"A good spicy challenge strikes a balance between flavour and fear."
- Adam Richman
Happy Tuesday, folks! Glad to see you've all survived Monday. Let's welcome the onslaught of Tuesday. Bring it on! 👊
Today in history (1929), then U.S. President Herbert Hoover authorized the building of the Hoover Dam, located on the border between the states of Nevada and Arizona. 👌🏻
In today's newsletter, we will be covering JPMorgan to soon be trialing the JPM Coin, Propy recently processing the sale of a $1.6 million San Francisco property andCEO of Circle Jeremy Allaire recently sharing his beliefs that Bitcoin (BTC) will continue to see growth despite the proliferation of new forms of digital assets like Libra. 📈. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!
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! 📚
On the uptrend 📈
Over the last 24 hours, total market capitalization rose slightly from ~$324 billion to ~$327 billion, with most coins seeing gains in the ~1-3% range. Notable movers of the day include Chainlink (LINK), VeChain (VET) and Qtum (QTUM), each up ~12.7%, ~33.4% and ~11.2% respectively. 📈
BTC currently stands at ~$11,370, up ~4.4% over yesterday. RSI level on the daily chart is currently at ~81, indicative of significant bullish momentum. BTC continues to be trending above its 21, 50, 100 and 200-day EMA lines.
Mic check 🎤
According to a recent report from Bloomberg Japan, JPMorgan's investment bank’s head of digital treasury services and blockchain, Umar Farooq, said that customers would soon be trialing the JPM Coin. 🧪
The trials will be conducted on the assumption regulatory permission will ultimately be granted. The coin will function as a stablecoin, obtained by exchanging fiat at the bank for the token, which can then be transferred via a permissioned distributed ledger. The recipient can later redeem the token for cash from JPMorgan.
According to Farooq on JPM Coin’s state of developmen, he said that "the technology is very good, but it takes time in terms of licensing and approval. It must be explained.” However, he also said that the coin "could be used to settle bonds and commodities transactions" and that "clients in regions including Europe, the US and Japan have already shown interest". 😲
Via blockchain 🤖
Propy, a blockchain based real estate platform that processes purchase offers, payments and deeds on the blockchain, has recently announced the sale of a $1.6 million San Francisco property owned by the venture capital fund CrunchFund, co-founded by Michael Arrington. 💰
According to Arrington, the traditional real estate sale process is "arduous and broken" as "buyers, sellers, and their professional support struggle with overly complex interactions – it’s an opaque, dated, and unnecessarily lengthy process, full of risks such as wire fraud”.
According to Propy's CEO, Natalia Karayaneva, blockchain is applicable in the real estate space because it "is as a technology that enables ownership transfers" as it "aligns the entire process of any value transfer (including real estate)”. She believes that in 2 or 3 years, the the majority of real estate transactions will be entirely digitized. 🤖
During a recent interview on CNBC, the co-founder and CEO of payments company Circle, Jeremy Allaire, shared that he believes that non-sovereign cryptocurrencies such as Bitcoin (BTC) will continue to see growth despite the proliferation of new forms of digital assets such as Facebook’s Libra and stablecoins. 📈
Allaire argued that the cryptocurrency landscape will not evolve in a “winner takes all” direction, but that a range of different digital assets with varying degrees of autonomy and regulation will become broadly used by individuals and investors alike. He believes that individuals are "going to have crypto finance accounts where they’re going to hold all these different assets and be able to send and receive all of them." 😊
He also talked about how he thinks that for everyday payments, fiat-pegged cryptocurrencies will continue to see increased adoption. and believes that regulators and governments are already finding ways to cement regulation of the issuers of such assets.
Someone that is spreading FUD (“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.
"How much do you agree with this statement: "I agree with Joseph Lubin's comments on Facebook's Libra.""
The average vote was a 8.4.
"Why or why not?"
Centralized system in disguise - check this out. 😂
Never trust the big boys! - Be cautiousss 🤔
It's a response to a panicking financial industry of the fear of becoming none existent. Example "Blackberry". Facebook saw a need and will fill it to satisfy the visa and PayPal of the world. in reality it is still a centralized network. - Yeah, but we have a choice whether to support it or not. 😬
do agree. libra is a centralised coin, but it will be using blockchain & all underlaying technology. i am very hopeful it will bring more awareness & adoption.. and blockchain technology will see increased investment & talent & will help improve over all.. - I think it'll shine some light on the space. 👍
F Facebook - LMAO 😂
It's not a true decentralized coin, but making crypto more mainstream and improving the UI is good. - True.
Watch the tape. Don’t fight the trends. - Agree. The tape says a ton. 🤑
Facebook cannot be trusted. - True.
To early in its creation.. - Doesn't change the fact that it's centralized though.. 😊
It is true the Facebook Pound is not a crypto, what I do not know is that you can expect cryptocurrency because it does not have many practical applications and banks, central banks and state governments will try everything to make it not reality ... - What can they really do though? Control access points? Imagine what happens when the financial system collapses. 🤔
He made some excellent points. And it good to know I'm not only one who thinks heavy caution should be applied to libra. - Quite a number of us are too. I think Libra helps shine some light on the space though.
I AGREE - Yup!
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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