"You have to take risks. We will only understand the miracle of life fully when we allow the unexpected to happen."
- Paulo Coelho
Happy Thursday, this bull run sure is exciting, eh? Don't you just love crypto? 😬
Today in history (2008), Bill Gates stepped down as Chairman of Microsoft Corporation to work full time for the Bill & Melinda Gates Foundation. 👍
In today's newsletter, we will be covering the Monetary Authority of Singapore (MAS) recently holding discussions with Facebook about Libra, Ground X launching the Klaytn mainnet andcrypto exchange Bitrue suffering a major hack. Also today we have our 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! We also have a special announcement today below! So be sure to check that out.
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! 📚
After the crazy run up in recent days, it seems that we're finally experiencing some correction. Over the last 24 hours, total market capitalization slid back down from ~$356 billion to ~$338 billion, with most coins seeing losses in the ~5-13% range.
BTC is currently trading at ~$11,930, down ~5.3% over yesterday. BTC dominance still remains at ~2 year high at ~62.6%. Even with the ~5% correction, BTC is still trading near the upper limit of its Bollinger Band (+2 SD above its SMA)! That's how intense a run up it was. 😂RSI level on the daily chart dropped from ~86 to ~74, which still puts BTC in the 'overbought' region. BTC also continues to be trending above its 21, 50, 100 and 200-day EMA lines.
Under examination 🧐
According to Bloomberg, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has recently held discussions with Facebook about its upcoming Libra cryptocurrency. 🗣️
According to the managing director of the MAS, Ravi Menon, they first need to understand exactly how the Libra system will work, but acknowledged its potential benefits such as making payments cheaper or supporting the unbanked.
Menon also said it isn’t clear whether Libra would offer a superior alternative to other electronic payment mechanisms, and that Singapore would be seeking assurances on security and privacy issues before making a regulatory decision. MAS wants to first "figure out the nature of the beast" and decide "which box we [they] can put it into." 🤔
Menon also warned that the concerns raised by central banks worldwide are “not trivial.”
Lift off 🚀
The blockchain arm of South Korea's dominant messaging app Kakao, Ground X, has launched the mainnet of its Klaytn platform, which focuses on decentralized apps (DApps) and seeks to drive blockchain adoption in the country. 👍
Several major companies such as LG, are already using the technology from launch. According to Ground X’s chief executive, Han Jae-sun, firms using Klaytn have a combined market capitalization of ~$64.8 billion. 😲
9 DApps are currently available on the platform, including a program that rewards diners for leaving restaurant reviews and another that incentivizes users to upload entertaining videos. Kakao seeks to have 34 DApps on the platform by October this year.
Quickly remedied ⚡
Singapore-based crypto exchange Bitrue recently suffered a major hack on 1 a.m. GMT+8 27 June and lost ~9.3 million XRP (XRP) and ~2.5 million Cardano (ADA) from its hot wallet. 💸
According to Bitrue, a single hacker “exploited a vulnerability in our [their] Risk Control team's 2nd review process to access the personal funds of about 90 Bitrue users” and then stole them. The attack was swiftly detected and the hacker’s activity suspended by the exchange. Bitrue then notified the receiving exchanges of the incoming ill-obtained funds (Huobi, Bittrex and ChangeNOW) to freeze the relevant transactions and accounts. 🤝
However, according to an official statement by Bitrue, users' personal funds are insured” and all those “affected by this breach will have their funds replaced by us as soon as possible.” 👌🏻
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)!
Emission, also known as Emission Curve, Emission Rate, and Emission Schedule, is the speed at which new coins are created and released.
Other news 📰
The world’s biggest Bitcoin (BTC) derivatives provider BitMEX, reported more than $1 billion of open interest on the market as BTC hit $13,000. Trading topped $13 billion, with the number topping $16 billion across the platform’s product range. 👍
Crypto exchange Coinbase Pro has added support for Chainlink (LINK). 👍
3Box has just left incubator ConsenSys, after closing a $2.5 million seed round, to build a new identity tool for app developers. Investors in the seed round include Placeholder Ventures, Venrock, CoinFund, Northzone and ConsenSys. 💰
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: "This Bitcoin (BTC) run up seems a little too fast for my liking.""
The average vote was a 6.3.
"Why or why not?"
It makes sense for it to go up much faster than last time when it's going to go up much higher than last time... - Plausible. 🤔
I could say yes it is or no it's been a while coming, but who am I to? The market beast shall decide on it's own in the end (though a small correction for a couple days to buy a bit more BTC would be awesomesauce)! - Buy da dip! 😀
Way too fast, not going to miss that alt 💥 💥 boom pow - Hmm, will be interesting to see if alt season will be as strong this time round. Or will it even happen? Seems like this run up is very BTC-dominated. 🤔
If it goes up this quick it could crash - Yup. Typically, the easier it rises the easier it falls. 📈📉
strike while the irons hot, don't get caught out (greedy) and all will be well... - Don't overextend!
Too far too fast wont's last ... ole proven adage - Lol good one. 😂
Without prejudice I believe the large investor are in control and will reverse out as soon as it pleases them to do so. Perhaps alt coins are now an evens bet. - This is always the case in any market. The whales dictate the direction, and the shrimps merely ride the waves. 😬
Although the run up is a welcome respite after such a long bear cycle, BTC seems to be climbing without a clear spike. That's worrisome. When will a definitive moonshot appear? If it does not appear, will the bulls remain in control so that BTC can continue to increase in value? Only time will tell with any certainty. The wait continues... - Definitely nice to see, although I'm proceeding with caution. 🛑
melt ups usually crash - Yup, usually met with some correction.
for me its good - Congrats (:
Lack of mainstream media coverage - I think it's getting plenty, no? Everyone seems to be talking about it again too. 😂
Feels like it is rigged ..the 1 month Stochastic RSI has turned (overbought ) and is a way to cash in - Yeah, technicals are saying its way overbought. However, it could simply mean very strong bullish momentum too. This is crypto though, anything can happen... 🤷
I would rather have Bitcoin rising 1% a day. These 12% moves are more like gambling rather than a slowly gaining market. - Personally, I would prefer this too. But this, as with most other markets, is a market run strongly by emotions. The FOMO bug can bite many really hard. 😷
It does feel off. But free money is free money. - True. Cant complain.
it just is. Profit taking is going to take over soon, at least for the short term. - FOMO is hitting hard.
8 consecutive days of huge % gains is close to beating it's historical record for days of consecutive gains - Yeah. This is a really fast run up.
I like it. It ran up like this before and can exceed its prior highs, so what's not to like? - Take some profits along the way! 💰
No surprises as scarcity of btC comes to the surface - Gonna be exciting in this lead up to the halvening.
Ever since BTC really started moving on April 1st there has been an aura of doubt as to the speed of the first 2 parabolics ..... . and the slower but relentless grind of recent days. As they say here in Brazil: "All the care (in the world) is not enough" - This space is just so darn exciting. Love it.
Brace for a pullback. Plan to set out at least a small amount to a stablecoin. - Protecting some gains is never a bad idea to me. Don't always have to go for broke.
although i expect it to reach 100kUSD before end of year, it feels a little off, it exciting and i love it. i just fear that another 2017 like bull run may hurt potential newcomers and as such hurt the long term goal. but many factors contributing to this climb and all of them carry some merit. but this has by far been the most exciting ride of my 8 odd years in crypto. - Yeah, its like the return of the prodigal son. 😂
The faster the better! - 90 degree blast off. 🚀
The market is always right. Having a bias will eventually lead to heavy losses. The market can go your direction long after you have run out of money. - Agree.
Why not I’m loving it may it continues. - To the moon! 🚀
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!