Unfazed

Your daily newsletter for July 2, 2019

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"“If you really want to escape the things that harass you, what you’re needing is not to be in a different place but to be a different person.”

- Seneca

Happy Tuesday, CoinMarketCap crew! I hope the Monday blues didn't get to ya! 🛡️

Today in history (1979), the 1st US coin to honor a woman, the Susan B. Anthony dollar, was issued. 🙌

In today's newsletter, we will be covering crypto exchange Binance launching crypto futures trading, Facebook applying for a Bitlicense to use Libra in New York and Jeffrey Berns purchasing Kirkwood Bank of Nevada for $28 million. 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! 📚

Turning of tides 📉

Over the last 24 hours, markets continued on its corrective downtrend and we saw total market capitalization dropping from ~$318 billion to ~$295.4 billion, with most coins seeing losses in the ~2-8% range. 📉 24-hour volume hit ~$95 billion.

BTC is currently trading at ~$10,040, down ~7.4% over yesterday. On the daily chart, the MACD line has crossed to the downside of the signal line, and so we may see this correction persist in the coming days. BTC is also testing its 21-day EMA support line at the moment. RSI level is currently at ~51, dropping sharply from ~86 just a few days ago, indicative of slowed bullish momentum and growing bearish momentum. 🐻

Expanding the markets 🤗

Crypto exchange Binance is launching crypto futures trading. In a presentation at the ongoing Asia Blockchain Summit in Taipei, founder of the exchange Changpeng “CZ” Zhao showcased a futures trading interface on Binance featuring longs and shorts on crypto assets.

This to-be-released futures trading feature comes after the firm rolled out margin trading on the platform in June. While a release date for the feature has not yet been set, a Binance spokesperson told crypto news source CoinDesk that it plans to launch the test in 2 weeks.

Let me 🙏🏻

Facebook has applied for a Bitlicense to use its cryptocurrency Libra in New York. The company has also recently been in contact with regulators in England and Switzerland, presumably to discuss the terms of Libra compliance. 🤔

Facebook is reportedly seeking to launch Libra by 2020, but it seems that regulatory compliance for it may include thousands of different standards to meet from various countries. 🤯

Facebook representatives are scheduled to testify on Libra before Congress on 16 and 17 July. Chairwoman Rep. Maxine Waters has also called on Facebook to put a hold on Libra developments until the hearings are completed. 🛑

Making money moves 💰

The CEO of blockchain incubator and investment firm Blockchains LLC, Jeffrey Berns, has purchased Kirkwood Bank of Nevada for $28 million. Berns said he bought the bank out in order to secure financial inclusion for Blockchains LLC as it would grant it "access to the financial system". 🤑

Berns reportedly acquired the bank through a holding company unaffiliated with Blockchains LLC. The $28 million price tag includes the $25 million purchase price of the bank and $3 million in added capital for investment purposes. 💰

The president of Kirkwood Bank of Nevada also announced that there would not be any changes in day-to-day operations or management. However, Bern is intending to issue a contract between Blockchains and Kirkwood in the future for developing blockchain-based banking solutions to launch by Q3 2020. 👍

Blockchain term of the day 🤓 - Burned

When a coin or token has been made permanently unspendable or unusable.

Tutorial Tuesday 🤓 - What is Proof of Work (PoW)?

In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'What is Proof of Work (PoW)?' Class is in session. Check it out here!

Other news 📰

According to American broadcaster and known bitcoin (BTC) maximalist Max Keiser in a recent interview with CNBC, the next cryptocurrency market rally will not include altcoins. 🤔
According to a recent report by equity research platform Seeking Alpha, Facebook’s Libra coin can boost Bitcoin (BTC), as publicity from mainstream consumers will ultimately flow into Bitcoin. 🙌
The Chicago Mercantile Exchange (CME) Group has revealed that CME BTC futures hit a record $1.7 billion in notional value traded on 26 June, a 30% increase from its last recorded high. The open interest for BTC futures now sits at 6,069 contracts, reportedly as a result of institutional interest. 😲

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

TBA - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

Catch the CoinMarketCap team at these community events! 🤝

2-3 Jul - Asia Blockchain Summit (Taipei, Taiwan)

8-11 Jul - RISE Conference 2019 (Hong Kong)
10-11 Jul - Barcelona Trading Conference (Barcelona, Spain)

Poll of the Day

How much do you agree with this statement: "Bitcoin (BTC) will be the biggest winner (in terms of price % gain) in this upcoming bull market." 💭

Why or why not? Share with me in the polls! 😆

What you said

"How much do you agree with this statement: "By 2030, all countries will have issued their own Central Bank Digital Currency (CBDC)""

The average vote was a 8.3.

"Why or why not?"

Inevitable! - Yuppp I think so too. 🤔

peer pressure and fomo - guess everyone is susceptible to fomo lol. 😂

Just feeling! What would be the difference? On the other side, the role of CBs in the digital economy should be different. - Hahah I agree, but I doubt they will do that. They still want a great degree of control. ✊

totally agree.. & i think it will be sooner, by 2025 i think. the adoption of blockchain by the financial world.. central banks, banks, stock exchanges & alike will see very fast adoption.. - Yeah, I think that if they truly committed to it they could even get it done by the end of next year. ⚡

All government wants to have control on where funds are been a move to and from and what incomes are been made for tax purposes. - Also, they wanna track our spending. It's critical data. 🧠

Mayhaps long before that. At the same time we well could have that 'one world' coin just as much as that; if not one currency that tethers all other national currencies in unison. - Wow a universal coin... That would be insane. 🤯

Paper fiat is obsolete ! - To me, being able to still use cash too is important. In a cashless society, if they govt just decides to debank you there isn't quite a way to survive. 😔

It makes sense based on today's trend - Yeah it seems like the logical transition.

It the logical next step in the evolution, might be even before 2030, saw a news piece a few weeks back talking about it my native country. Would be interesting to see how it done. - Hmmm now I'm curious to know which country you're in!

Digital Currencies as it stand now are unstoppable , the government won’t have a choice. Every country will gradually see its benefit and align with the technology to also benefit from its profitability! - True. Gotta find a way to get them to profit less. They have had too much power for far too long.

"All"... Yuck, not a fan of overgeneralization. - Okay... 🤷

Because it only makes sense. - It makes cents too. 🤑

Sheep, where one goes the rest will follow - The herd mentality.

I believe all countries will be racing to do away with fiat and replace it with digital tokens. Fiat is way too transparent and open to manipulation (tax / illicit goods etc) The digital economy will grant the state 100% control of every persons finances. - Yeah, it'll grant them even more power. It's up to us whether we'll let that happen.

It does matter if they issue a currency fiat money is cancer - Fiat is like a drug. The just keep printing more and more whenever they're in trouble. 🤪

It is an industrial revolution and all countries will have to get on board. The alternative is not really an alternative... - Hahaha true, it ain't no alternative in my books too. 🙅‍♂️

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙