"If it wasn't for the coffee, I'd have no identifiable personality whatsover."
- David Letterman
What's uppp CMC crew! It's already midweek, so here's a reminder to keep those energy levels up. Grab a cuppa coffee if you have to! ☕
Today in history (1991), the notorious Colombian drug lord Pablo Escobar surrendered himself to the Colombian police. 🏳️
In today's newsletter, we will be covering the Chairwoman of the U.S. FSC requesting for Facebook to halt development on the Libra, Block.one paying $30 million for the web domain of its new blockchain-based social media platform (voice.com) and Binance to soon be issuing several tokens pegged to leading cryptocurrencies on the Binance Chain.
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! 📚
A slow day 🐌
Over the last 24 hours, total market capitalization dipped earlier in the day to ~$280.2 billion before gradually recovering to ~$286.2 billion. Most coins are either seeing gains or losses in the ~1-2% range for the day. Volume has been slipping over the past month, and we registered ~$52 billion in volume over the past 24 hours.
BTC is currently trading at ~$9,140, down ~0.7% over yesterday. RSI level on the daily chart dropped slightly from ~67 to ~64. Overall, nothing much to report in terms of price action for the day.
Not so fast, cowboy ✋
According to CNN tech reporter Brian Fung, The Chairwoman of the United States House of Representatives’ Financial Services Committee, Rep. Maxine Waters, has requested for Facebook to halt development on its cryptocurrency, the Libra. 🛑
Waters stated that “given the company’s (Facebook) troubled past", she is requesting for Facebook to "agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action”. 🧐
Rep. Patrick McHenry, also of the Financial Services Committee, also reinforced that policymakers need to first understand Project Libra, and "go beyond the rumors and speculations and provide a forum to assess this [the] project and its potential unprecedented impact on the global financial system.”
A large purchase 💸
According to a U.S. SEC filing, Eos (EOS) developer Block.one has paid $30 million in cash to web domain registrar GoDaddy to purchase a domain name (voice.com) for its new blockchain-based social media, called “Voice.” 💸
According to Marge Breya of MicroStrategy, “the word ‘voice’ is simple and universally understood. It’s also ubiquitous — as a search term, it returns billions of results on the internet. An ultra-premium domain name like Voice.com can help a company achieve instant brand recognition, ignite a business, and massively accelerate value creation.” 🗣️
Options upon options 🤔
Binance will soon be issuing several tokens pegged to leading cryptocurrencies on the Binance Chain to boost the number of trading options on its platform. 🤯
The tokens will possibly be made tradable on Binance's decentralized exchange, Binance DEX as well. These crypto-pegged tokens will be based on the exchange’s BEP2 format, will be backed by Binance’s reserves of the pegged cryptocurrency.
According to a blogpost, Binance expects to release the first of such tokens next week, one that is pegged to Bitcoin (BTC) which will have the ticker BTCB. As a result, A trading pair will be created on Binance.com between the pegged token and BTC (BTCB/BTC).
An acronym that stands for “fear, uncertainty and doubt”. It is a strategy to influence perception of certain cryptocurrencies or the cryptocurrency market in general by spreading negative, misleading or false information. *see FUDster.
Other news 📰
Microsoft and Salesforce have joined the Hyperledger enterprise blockchain consortium. 🎉
TRON has announced an upgrade to its Odyssey mainnet that will make DApp creation easier and provide network protection from bad actors. 👍
U.S. authorities seized ~$200,000 worth of BTC after alleged drug manufacturer and dealer met with undercover law enforcement officers to exchange the digital currency for cash at a hotel in Norwood, Massachusetts. 😲
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
"How much do you agree with this statement: "I am impressed by the Facebook Libra whitepaper.""
The average vote was a 4.9.
"Why or why not?"
I think Facebook will probably do well with their new crypto coin but personally wonder how they can be trusted with so much access to people's information in all aspects of life, and recent privacy concerns. Also with Whatsapp being included, an encrypted platform will it make it easier for dark forces to operate beyond the law? - Yeah, subscribing to the Libra coin and using it as a primary form of payment pretty much means signing away most of your privacy. 🤦♂️
Stable coin. Should have created a coin that uses Ripples XRP/technology, which is opening corridors around the globe this year . Therefore , you would have a technology that’s ready to go and is scaleable, available liquidity that transacts in seconds and is inexpensive. Stable coin seems complicated when it converts to the worlds different currencies. It’s not too late . Look into it. - Well, you're also describing the FB coin. It will be able to cross borders easily and instantaneously. It will also be less volatile than XRP, because it's a stablecoin that's backed by several global currencies.
Better prepared than I expected - Well they do have a substantial team behind them. Wouldn't expect anything less from Facebook! 👍
it is good news for all cryptocurrency lover. - They didn't mention anything about cryptocurrencies though. The only crypto jargon term that was used was 'coin'. In other words, no light was shone on the crypto space. 😔
there is nothing in the white paper to be impressed. also i agree with guys that its a centralised coin.. but am happy that finally a giant like Facebook has adopted blockchain technology. in coming doings i hope more companies will follow. over all this will bring more adoption for blockchain which i think is good.. get prepared to teach blockchain wallet to people around you. - The beginning of the revolution. ✊
I don’t know too much, conflicting information on Facebook cryptocurrency, don `t know what to think !!? - Keep reading! I would recommend first reading the whitepaper, then read other sources and opinions and then come to your own conclusions! 🤓
not decentralised. Owned by a corporation that sells secrets - Hahaha, the crypto space seems to be super anti-Facebook. 😂
sucks - hahaha why!
No, although it feels familiar. Like a lot of it has been seen and heard before. Think as a public we need to remember that they have no issue selling our data and thus, it just wise to stay away. - Yeah, I really hate that too. Like wtf, privacy pls? That's one of the reasons why I support privacy coins like Monero and Grin. 😬
Stable coin? At least 1 serious company creating a Stable coin can make crypto investment safer. - I think it's be better managed than *ahem Tet... 😂
It's nothing but a stable coin not impressive at all ! - One of the better ones imo tho. 🤔
Digital currency is definitely next up. - No doubt. 👌🏻
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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