"For last year's words belong to last year's language. And next year's words await another voice. And to make an end is to make a beginning."
- T.S. Eliot
Welcome back, CMC fam! It's the start of a new month and the commencement of the second half of the year. Gosh, time sure flies. I hope you're still sticking to your 2019 resolutions. 😂
Today in history (1904), the first Summer Olympic Games held in the U.S. (St Louis) commenced. The games were not particularly 'global' due to the ongoing Russo-Japanese War which prevented many nations from attending. ⚔️
In today's newsletter, we will be coveringa recent paper by the IMF concluding that central banks may be issuing digital currencies in the future, Advanced Blockchain AG getting listed on Germany’s Xetra digital stock exchange and comments made by hashcash PoW system's inventor Adam Back at the recent Bitcoin 2019 conference. Also, do check out our latest blog post!
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! 📚
Relatively quiet 💤
Over the weekend, total market capitalization rose to a weekend high of ~$348 billion on Saturday morning before embarking on a steady decline throughout the remainder of the weekend. Total market capitalization currently stands at ~$318 billion. Over the past 24 hours, most coins are seeing losses in the ~2-7% range. It seems that the market is still undergoing some short term correction after the parabolic spike of last week. 📉
BTC is currently trading at ~$10,990, down ~5.27% over Sunday. It is still trading above its 21, 50, 100 and 200-day EMA lines, but appears to soon be heading towards testing the 21-day line. RSI level on the daily chart currently stands at ~57, indicative of some slowed bullish momentum coming off of last week's run up when RSI level hit ~86. Also over the weekend, longs have dropped and shorts have gone up quite significantly as well, so we could see this correction persist in the coming days. Additionally on the daily chart, the MACD line has crossed to the downside of the signal line. 🐻
All in due time ⌛
According to a recent paper by the International Monetary Fund (IMF), based on a conducted survey on fintech that involved the participation of financial institutions within member countries of the World Bank, central banks may be issuing digital currencies in the future. 🤔
Based on its findings, several central banks in different countries are considering implementing some form of Central Bank Digital Currency (CBDC). For example, Uruguay has launched a CBDC pilot program, while the Bahamas, China, Eastern Caribbean Currency Union, Sweden and Ukraine are “on the verge” of testing their systems. Many other central banks are also reportedly conducting research on CBDC’s potential impact on financial stability, the structure of the banking sector, entry of nonbank financial institutions, and monetary policy transmission. 😲
Also according to the report, there are varying motivations for offering a CBDC. Most developed economies are considering a CBDC to provide an alternative to cash as the frequency of cash use is dwindling. On the other hand, most emerging economies are considering it to reduce banking costs and to make banks more accesible to unbanked citizens. 👍
However, it was also reported that most of these central banks are not interested in issuing an entirely anonymous CBDC, as they still want transactions to ultimately be traceable by authorities. 🤦♂️
German Blockchain-as-a-Service (Baas) provider Advanced Blockchain AG is now listed on Germany’s Deutsche Börse-operated Xetra digital stock exchange. This makes Advanced Blockchain AG the first blockchain company to get listed on the exchange. Earlier in the year, it was also listed on both the Frankfurt Stock Exchange and the Düsseldorf stock exchange. 😊
Xetra's all-electronic trading system currently serves over 200 trading participants from 16 European countries, Hong Kong and the United Arab Emirates. Trades facilitated on this exchange account for ~90% of Deutsche Börse’s total cash markets (~$149 billion). 😲
German financial services holding firm Lang & Schwarz facilitated Advanced Blockchain AG’s Xetra listing as designated sponsor and market maker.
According to the inventor of the hashcash proof-of-work (PoW) system used in Bitcoin’s (BTC) mining algorithm and Blockstream CEO Adam Back at the recent Bitcoin 2019 conference in San Francisco, "Bitcoin time” is running faster than the so-dubbed “internet time” of the early dotcom era. ⚡
Back commented that it is challenging, even for the technically adept, to keep up with the pace of new ideas and implementations in the crypto sphere, and that "Bitcoin has come much further and much faster than people expected”.
He also talked about how the creation of second layer solutions such as Lightning Network and state chains offered new insights and benefits as they allow for “less implied trust in the operators of a federated chain of some kind.” He stressed that "there are still major discoveries about the implications of the tech" and how "it’s surprising the number of things you can build on layers above it that retain interesting properties of what’s beneath.” 🧐
A period in time, shortly after launch, when a large portion of total mineable coins or tokens are mined in a compressed time frame, and may be unevenly and quickly distributed to investors.
Special announcement 📢
Check out our latest blog post to find more about the day in the life with the CoinMarketCap team! Check it out here!
Other news 📰
According to data from Google Trends, googling of the word ‘Bitcoin’ is now at a 17-month high. 💪
Billionaire investor and co-founder of global investment firm KKR & Co. Henry Kravis is said to have invested in a cryptocurrency fund by ParaFi Capital. 🙌
According to data from holdcalc.com, Bitcoin (BTC) has been profitable as an investment for ~98.2% of the 3830 days since its creation (4 Jan 2009/ a day after the Genesis Block was hashed). In other words, in 3671 of the 3830 days, it was profitable to buy BTC. 😲
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 week has been my most exciting week in crypto thus far.""
The average vote was a 6.4.
"Why or why not?"
Dec 17 was a doozy 😜 - Muahaha it sure was. The next one is gonna be sicker. 🤑
Idk about exciting...I feel like a cat covering up crap at the beach - wut. 🤨
Too busy this week to see what developments have happened, and A LOT has! Going to play catch up and see where everything is at. However a personal feeling that the best is yet to surface, like some companies are holding stuff close to their chests until it's the right time to drop it on us. - I too feel that we have only seen the tip of the iceberg in this run up, and that it's about to get parabolic again. 🙃
My most exciting week was in december 2017 - Hohoho that was one of the best Christmas' of my life too. 🎁
i'm a true believer. my daughter said dad your doing good with your investments . im gonna give you some $to invest just don't buy bitcoin. we talked i encouraged. she owns one bitcoin at 7900. it was exciting watching her get excited go crypo!!!! - Wow it's a family affair! That's awesome. Glad you two were able to share that special moment through crypto! 😀
Because it's the best time to invest in BTC. I really enjoy reading your concise, interesting and informative newsletter. You compacted all the information in the email, without giving us links to to click in order to get the info. That's really cool. Well done! - Wow hey that really means a ton. A great deal of work goes into it, and so it's great to hear these things from time to time. Yeah, I'm aware that you busy folks prefer concise info given your busy schedules. And also, who likes ads/ links etc? Yeah, I ain't about that. 👍
this week was one of the most exiting week.. i can feel the same time around 2017.. guys keep your holding in good projects it will pay huge dividend.. best to all... - We're gonna make it! 😬
The bull run in 2017 was much more exciting to me !!!!! - Same here. But I gotta admit, this year has been pretty darn exciting too! 👍
If you've been following the space, there is a lot of pomp and circumstance right now. Calm down, let things shake out. - What's new? lol. 😂
Close but no. That 20k mark was exciting. - All in due time. Heh. 😀
Nice to watch but not enough movements on my alts to make me retire, put my feet up in the sun and enjoy a nice Long Island Ice Tea.......my time will come!!! Happy weekend all - I believe that alts will have their time to shine in due time. The general trend is that after a BTC run up, in an attempt to beat market returns investors turn to other cyptos (altcoins) to invest their gains from BTC. That causes a correction in BTC and an altcoin run up (aka altcoin season!). 👀
I am a holder and riding the waves wheeee....🏄♀️ - #HODL4LYFE
My most exciting week in crypto was when the price was shooting up to $150, I couldn’t afford the minimum wire to mt. Gox so I bought my btc on some sketchy fantasy game site where I bought these strange tokens and traded them for btc. Man, just watching that exchange for the first time and I was hooked. It’s been a long road and I wish I still had all my old bitcoins but it’s been so much fun to be a part of this. - Damnnn, $150 BTC. You've been in this space for some time! Truly amazing. You must've seen the 2018 crash coming from a mile away. 👀
Good and accuarte info - Why thank you, kind reader. Appreciate the kind words and support! 🙏🏻
I honestly can't even remember what monday looked like. It truly was a fun exciting week. Even woke up a few times during nights to do quick check up. today's gains after yesterday. What a time to be into crypto. - You ain't seen nothing yet. Buckle up.
I got really interested in crypto - The crypto bug has bit ya (:
Sure, breaking the 10k mark up to nearly 14k and back was quiet exciting but if you are in the space long enough, this is nothing in terms of volatility 😀 - Muahaha, so true. What we saw last week, albeit tantalizing, is but a smidgen of things to come. 😋
"What are your plans for the weekend?"
BBQ-ing some ribs watching dumbo 🐘 drinking some kava 🥥 🌴🍖- Yo that sounds like the perfect weekend! Wish I was there. 😲
Hopefully getting out and around, and to see a kick-ass concert or two! - Concerts are never a bad idea. 🤘
Spend time with family - That's just lovely.
Buy and sell crypto. - Gotta ride the waves. 🏄♀️
work work work buy more cryptos. i will have some cold beers somewhere along the line. - Not too shabby a weekend. 😬
To buy more BTC! - Load up the bagz! 💰
lazy weekend at home.. but we will drive out for lunch to country side on both days.. - Always great to take a nice drive one in awhile. Personally, it helps to clear my mind - especially those night drives around the city with my favorite tunes blasting in the background. 🚗🎵
Headed to the lake to take out my boat. - Danggg, boating is just the best. ⛵
Novel writing and hanging with my favorite people. - Would love to see the finished product. Do email it to me when you're done! 👍
Work and after that learning more about crypto. - Never ever a bad idea. The more you learn, the more you earn! 🤓
Work work work so I can buy more coin! 🚀- Kudos to you. Hard work will always pay off.
Make more money and get drunk 👌🏻- Sounds about right.
think after this week the only acceptable answer should be, very little with one eye on markets. But definitely watch toy story 4. - I hear TY4 was amazing. Have always been a fan. Def on my to-watch list, together with Joker. 👀
Wathc the market, i want to invest - I hope you've joined the party.
Daydrinking - Weeked of debauchery i see. 🤪
The weekend is all about swimming (not in money, lost everything). - Oh man... I hope it didn't affect your quality of life too bad. 😔
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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