“You have to stay focused and be mentally tough. That's what I've really learned: every day is a grind, and you have to go hard."
- Chris Gronkowski
Happy Tuesday, ladies and gents. The week is just getting started, so fire up your engines and let's go get it. The world is ours for the taking! 💪
Today in history (2013), Microsoft announced the release of Xbox One. 🎮
In today's newsletter, we will be covering ABN AMRO seeking to to bring to market a blockchain platform for trade inventory, mutual funds transactions network Calastone moving to its own blockchain-based settlement systemand the IRS to prioritize cryptocurrency tax guidance.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! Today, we also have a special announcement today pertaining to crypto casino, BitcoinCasino.io! 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! 📚
Over the last 24 hours, total market capitalization pretty much stayed at ~$247 billion, with most coins either seeing gains or losses in the ~1-4% range. Notable movers of the day are Chainlink (LINK), Bittorrent (BTT) and Holo (HOT), each up ~12.7%, ~28.5% and ~21.2% respectively.
BTC is currently trading at ~$7,940, up ~0.4% over yesterday. It seems that BTC is facing some resistance at the $8,000 mark, a level it is currently retesting for the second time in 10 days. RSI level on the daily chart is currently at ~67, after steadily dropping from last week's high of ~88, indicative of bearish momentum building. Shorts have started to rise as well in the past few days, indicative of the growing sentiment that BTC will unlikely clear the $8,000 mark this time around again.
Supply chain management ✍️
In a recent official news release, ABN AMRO said that it is currently “exploring options” to bring to market a blockchain platform, dubbed Forcefield, for trade inventory. It revealed that it was already in discussions with firms in the commodities industry and financial institutions. 🤗
According to them, the likes of Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have already signed a memorandum of understanding (MoU) to launch the platform. A successful proof of concept phase with Accenture has also already been completed.
Forcefield is designed to provide a real-time view into physical trade inventories through the Internet of Things, sensors and Near Field Communication chips. The inventories, "which are often collateral for loans, can be monitored very effectively, which will lead to more secure physical handling processes and a reduction of costs." 👌
According to ABN AMRO's managing director for trade & commodity finance, Karin Kersten, Forecefield will help “strengthen the entire commodity trading supply chain" as "parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.” 👍
Port over ✌️
Calastone, a mutual funds transactions network that serves over 1,800 customers across 41 countries (including the likes of JPMorgan Asset Management), has moved to its own blockchain-based settlement system. 🤖
The new system, dubbed "Distributed Market Infrastructure (DMI)", is designed to enable cheaper, “friction-free” trading, settlement and servicing of funds in real-time. Prior to the port over, Calastone's fund settlement practices were manual-based which per month, amounted to ~9 million messages and transactions worth about ~$217 billion between buyers, sellers and distributors. With this move, the London-based firm estimates the mutual funds industry will see annual savings of ~$4.33 billion. 😲
According to Calastone’s chief innovation officer, Campbell Brierley, DMI allows participants to globally "work together seamlessly and view trading activity in real-time". It will also let them "utilize new services, enhance capabilities and new investment opportunities, allowing them to evolve their proposition to one that will be more competitive and valuable long-term”.
In a response to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, U.S. Internal Revenue Service Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future. 😊
Rettig wrote back, “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance”. He added that the IRS is currently working on guidance for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks”. 👍
Rep Emmer, upon receiving Rettig's reply, wrote back “I am glad to hear of the IRS’ plans to issue guidance on this important issue. Taxpayers deserve clarity on several basic questions regarding federal taxation of these emerging exchanges of value. I look forward to seeing their forthcoming proposal, and working together to serve the American taxpayers.”
A futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. They are different from forward contracts, which can be customized for each trade and can be conducted over-the-counter, instead of being traded on an exchange.
Calling out to all risk seekers! SoftSwiss has launched a new online cryptocurrency casino licensed out of Curaçao in South America, BitcoinCasino.io, and is now accepting players from anywhere around the globe!
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The site accepts deposits across a wide range of fiat options and cryptocurrencies, including USD, CAD, EUR, BTC, ETH, LTC, DOGE, BCH and USDT. More importantly, you'll be able to enjoy uber fast withdrawals (5-10 min average times) and round-the-clock 24/7 online support for you to play with ease of mind!
Don’t worry, you can bet happy! Take a chance, check them out here today!
Other news 📰
A 33-year-old Australian government IT contractor has been charged by the Australian Federal Police (AFP) for modifying government computer systems to mine cryptocurrency worth ~$6,184 for his own gain. 😂
Ethereum markets hit $900 million in trading volume in crypto exchange Coinbase just last week. 😄
Venezuela and Russia are in talks to abandon the commonly-used US dollar in mutual trade settlements, and to instead use the ruble. They are also considering using El Petro, Venezuela’s oil-pegged cryptocurrency, as another medium of exchange. 🤔
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)
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 am keen on signing up for the Coinbase Earn program""
The average vote was a 7.5.
"Why or why not?"
Busy - Get on it! Don't miss out! 👍
I’ve been keen on it for 8 months unfortunately I’m lazy af - Hahaha, that happens to everyone. But 8 months though... 🤣
Eager to learn more about the crypto world. - It's a great place to get supplementary information! 🤓
Great program - I think its great too. Not only can users get paid to learn, the program can help to drive adoption.
Free money hooray🤗 - Make it rain. 🤑
Not aware - Now are you!
want to learn more about blockchain tech and earn from it. - Killing 2 birds with 1 stone. Not a bad deal if you ask me. 👍
I love learning, I already have some Bitcoin, and I have time in my early retirement. - The perfect combo to get started! You're committed to continuous learning, you have some Bitcoin (meaning you probably know about Bitcoin and now would like to learn more about other coins), and you have time! 😁
I am interested in the development of Block chain and investing opportunities - You probably won't be able to make much from this program. If you're interested in investing, I would suggest reading more into the top 50 projects, pick out the ones you really like and put a little money in them. Don't forget to stay current with the developments of them later on as well! 👍
Coinbase is not accepting registrations from my country India, so i cant be bothered about their earn peogram. - I'm sure it'll be made available soon enough. Coinbase has been expanding at a rapid rate.
agree, always innovative in developing a product - Coinbase is a beast in the space. Always innovating, it's really impressive.
Knowledge is power, the more we understand how the crypto's work the better off we are to make decisions. - Very true. Keep acquiring more and more! 👊 Great idea everybody loves free crypto. - Correction: everyone loves free anything. 🤣
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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