Back to the grind, crypto fam! What a weekend it was for sports fans! Liverpool FC won the UEFA Champions League, Andy Ruiz Jr. shocked the world by ousting Anthony Joshua with a 7th round TKO, and the Golden State Warriors beating the Toronto Raptors to even the score to 1-1 in the NBA finals! 🤯 Hopefully some of that energy will spill over to the crypto space this week. 🤞
Today in history (1970), the first artificial gene was synthesized. American biologist Har Gobind Khorana announced the total synthesis of the first fully artificial gene in a living cell. 👭
In today's newsletter, we will be covering CFTC in early talks with Facebook over their crypto stablecoin initiative, Coinbase adding support for EOS and
Japan introducing clearer but tighter legislation over crypto.
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! 📚
Weekend clawback 🦞
Over the weekend, we saw total market capitalization's gradual climb back to ~$270 billion from Friday's steep drop to ~$257.8.9 billion. 24 hour volume averaged ~$72 billion in that time too - a great improvement relative to just 3 months ago, where volumes were only averaging ~$40 billion each day.
BTC is currently trading at ~$8,510. RSI level on the weekly chart is currently at ~75, dropping from ~81 about a week ago. For the past 2 weeks, we have been seeing rising shorts, but stagnating longs. On the daily chart, the MACD line has also crossed to down side of the signal line, so we may see some downward action in the coming days. 📉
In talks 🗣️
According to a recent Financial Times report, CFTC chairman Christopher Giancarlo said that they have held “very early stages of conversations” with Facebook over their crypto stablecoin initiative. 🗣️
The aim of the talks was to better understand if the firm’s crypto stablecoin could potentially fall under the CFTC’s regulatory remit. Giancarlo said in the report that the CFTC is "very interested in understanding it better”. 🧐
Giancarlo also said that if the Facebook GlobalCoin is to be backed by the U.S. dollar, there could be less of a need for its derivatives to fall under the CFTC’s remit. Giancarlo commented that the design is "very clever".
A top compliance issue from the report was whether and how Facebook will adhere to and implement the anti-money laundering and know-your-customer measures. 🤔
EOS EOS EOS! ✊
According to a recent blog post, crypto exchange Coinbase has added support for EOS (EOS) for its retail customers, after adding support for it on its Pro platform back in April this year. 😄
The option to buy, sell, convert, send, receive or store EOS will be available on Coinbase.com and its Android and iOS apps. The option is now available for customers in most of Coinbase’s served jurisdictions, except the the U.K. and the U.S. state of New York.
Be careful what you wish for 😟
Legislation in Japan has been officially revised, namely amendments to the to Payment Services Act and Financial Instruments and Exchange Act, provide more clarity, and tighter controls, over cryptocurrency. 📝
Notable changes include the replacement of the definition of “virtual currency” with the broader term “cryptographic assets”, companies storing cryptocurrency to be considered a “cryptographic asset exchange” and required to register and maintain a license, and limited margin trading. 😟
"How much do you agree with this statement: "I am currently interested in lending out my crypto for interest gain.""
The average vote was a 5.6.
"Why or why not?"
It is our future - No doubt! 😄
no way.. HODL your coins in your wallet & give sometime, there is no other asset class which can match the returns.. lending is a very stupid idea.. - Lending earns you interest on it though. You would end up with more coins in your bag. Think of it as a crypto certificate of deposit (CD). 💴
Have no interest in having the 'tool' in my repetoire! - Fair enough.
Is good to earn interest while holding - I agree. The power of compounding applies anywhere. 💲
passive income - True!
It is a win-win situation - Definitely is.
Trust - It that is what's holding you back, then it's understandable!
I like boobies’ - Who doesn't?! 😜
Because I am a mid, long term owner of Crypto currencies and not for immediate gains with speculation. - It's not speculating though! Think of it as a savings account that earns you interest!
It'd be great making some extra incomes. - Multiple sources of income is great. 🤑
If it makes more money for me while benefiting somebody else why not we are all here in this market to preserve our wealth by getting in a growth mode with the least of risk - Win-win!
It sounds like a good idea, especially if you want to gain interest. But the fine print will have the details that are important. will happily put a BTC in if it worth it. - Definitely have to look into the fine print. Always gotta make sure your butt is covered. 🛡️
I am aware of several exchanges that offer 5 - 8% interest however I just don't feel safe leaving my asset on an exchange. Maybe once guarantees / regulation is in place for custody solutions I will re consider. I would not be surprised at all if Banks start to offer this facility in the near future. - Hmm that's true, banks could very well hop on this too. 🤔
"What are your plans for the weekend? Got anything interesting lined up?"
Just relaxing - Chill vibes only~
trade - Hope it was a profitable one for ya! 💰
weather is very hot also staying indoors... but we are eating out on both days. - Summer is here! 👍
Yes, learning how to trade coins - It's great that you're being productive during the weekend. It's gonna pay off! 👍
beach in valencia - Im jealous!!! Wish I could see pics. Send me some! ☺️
watch champions league final and anthony joshua fight. if weather permits go to Brighton Beach on sunday. - Man those were some crazy games! What a a weekend. 🤯
I have important functions, mainly Ramadan round-ups lined up, to attend. - Sounds fun! Hope you had a ton of fun. 👍
BBQ and the sea - A great pairing. 😄
Sat night down the pub watching champions league final.. - #YNWA (:
chill so hard that i make sloths look like hyperactive well organized animals. - Dang, that'd be takin it to the next level. Sometimes you need some of those though. 😴
Work overtime because of all of the new hires starting on Monday. We don't know where we are going to seat them. Thanks to President Trump, our campus is over capacity we are expanding so fast. - Oh man that doesn't sound like fun at all. Hope it wasn't too stressful.
Weekend is for beer, pool and Karaoke. Can't wait. - Time to partayyyy 🙌
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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