"People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily."
- Zig Ziglar
It's a new week, and we welcome the second half of June! Y'all must be recharged. Now get motivated, and let's get it! 💪
Today in history (1970), Edwin Land patented the Polaroid camera. 📸
In today's newsletter, we will be covering JPMorgan Chase saying that the Bitcoin (BTC) industry has seen an increase in institutional interest, Samsung to collaborate with platform companies on the development of blockchain, artificial intelligence and 6G mobile networks and Bitmain embroiled in a legal battle with 3 former employees.
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! 📚
Wonderful weekend 😀
What a pleasant weekend!
Over the last few days, we saw total market capitalization going from ~$264.2 billion to ~$286.7 billion, with 24-hour volumes hitting ~$70 billion.
BTC is back above the $9,000 mark and is now trading at $9,200. RSI level on the daily chart is back at ~70, and the signal line has just crossed to the upside of the MACD line, so we may continued upward movement over the coming days. BTC also continues to be trading above its 21,50, 100 and 200-day EMA lines. 👍
A shift in sentiment 🤔
According to Bloomberg, JPMorgan Chase (JPM) believes that the Bitcoin (BTC) industry has changed considerably since 2017 and has seen an increase in institutional interest. 👍
According to a report by JPM's managing director of global market strategy Nikolaos Panigirtzoglou in which researchers examined recent phenomena surrounding cryptocurrency exchanges, if only 5% of May’s reported and suspected fake volume of $725 billion is accurate, than the true volume of BTC trading in May this year was equal to a whopping ~$36 billion. May also became the best performing month for Bitcoin futures provider CME Group, with an implied value of ~$500 million.
According to JPM, "this volume difference between trading on exchanges when compared to volumes in BTC futures suggests institutional investors are now sincere about the cryptocurrency". 😬
Always hungry 🦁
According to Bloomberg, the vice chairman of Samsung who's currently serving as the company's de facto leader, Jay Y. Lee, has come out to say that the firm will seek to collaborate with platform companies on the development of blockchain, artificial intelligence and 6G mobile networks. 😲
A platform company is an initial acquisition by a private equity firm for the purpose of making further acquisitions within a certain sector. Lee, alongside Samsung executives reportedly held discussions with these companies to discuss potential collaborations last week. 🗣️
According to Lee, Samsung should "challenge ourselves [themselves] with a resolution to make new foundations, moving beyond the scope of protecting our [their] past achievements.” 👁️
Action -> reaction 🥊
The world’s top Bitcoin (BTC) mining pool by hash rate Bitmain is in a legal battle with 3 former employees who started a rival mining pool called "Poolin", and is seeking $4.3 million in damages. 👨⚖️
Prior to this, the 3 Poolin co-founders, CEO Zhibiao Pan, COO Fa Zhu, and CTO Tianzhao Li, each sued Bitmain preemptively and said that Bitmain voided the non-compete they signed, by failing to pay them on time as agreed.
Bitmain then countersued and alleged that the Poolin co-foundersviolated their non-compete agreements, claiming that these former employees caused significant losses to the company after leaving by operating a directly competing pool and has asked the court to order the Poolin executives to resume honoring the non-compete agreement. 🥊
"How much do you agree with this statement: "The Facebook coin will be a threat to crypto sphere""
The average vote was a 5.
"Why or why not?"
If there one undeniable fact we know, it is that facebook can't be trusted, and I see how this coin has the sole purpose of derailing crypto market. zuckerberg is pure evil, and it will show in years to come. Also, why is so many businesses interested in using this coin but not other crypto? (And i don't believe the stable angle they give). It the free vs the evil faceless corporations. He may as well start Facebank and let us relive the 2008 crisis. - Can't wait to check out the whitepaper they will be releasing this week. Many unanswered questions will be answered, hopefully. 🧐
FB's GlobalCoin looks to shake things up that's for sure, but I don't think anyone can truly gauge just how much it will though; one thing for sure no-one will be able to ignore it (personally waiting for NIKE crypto myself)! - Definitely, as Facebook can choose how widely used it wants the coin to be by adjusting what is requirements to use the social network. 🦹
Because Facebook is centralized, therefore making their coin a centralized coin. - Yeah unfortunately this is so as well. Why does it seem we are tending back towards centralization! 😔
not at all. i think it will bring awareness of crypto / blockchain to more people around. also i see more big names coming in open their blockchain / crypto plans after Facebook does. this will bring more talent & help in improving the blockchain technology & adoption to next level. also i think its about time for else these giants will miss the bus. - I agree that it will bring some awareness to the crypto space. The problem is the coin will be centralized. If these organizations makes it a requirement to use these coins to use access their networks and do not mention anything about crypto/ blockchain, people who do not know about decentralization will not know enough to care, and will use the coin (much to their detriment). Think about it, all they really need to say is "hey here's this Facebook/ Instagram token. do buy it to use our networks". 🙃
it is a Centralized, stable-coin, tied to fiat. However, it will serve to bring Decentralized Cryptocurrency 'Adoption' about more quickly. - Hopefully!
1. If it's pegged to fiat it will lose value. That's ok for transactions, but not savings. 2. It'd be a great introduction and gateway to crypto for the masses (who will learn to hold bitcoin). - Word on the street is that it's gonna be pegged to several currencies.
It's not a crypto . - Get that thing outta here. 👋
Facebook government SHILL... - lmao. We ain't never gonna escape them watchful eyes of the NSA. 👀
No way... It's just a hype coin, I don't trust that it is actually a crypt coin so how will it pose a threat to giant crypts like btc, eth or even xrp which is kind of centralised. Fb has a name and audience, so it will attract users that's all, its not a threat to any crypt coin for sure. -
Why FEAR Facebook? It will only be one of many! It will just be different. - Hopefully it doesn't become the most widely used digital asset. 🙏🏻
If it’s on FB it’s being tracked for sales,or BS. - It's so scary just how much we're being watched/ heard. The other day my friends and I were having a casual in-person conversation about gaming chairs. About 10 minutes after that conversation, Ooe of my buddies then opened up his Facebook app. Lo and behold, a gaming chair ad popped up. 😱
Not that much.....but after time goes on ,fb coin will only drive mass adoption because people will want to know more about crypto and it's future..hence they will come across this Bitcoin guy...who performed well in past and they will try put some bucks in it.. - There will no doubt be some trickled down interest in the crypto space. But what if Facebook deliberately mentions nothing about crypto/ blockchain? Everyday users would still be oblivious. 🤔
Not so sure. But I think it will definitly boost most of the coins as it will create awareness. - And awareness creation is all we ask for! After that it's up to us crypto folks whether we can retain that attention and sufficiently educate. 👍
Very informed - Why thank you. It's ma job! ✌
I think it’ll be centralized. - Definitely will be. 😂
I don't see Facebook coin as a threat. I actually see it as a good thing that will bring 80+million people to be aware of digital assets and grow the market cap by a huge amount. Even if Facebook coin is a waste of space it will bring awareness to the crypto market. - Definitely needs to turn some heads.
If anything it should bring more people into the idea that crypto investing is here to stay. - I certainly hope so! There is a possibility that Facebook won't even mention crypto/ blockchain in the official public release though. If I were Facebook, I would most definitely do that. 😈
"What are your plans for the weekend?"
It warm and sunny, and i need a surf before the grip of old man winter strikes. - The grip of old man winter lmao. Summer is just amazing. Sun's out, guns out, surf's out! 🌊
Catching up on TV shows and video, and most of all, sleep! - Check out this new HBO series, "Chernobyl". It's gripping af. 👀
Studying for exams. - All the best, my dear friend. It's gonna be worth it. 💪
we are planning a family get together. also on Sunday all of us will be spending morning & noon at an old age home near our town. to all readers if possible please try to do something like this.. also do take kids along, its a enjoyable & learning experience. - That is so great to hear. You really are doing your part. If everyone did their part, the world would be a much better place to live in. I did my part doing social work this weekend!
Hodling Crypto. - Hodl 4eva!
Lay back and let btc do the work - Great run up this weekend. 💰
How about watching men in black international, thinking... - I wanna catch that too! Can't wait to see how Chris Hemsworth compares with the previous MIB characters. 🤔
Ahh nah...just chilling with my phone surfing the web....and watch some youtube videos...cause am an internet addict - Ahh, go out and have some outdoor fun! It's important too!
Learning more about crypto. - Never a bad idea! 👌🏻
Buy more Digibyte - loading up those bags, I see. 💰
Errands - I feel ya ):
Gin festival in Manchester. Mmmmmmmm Gin. - Damn. I'm jelly. Hope you got turnt up real good! 🤪
The entire office of BTC Direct will participate in a Viking Run! Which means 19 kilometers of running, jumping, lifting and mostly crying XD. Afterwards it's time to party because on saturday our company exist 6 years 🙂 - Congratulations! 6 years is amazing in this space. I hope you all survived though. 19km ain't no easy feat! 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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