has been solidified, then I will be prepared to consider. Yes, I may lose out on some of the initial gains. However, real estate has also been an investment with a much lower level of risk! - Understandable that you're adopting a 'watch-first' approach!
Cause then we can buy houses with our community. Crowdfund living spaces for the homeless. So many possibilities.🙏 - Oh yes that is so true! That's a great great potential outcome of this. 😁
"What are your plans for the weekend?"
weather is very hot.. so staying mostly indoors & spend lazy time watching TV.. - Did you catch the Game of Thrones as well? It's down to the final 2 episodes!
Hanging out, farmers markets, Mothers day, etc - Absolutely love farmers markets and supporting local businesses!
Zen and party - An unlikely duo. 🤔
Smoking on some of that louddddd - Blaze it 🙃
Mother’s Day - Filial piety
be close to the family, relax body and soul !!! - That sounds like the perfect weekend. I would take that over a degenerate weekend of debauchery any time. 😁
Meetings and church. - Hope the meetings went well and you had a great weekend!
STUDY CRYPTO, EDUCATE MYSELF...LOL - Never a bad idea! Don't forget to apply what you've learned!
There's a big wedding coming up. The theme is wigs and glitters so you know we gonna party like its the bullrun of 2017 🙂 - Or like the bullrun of 2019? (:
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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