“Before the reward there must be labor. You plant before you harvest. You sow in tears before you reap joy."
- Ralph Ransom
What a day for the crypto community! To those who have been following the crypto space for some time, something we have all been looking forward to (not price-related) has finally come to be. 🙏 Read on below to find out more!
Today in history (1948), Israel declared independence from British administration. Shout out to all our Israeli readers! 😄
In today's newsletter, we will be covering Bakkt to roll out testing for Bitcoin futures trading in July, Microsoft to launch a decentralized identity network atop the Bitcoin (BTC) blockchainandPolymath and Ethereum co-founder Charles Hoskinson collaborating to build a regulation-compliant token blockchain.Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit! So don't forget to check that out below too!
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! 📚
Through the roof 🚀
What a day! In the past 24 hours, crypto markets continued its uptrend and saw total market capitalization rising further from ~$224 billion to ~$236.7 billion, with most coins seeing gains in the ~5-13% range. 24-hour volume hit ~$106.4 billion, the highest ever recorded in the history of the crypto space! 🎉 BTC dominance is at ~60%, a level it has not touched since mid Dec 2017, and also indicative that this recent uptrend has left many altcoins behind.
BTC broke past the $8,000 mark and at one point was trading at ~$8,265. It is currently trading at ~$8,005. RSI level on the weekly chart is currently at ~75, well in the 'oversold' region, and at a level it has not been at since mid Dec 2017. BTC continues to be trading outside the upper Bollinger Band (+2 standard deviations above the 20 MA) for the second consecutive day too.
A fast run up like this can be dangerous, as the speed/ ease at which it falls can be equally as such. BTC seems to be in a cup formation, and with a higher probability that it loses bullish steam in the coming days, we could see it progress into a cup and handle formation where we see some downward retracement before a breakout.
'Bout damn time ⌚
In a recent Medium blog post, CEO of Bitcoin futures exchange Bakkt Kelly Loeffler explained that the exchange will roll out testing for Bitcoin futures trading in early July this year. 🙌
Bakkt is working with its parent company Intercontinental Exchange's (ICE) futures U.S. exchange and U.S. clearinghouse to "prepare for user acceptance testing (UAT) for futures and custody" in July. However, no definitive launch date has been announced.
Loeffler also mentioned that Bakkt will be introducing 2 futures products, which include a "daily settlement BTC future which will enable customers to transact in a same-day market" and a "monthly BTC futures contract which will enable trading in the front month and across the forward pricing curve". She added that Bakkt will be putting $35 million of its own funds into the clearinghouse risk waterfall to put their own "skin in the game". 😎
Bakkt also recently reported that is was working closely with the United States Commodity Futures Trading Commission (CFTC) for federal regulation compliance and investors' protection matters. 🤝
A (very) worthy adversary 👁️
According to a recent blog post, Microsoft announced that it is building a decentralized identity (DID) network, dubbed the "Identity Overlay Network (ION)", atop the Bitcoin (BTC) blockchain. 😲
According to Microsoft, ION is based on an evolving set of open standards developed in conjunction with the Decentralized Identity Foundation, which it also claims to be able to handle tens of thousands of operations per second, as compared to even “the most robust, decentralized, public blockchains [which] operate at just tens of transactions per second." ⚡
Microsoft seeks to create an ecosystem where “billions of people and countless devices can securely interact over an interoperable system built on standards and open-source components”, and wants to collaborate with open-source contributors to publicly launch ION on the BTC mainnet in the coming months.
By the rules 📜
According to an official blog post, security token platform Polymath (POLY) will be working with Ethereum co-founder Charles Hoskinson to build a separate blockchain, dubbed "Polymesh", for regulation-compliant tokens. 🤝
The blog post also explains that Polymesh is a progression from Ethereum (ETH), because it was built from the ground up with regulations and compliance considerations in mind to become "the underlying infrastructure for the world’s capital markets." 👐
Polymesh will help developers launch security tokens tailored to market needs and stay fully compliant with local regulatory requirements. According to Hoskinson, “there are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task”.
An acronym that stands for 'fear of missing out' and in the context of investing, refers to the feeling of apprehension for missing out on a potentially profitable investment opportunity and regretting it later.
In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'What is a Wallet?'! Class is in session. Check it out here!
Other news 📰
HTC has added in-wallet crypto swap functionality into its EXODUS phone, and is tapping from decentralized exchange startup Kyber Network's (KNC) liquidity pool to do so. 🤝
According to the SEC’s senior advisor for digital assets and innovation Valerie Szczepanik at the CoinDesk’s Consensus 2019 conference in New York, exchanges that facilitate initial exchange offerings (IEOs) may be breaking U.S. securities laws. 😲
Payments startup Flexa has unveiled an app, Spedn, where consumers can spend cryptocurrencies at major American retailers such as Barnes & Noble, Bed Bath & Beyond, GameStop, Lowe’s, Nordstrom, Office Depot and Whole Foods Market. 😄
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 do you say so? What do you think is the cause(s) of it? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Ethereum (ETH) is my favorite protocol token/ blockchain""
The average vote was a 6.
"Why or why not?"
why not - Def no harm allocating some of your portfolio to ETH. 💰
I don't really have a "favorite" but Ethereum is definitely one of my favorites :D. I like Vitalik. I like the smart contracts ecosystem (although I'm sure it has it's flaws). All in all a good project. We'll see how it scales over time though. - Definitely gonna be exciting to see how well ETH transitions into a proof of stake blockchain (Serenity). 👀
A badas protocol. Could become number 1 on CMC - Badass protocol by a badass individual. Vitalik is a beast. 🦁
I have invest in ETH since the first days, I'm never disappointed!!! - Wow you've been hodling since the beginning? That's awesome! 😁
EOS! - Oooo a worthy adversary. 💪
favourite blockchain is BITCOIN.. after that i do love ethereum & see a great future in ETH. also love some upcoming projects like cosmos, thunder, zilliqa, beam & grin... - Those are all great projects. Wise choices!
Eth is centralized buterin dogshit - lmao why do you say that! 🤣
It's slow and has been hacked and i dont like that they rolled back the blockchain - That happened a long time ago, back in 2016! While I think that it's never a good idea to roll back the code, I think that in this case it was acceptable. $50 million at that time was astronomical in the crypto space, and it could've changed the fate of the entire space as we know it. 🤔
"How was your Mother's day?"
It was great! Got to spend time with my mom and my future mother in law over the weekend :D. - Wow that's a 2-in-1 Mother's day bundle deal! That's lovely! 💕
Swam at Kaimana beach. - Oh man that place looks absolutely stunning. I'm jealous! 🙃
Peacefully, some drink, some food and enjoy my mother (and sisters since their are mothers too) - That's the good life right there. 😁
Eating and rested - Sounds like the perfect day to me. I could do that all day every day too!
Super! - Sweet. Glad you had a great day!
Was real good, spoiled the mother, made lunch and took her and her friends to high tea at casino. - Hope she ran hot at the casino! 💰
we had a family dinner, it was nice get together & we made sure ladies did enjoy.. - Gotta treat the ladies right! 😁
Shitty - Oh nooo. What happened?
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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