"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude."
- Colin Powell
What a weekend! Bitcoin finally cracks the $10,000 mark. 🎉 Something tells me, that this is gonna be an interesting week!
Today in history (2016), then British Prime Minister David Cameron resigned after the U.K. voted to leave the EU. 👋
In today's newsletter, we will be covering Bitmain reconsidering another IPO, Ethereum co-founder Joseph Lubin's thoughts on Facebook's Libra and2 Israeli brothers in connected with Bitfinex's hack was arrested.
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! 📚
10 racks 💰
Over the weekend, we saw total market capitalization breaking through the $300 billion total market capitalization mark, and register 24 hour volumes as high as ~$98 billion. Over the past week alone, total market capitalization has grown by ~14%, and currently stands at ~$324 billion.
BTC is currently at ~$10,800, after smashing through the $10,000 mark over the weekend. The last time BTC was at $10,000 was back in early March 2018. It continues to be trading near the upper limit of its Bollinger Band (+2 SD from its SMA line), so let's hope it continues to hold this price level in the coming weeks. RSI level on the daily chart is currently at ~78, indicative of significant bullish momentum. 🐂
Round 2 🥊
According to a recent Bloomberg report, crypto mining hardware manufacturer Bitmain Technologies Ltd. is said to be reconsidering another initial public offering (IPO), this time in the U.S. instead of Hong Kong. 😲
Bitmain is consulting with advisers over a U.S. public listing, potentially in the second half of 2019, and plans to file documents with the U.S. Securities and Exchange Commission in July. Bitmain may be reducing its previous fundraising target to ~ $300–$500 million in the U.S. offering. 💰
Just last September, Bitmain filed to IPO on the Hong Kong Stock Exchange (HKEX) and sought to raise up to $3 billion. However, that fell through.
2 cents 💭
According to Ethereum co-founder Joseph Lubin in a Quartz article, Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing”. 🐺
In the article, Lubin noted that while the whitepaper claimed that “people will increasingly trust decentralized forms of governance,” that Libra users would still need to trust Libra’s fiat currency and government bond backing, and merchants that the network will be responsibly run. 🤞
Lubin also highlighted Libra's centralized infrastructure, in that users will have to trust it "eventually transitions to a more ‘permissionless,’ decentralized system, whereby anyone can validate the network, rather than the restrictive member evaluation criteria keeping control in the hands of the initial 28 firms.” 🙏🏻
However, Lubin also believes that Libra could help improve overall cryptocurrency user experience (UX) because "talented UX designers could reduce the current friction of using cryptocurrency. Managing private keys, understanding ‘gas payments,’ and installing crypto browser plugins could be as simple as pressing ‘send’ in WhatsApp, another Facebook-owned entity.”
According to news outlet Finance Magnates, 2 Israeli brothers have been arrested in connection with the hack of crypto exchange Bitfinex, and other crypto-related phishing attacks. Alleged victims were mostly based out of the European Union and the U.S. 🤔
The 2 brothers, Eli Gigi and Assaf Gigi, are suspected of being responsible for long-term systematic theft of cryptocurrencies by maliciously obtaining access to other users’ accounts. They allegedly created credential-stealing clones of major online cryptocurrency exchanges and wallets and sent links to those phishing sites on Telegram groups and other cryptocurrency-related communities.
Police also noted that Eli Gigi is a graduate of an elite technological unit of the Israel Defence Forces that selects youth with outstanding academic capabilities. 🤓
An independent blockchain running its own network with its own technology and protocol. It is a live blockchain where its own cryptocurrencies or tokens are in use, as compared to a testnet or projects running on top of other popular networks such as Ethereum.
Other news 📰
France is forming a task force within the Group of Seven (G7) nations to examine Facebook's Libra and discuss crypto regulations. 🗣️
The Financial Action Task Force (FATF) has released new standards that include a requirement that “virtual asset service providers” (VASPs), including crypto exchanges, must pass information about their customers to one another when transferring funds between firms. 🤔
The Electric Coin Company (ECC), the firm behind privacy coin Zcash (ZEC), is seeking to build a new scalable Zcash blockchain. 👍
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 believe that Bitcoin (BTC) is truly unstoppable.""
The average vote was a 7.9.
"Why or why not?"
Just a feeling - Feel it in your bones eh. 😊
I like - Me 2. 😀
no other currency has the same feathers.. - Well there are other digital assets, but no fiat currency for sure. 🤔
You can't stop the future!!! - 🏃Ever forward
Yep truth. From the minute that ball started rollin', we've just been along for the ride as far as this goes. Here's to victory and nothing short of; HODL! - Glad to have you along on this journey 😬
Bitcoin has enormous momentum, but is environmentally unfriendly, and consolidated mining power and transaction volume limits have already been affecting its credibility for a long time. In the medium to long term, I expect better solutions to supersede it. - Really not sure how we are ever gonna get past the electricity problem. 🤔
Eh, not convinced. There have been so many forks (BCash, Bitcoin Gold / Diamond / SV / etc) that [to me] makes the community seem really unstable. Also, as we saw in 2017, if it ever sees mass adoption and usage, the network can't even handle it and transaction fees will skyrocket. Badly needs to fix community issues and scaling issues. - Forks don't make it unstable. 🤨
It appears the value and investor's confidence are high. - Yeah, the sentiment has shifted quite a bit.
totally agree. the foundation of crypto / blockchain is Bitcoin. and the whole market movies with its price movement, either way low or high. this is one coin which u don't want to buy when its low & everyone wants to get into crypto when its high... in my two years i have learnt try increasing your BTC stack & stay put even if the price erodes. - Yeah, if you believe in it, it really makes sense to just keep DCA-ing during a downturn.
I think bitcoin still has quite a ways to go. - No doubt about that to me.
its being adopted everywhere. i think there will be battles everywhere. some we will win others we will not but the war will be won. - I think so too.
You can't stop progress. Its like a snowball rolling down hill. - Well, true.
Let's wait and see... Long way to go... Can't go to 20000 dollar levels like that. Surely. There will be phases of correction and sideways trading, market is not in our control. - Yeah this run up seems a little bit too fast.
"What are your plans for the weekend?"
Read a book about crypto currency and have a coffee - Sounds relaxing.
To learn how to make money with crypto - Always on the hunt.
Hard rain here, so huddle up indoors with books, movies, and my wife. - Aww that's just lovely.
To enjoy time with good friends for Pride weekend and some festivities! - Hope you had a ton of fun! 🌈
Summer solstice fun :D! Hiking, gardening, cook out with the family, etc. - Sounds like the perfect weekend to me!
Glance at my beloved bitcoins - 🤑
I am going away for the weekend regard - Woo! Hope you had a good one!
My plans are for buying bitcoins - Load up the bags before the train goes.
Football tournament - Go get it!
Chill out.... Need that(: ... - Definitely. Sometimes it's good to take a step back.
Mushrooms and weed - Wild one 🤪
waiting for that magical beautiful 11k USD to hit and drinking all the beer while i play spot the whale from my balcony - We touched 11k!
Watching BTC hit 10K! - What a sight it was eh. 👀
Time to party like it's the end of 2017! - We all know what happened shortly after...
Ho fishing - Lmao. 🤦♂️
Plant trees! - Sounds fun! 😊
Hot Date on Sunday. Assuming I've recovered from my hangover on Saturday. - Ayy hope it went well! 👍
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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