Daily Email Archive

Don’t stand in my way

Your daily newsletter for May 31, 2019
Mistakes are acceptable if they're the result of moving forward."
- Andrew Yang
The end of the week also brings about the end of the month of May. What a month it has been! The crypto space never looked so exciting in a long long time. Can't wait to see what June has in store for us! 👀

Today in history (2008), 2008 Usain Bolt broke the then world record in the 100m sprint, with a timing of 9.72 seconds. He went on to break that record 2 more times, and still holds the title of fastest man in history with a 100m timing of 9.58 seconds. ⚡

In today's newsletter, we will be covering Binance exchange to incorporate crypto lending and borrowing services within its ecosystem, Huobi Global claiming to not be involved in wash trading and the Australian Securities and Investments Commission (ASIC) issuing updated regulatory crypto guidance. Today, we will also be covering Ravencoin (RVN) 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!

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! 📚

Pushed back 👐
In the last 24 hours, total market capitalization slid back ~$8 billion to ~$261.9 billion, with most coins seeing losses in the ~4-10% range. 24 hour volume also hit $100 billion again. 

BTC is currently trading at ~$8,320, down ~4.6% for the day. It still remains above its 50,100 and 200-EMA lines. The RSI level on the daily chart dropped from ~71 to ~61.5, pushing BTC out of the 'overbought' region. There is still significant bullish momentum, but also on the daily chart the MACD line crossed to the down side of the signal line, so we may see some downward action in the coming days. 🐻

Lending business 💱
Binance exchange has partnered with crypto financial platform Cred (LBA) to incorporate crypto lending and borrowing services within its ecosystem. Part of the partnership will see Cred migrating a portion of its native “LBA” token to Binance’s blockchain network, Binance Chain. 🤝

According to Binance's chief growth officer, Ted Lin, Binance Chain's “one-second block time" will conversely help Cred scale its operations to more markets and users through “fast, efficient and effortless" transacting. 

The Cred platform allows users to borrow fiat currencies with cryptocurrencies as collateral, as well as offer interest rates on deposited cryptocurrencies and fiat currencies. It is backed by Binance Labs and Arrington XRP Capital, and claims to have already secured over $300 million in lending capital. 😲

It wasn't me 🤷
CEO of crypto exchange Huobi Global, Livio Weng, has come out to say that the exchange “is not involved in any wash trading”, in response to a report by Bitwise Asset Management which implied that Huobi reported inflated trading volume.

Weng said that such behavior would go against the exchange’s “core values” and that the report "surprised" the Huobi team, so much so that they “subsequently did a thorough check and review of our [their] system". 🧐

Huobi did not find any evidence of systematic abuse, but "did identify a few of our [their] market makers conducting what we [they] suspect may have been wash trading for the sake of performance and marketing purposes." Weng then went on to reassure that Huobi has already communicated with these market makers and "have discontinued the strategies in question”. It is also in the process of updating its policies so as to avoid potential wash trading issues going forward. ✍️

Guiding light 🔆
The Australian Securities and Investments Commission (ASIC) has issued updated regulatory guidance for businesses involved with ICOs and crypto assets. 📝

According to the regulator, ICOs and crypto assets are in most cases financial products or involve financial products, and these are all regulated under the Corporations Act, mandating issuers to first hold an Australian financial services (AFS) license. 📇 The laws also cover those giving advice, dealing, or providing other intermediary services for crypto-based financial products.

For crypto wallet and custody service providers, they need to ensure that they hold the appropriate custodial and depository authorizations. Crypto miners are also bound by Australian laws, if they assist in the clearing and settlement of tokens that are financial products. 

Crypto exchanges and trading platforms also require an Australian market license, while cryptocurrency payment and merchant service providers are required to apply for an AFS license if they are providing “non-cash payment facility”.

Blockchain term of the day 🤓 Decentralized Applications (dApps)
Crypto deep dive: Ravencoin
  • Cryptocurrency: RVN
  • Market Capitalization Rank: 41st (~$220.1 million)
  • Consensus Mechanism: Proof-of-Work (PoW)
What it's about ⚙️
  • It is an open-source blockchain project that specializes in the creation and peer-to-peer transfer of assets. 
  • Ravencoin platform enables users to tokenize assets and allow them to be transferred on the blockchain to trade around. 
Why people love it 😘
  • It is in the business of tokenized assets, which, is one of the more exciting spaces in the crypto world. While there are several competitors, Ravencoin differs in that it is committed to decentralization. 
  • Ravencoin is ASIC free (uses an X16R hashing algorithm), and is a community-run coin that's dedicated to decentralization.
  • It has some notable backers, including Bruce Fenton (board member on the Bitcoin Foundation, CIO of Atlantic Financial Inc), Troy Black (Medici Ventures) and Patrick Byrne (CEO of Overstock.com).
Why people doubt it 🤔
  • Ravencoin is competing in a very competitive space. Other competitors gunning for this space include Polymath (POLY) and Waves (WAVES). 
  • The progress of Ravencoin is at the mercy of its open-sourced developers. If they choose to opt out at any time, development may be hindered. Developers have to remain incentivized even in a bear market. 
  • It has a heavy dilution rate. Currently, only about ~14% of RVN tokens have been mined. This means that there will be a high inflation rate phase which it has to overcome. 

Other news 📰
  • North Korean hackers have allegedly attacked users of South Korean exchange UpBit with a phishing email scam. 😲
  • Government authorities in the Sichuan province of China are reportedly probing into local bitcoin mining farms that have allegedly been constructed without official approval. 🧐
  • U.S. insurance firms State Farm and USAA have entered advanced testing of a blockchain system developed using JPMorgan Chase's private enterprise blockchain solution Quorum, to automate the time-consuming and paper-heavy processing of automobile claims. 😊
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)
19 Aug - 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! 🤝

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 am currently interested in lending out my crypto for interest gain." 💭
Why or why not? What are your plans for the weekend? Got anything interesting lined up? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "By the end of 2020, I believe that buying crypto would be as simple as purchasing a cup of coffee.""

The average vote was a 7.3. 41.5% of y'all voted a '10'. Digging the optimism guys! Let's hope this becomes a reality! 🙏🏻

"Why or why not?"

It will be easier, but not so much!!! The security layers won't allow!!! - It's gonna be a tough battle, but I think we are eventually gonna win this one. 😬

mass acceptance and confidence - one day! 🤞

As much as I would totally love that, there are too many money institutions still on this 'Bitcoin bad' kick that need to be schooled, or replaced/remodeled. The regulations need to be updated and made inclusive of cryptocurrencies, for everyone's sake. - I think more education would help us get to that next step. Once people get educated about Bitcoin, it's quite hard not to get behind it. It definitely makes a great deal of sense. 🤔

Having wallets on smart phones - Samsung! 😉

I have a Bitpay card and a Block card coming soon they will be common, just wait for 5g. - Ooo I hear Bitpay is pretty good. 👍

because people are still skeptical about investing in cryptocurrency - I believe that the sentiment is already shifting. 😀

Crypt Exchanges will finally realize that consumer access to purchase coins is every bit as important as Bicoin purchases!!! Get with it people make it easy for non-techers to get in Emma's and embrace CREPTO!!! - Creptooooo! Yeah we definitely need more on-ramps. 👌🏻

I do believe it will happen just not by the end of 2020. Still not enough understand crypto. - In due time my friend, in due time... 😬

It will be easier but there will still be security issues. - I don't see why that's a problem. There needs to be a balance between security and accessibility. ☯️

No way - Why not? (:

Use of mobile phone for banking is working well around the world and use is growing! - True, and with well known phone companies like Samsung and HTC already being receptive to the idea, I think it can really take off soon. 🚀

It already pretty much is, with apps like Coinbase. - Still not as accessible as a cuppa coffee. Hopefully one day it will be! 🙏🏻

2020...far too soon - if you'd have said 2030 I would have 'voted' higher than 2/10 - Look how much as happened over the past year though. I really think that anything can happen. 

It’s not hard now. People just need to see how easy it is - Yeah, apps like Coinbase sure make it a lot easier. Hopefully other exchanges will be able to follow suit. 👍

Because of talented developers - Would be nothing without em. 🤓

I would hope so........my UK bank will not allow credit card transactions through Simplex. Will that change, I wonder!!! - Argh these gaps need to be closed. 😔

Nah. I just don’t see that happening. - ):

Because many people never hear anything about crypto money and it's a big change of mentality of all the people in the world. - Yeah we need more evangelism in the space! 🗣️

Robinhood Crypto is available in NY!!! More broker/dealer type platforms will be pressured to offer Crypto exposure 🙂 - Yup, I already see that happening. They all want a piece of that pie because they can see the demand. 🤑

Because the technology for exchange is not well known in Africa - Mann, that surely is an untapped market. Everyone deserves a shot at owning crypto. 😀

I rather like the idea of the bitcoin ATM, used one the other day, but needs to be focused on more coins than just BTC and BCH. Adding the rapid growth rate of industry I do foresee it. Would be great for those poker nights you win and just spend it at nudi bar. - Lmao @ nudi bar 😂

Mass adoption is coming soon with all big institutions participating means buying bitcoin and altcoins is getting easy. - It's gonna be a fun ride. 

Al the negative comments from so-called financial experts (who are wrong with most predictions) must stop. - Tom Lee coughcough 😂
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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Onward...to the weekend! 😜
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