Patiently waiting

Your daily newsletter for June 6, 2019

Anticipation

"We need the sweet pain of anticipation to tell us we are really alive.”

- Albert Camus

CoinMarketCap fam, one more day to the first weekend of June! Hang in there! The beautiful summer weekend awaits. 🌞

Today in history (1912), the largest volcanic eruption of the 20th century began. 🌋 This refers to the eruption of Novarupta, one of a chain of volcanoes on the Alaska Peninsula (part of the Pacific Ring of Fire). This eruption was so big it sent 3 cubic miles of magma and air into the air, and even drained out the magma from under a nearby volcano, Mount Katmai, causing its summit to collapse. 🤯

In today's newsletter, we will be covering Facebook rumored to unveil its coin in June, influential Swiss think tank Avenir Suisse urging the Swiss National Bank (SNB) to work on a national cryptocurrency and Japanese messaging app LINE partnering with Visa. Also in today's newsletter, we are proud to announce and introduce a new 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! This will be a permanent fixture so you'll be able to catch it every Thursday going forward!

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! 📚

Slowed 🐌

In the last 24 hours, total market capitalization dropped earlier in the day to ~$244 billion before fighting its way back to the ~$250 billion levels, where it continues to remain at. Most coins are either seeing gains or losses in the ~1-3% range, and 24-hour volume stands at ~$67 billion, lower than the usual ~$80 billion over the past week. Notable mover of the day is Chainlink (LINK), currently up ~16%.

BTC currently stands at ~$7,870, up ~0.4% over yesterday. RSI level on the daily chart is currently at ~50, a level it has not come down to since 25 March this year. It seems that BTC is losing some momentum from this run up that began early in the year. On the weekly chart, the MACD line has also tipped and seems to be headed towards crossing to the underside of the signal line.

Just around the corner 😄

According to a recent report from news source The Information, Facebook is set to unveil its cryptocurrency to the public in June. 🗓️

The coin, rumored to be dubbed "GlobalCoin", is allegedly aimed to allow users to process transactions via the social media platform, and will also be offered to Facebook employees who want to get paid in crypto.

It was also reported that Facebook is planning to introduce physical portals such that users can purchase the cryptocurrency, and is inviting external parties to participate in the network to act as “nodes” for a fee as much as $10 million each. 💸

Hear us out 🙏

An influential think tank in Switzerland, Avenir Suisse, recently released a report called the “Blockchain After the Hype”, that urges the Swiss National Bank (SNB) to start working on a national cryptocurrency. 🗣️

The report proposed an blockchain-based economic model, and suggested that the next step forward would be the creation of a “franc token” controlled by the SNB.

Avenir Suisse believes that the development of a stablecoin could convert Switzerland into a “blockchain nation.” It would "facilitate tokenized securities trading if the National Bank and major players in the industry were to drive the development of a Swiss franc token”. 🤖

According to the report, the centralized asset could also lead to blockchain use in other areas of the financial industry, mainly trade finance and new business models, and help Switzerland "expand its relatively small capital market". 👍

A notable partnership 🤝

LINE Pay Corporation, the operator of fintech services on major Japanese messaging app LINE, is partnering with Visa to develop new blockchain and digital payments solutions. 😲

This strategic partnership involves the cooperation on a wide range of services, notably the development of new fintech solutions powered by blockchain technology that support business-to-business and cross-border payments, and alternative currency transactions. LINE users will also be able to apply for a digital Visa card from the app, and integrate existing Visa cards to make mobile-based payments. 💳

Both firms have also announced plans to roll out new merchant-focused solutions and support for various LINE Pay services for Visa’s 54 million merchant locations around the world. Even in places where LINE Pay is not directly accepted, users will be able to track their merchant transactions using their LINE Pay digital wallet.

Blockchain term of the day 🤓 - Full node

Nodes that download a blockchain’s entire history in order to observe and enforce its rules.

Thursday think tank 🧠

Our friends over at Flipside Crypto have produced data revealing the most under- and overvalued coins for the week! 🧐

The scores you see below refer to the ratio of each coin's current FCAS rating to its current market capitalization, both standardized to a 1000-point scale. A score above 1 reflects an undervalued coin, and a score below 1 indicates an overvalued asset!

Hold your horses! Before you go ahead and jump right into investing, always remember to first D.Y.O.R (Do your own research)!

Other news 📰

During a recent developer call, Grin developers reached an agreement on block number 262,080 for the activation of the crypto network’s first ever system-wide upgrade or hard fork. The network is expected to hit this block height on July 17. 🗳️
Crypto exchange Binance’s chief financial officer, Wei Zhou, told Bloomberg that the exchange will start issuing its own stablecoins “in a matter of weeks to a month or two". 🎉
Co-author of the original paper underpinning Bitcoin’s experimental lightning payments network, Tadge Dryja, has released a new research paper outlining a proposed scaling solution that he’s been working on for the past year. 🤓

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 believe that by the end of 2020, we will see iPhones and Androids pre-installed with crypto wallets before they are sold." 💭

Why or why not? Share with me in the polls! 😆

What you said

"How much do you agree with this statement: "Justin Sun and his 7 companions will be able to convince Warren Buffet about Bitcoin.""

The average vote was a 5. Woah, we are dead even guys! Exactly 20% voted a '10' and exactly 20% voted a '1' too!

"Why or why not?"

Warren isn't new, he has all the advisors and key people already to well inform him about the crypto space. What they can do is show him the progress so far with actual projects and fintech systems from other companies around the world firsthand, minus the rumors and heresay. - It could be a biased/ skewed perspective though, as his advisors are likely to be traditional investors with similar investment styles. 😔

That old dawg don’t like new tricks, probably won’t wanna fix what’s not broken, but....it’s a crazy world - Lolll, he's one balling old dawg though. 💰

I’m hoping they can his endorsement would be huge. Can you teach an old dog new tricks ? - I think with Warren it's possible. His sidekick Munger said once that a great strength of Warren's was his willingness to learn and his lifelong commitment to learning. 🤞

All hype - Big big hype though. It has the potential to create some serious waves. 🌊

Bec Buffet is an old school person. - He may be old school, but he's a smart chap. I would not be surprised if he were to jump over to the blockchain side. 😊

I'm on the fence with this one. The sage has been pretty bullish in his condemnation of crypto coins (but not blockchain), though he ain't a billionaire for being dumb!! - Exactly. He's smart and has the ability to pick things up quick/ see value. Perhaps helping him see crypto/ blockchain through the lens of a group of informed insiders could prompt him to delve deeper into it. 👍

This feels like a knock off version of Lord of the Rings where Justin is Frodo. But with smaller feet. And Buffet is Sauron, using his watchfull eye to check all the markets but somehow not focused enough to spot the fellowship of the bitcoin coming towards him. Maybe Satoshi the white can come in and safu our heroes. - Wow this should legit go on reddit. Great analogy! Well we all know what happens to Sauron in the end 😉

It’s the evolution of money. Cashless Society! These guys are the future. Warren will pay attention if not sell Berkshire! - Hahah for him to sell Berkshire is quite a long shot hahaha. 😆

Not at all. Warren has enough information and enough people around him that he knows as much as the rest of us, if not more. Convincing someone the sky is blue is hard to do if they are color blind. - I don't see it as impossible. 🌱

Buffet is a never crypto guy - Im hoping for the best! 😊

It’s like when internet companies started, at the beginning they needed some polishing and that’s what is happening now with crypto. - Def still a WIP

Buffets thinks Cryptocurrency is a small rodent ! If you had rats should you let them make decisions in what you think is your house? - Rat poison squared lmao. I guess the rats are staging a mutiny! 🐀

I voted 1 because I don't think any convincing needs to be made, Warren Buffet's life revolves around investing and he knows all there is to know about bitcoin, I bet he actually is more knowledgeable in the space than most "reddit investors" and when he decides that the time is right he's gonna invest himself, he doesn't need anyone from outside to talk him into it. - Certainly a guide could be useful, no? While I think Buffett is a great decision maker, I believe that a trait that got him there was his ability to listen, learn and discern. Aka his ability to adapt. Perhaps these industry experts could help him see things in a different perspective, such that he can go on his own personal journey to figure out if Bitcoin is good or bad. 🧐

considering his lack of understanding of technology in the past crypto maybe a bridge to far over one dinner. Hopefully they can start a relationship rather than this dinner being a one off meet. - I believe that's the plan here.

hopefully yes.. about this lunch what is important is this will bring crypto in mainstream news & possibly encourage both institutional & retail investors to take a look on crypto assets. - Whatever it takes to turn heads. Whatever it takes... 💪

I hope so, but some old timers are stuck in their ways, he gives impression of keeping up. on other hand Justin Sun looks like a man who can sway people. Been thinking about it a lot lately, uncle's in their 60 big into crypto and others seem to not understand or care to understand. - Soon they will all be forced to learn (:

Warren is a little too old to drastically change his money making philosophy. - I gotta disagree here. He was ability to weather the business cycles over the years. I'm sure he is anything but 'stuck in his ways'. 🧠

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙