"Do something nice for yourself today. Find some quiet, sit in stillness, breathe. Put your problems on pause. You deserve a break.”
- Akiroq Brost
Hello hello! It's mid week ladies and gents. While many of y'all must be in the thick of things, just remember to take a breather every now and then! 🐽
Today in history (2012), poker professional Antonio Esfandiari won a record $18.3 million after winning the 2012 World Series of Poker "Big One for One Drop" $1,000,000 buy-in event. 🤑
In today's newsletter, we will be covering the eToro crypto wallet adding support for 120 ERC-20 standard tokens, Huobi Group building a public blockchain focused on decentralized finance (DeFi) and South Korea's SK Group investing in ConsenSys. We also have 2 special announcements, so be sure to check them out below!
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! 📚
Back in the game 💪
Talk about a rebound! Over the last 24 hours, markets rebounded from its corrective downtrend, to the tune of ~$28 billion as total market capitalization rose from ~$295.4 billion to ~$323.4 billion. Most coins are seeing gains in the ~2-7% range. Notable movers of the day include Tezos (XTZ) and Crypto.com (CRO), both up ~25.9% and ~17.8% respectively.
BTC is up ~12.3% for the day, and currently stands at ~$11,300. RSI levels on the daily chart is at ~58. Shorts are currently the lowest they've been since mid Jan '18. It seems that the 21-day EMA line that BTC was testing yesterday served as support and caused BTC to bounce back - perhaps we could also see some consolidation at these levels before a continuing on the uptrend. 📈
Doing our part 🔨
eToro's crypto wallet is adding support for 120 ERC-20 standard tokens. It has already added Maker (MKR), Basic Attention Token (BAT) and OmiseGO (OMG), and will be adding others in the “near future”. 🙌
According to the managing director of eToroX, Doron Rosenblum, eToro believes that "one day all investable assets will be tokenized" and because the current "main barriers to mass adoption of cryptoassets is lack of access", the enabling of these few tokens will help with that. 👌🏻
According to eToro CEO and co-founder, Yoni Assia, “just as eToro has opened up traditional markets for investors, we [they] want to do the same in the tokenized world. […] Blockchain will eventually ‘eat’ traditional financial services through tokenization.” ✊
The eToro's crypto wallet is managed by eToroX, an eToro subsidiary that is regulated by the Gibraltar Financial Services Commission.
Lofty goals 🎯
According to a recent press release, blockchain services firm and cryptocurrency exchange operator Huobi Group is building a public blockchain specifically designed for use cases within decentralized finance (DeFi). 💰
The open-source chain, dubbed Huobi Finance Chain, will allow financial institutions, businesses and exchanges to launch their own blockchains, tokenized assets and DeFi services, and will support multi-chain architectures. The chain will also be able to host "lending/ debit services, stablecoins, security token offerings (STOs) and other means of asset issuance, decentralized exchanges (DEXs), real-world payment services, and more.” 🤯
Huobi Group also seeks to make Huobi Finance Chain "regulator-friendly" and offer identity protocols like decentralized identifiers (DID) to help projects comply with anti-money laundering rules. The chain's open source code is expected to be released in Q3 2019, followed by a testnet launch in Q1 2020 and a full mainnet launch in the Q2 2020.
Frontier pushing 💰
According to South Korean news source Chosun, South Korea's largest telecom and major conglomerate SK Group has invested $10 million in major global blockchain studio ConsenSys. 💰
The chairman of SK Corporation and South Korean billionaire entrepreneur (~$3.4 billion), Chey Tae-won, recently spoke at a tech startup event in Seoul and expressed his interest in blockchain and in token economy, even arguing that traditional business approaches “should be digitized.” 🤖
Chey also pointed out that blockchain and token economy “can be separated” and that digital tech will “greatly contribute to SK and startup development”.
Special announcement 📢 - CoinMarketCap webinar: "Characterizing Cryptocurrency with Fundamental Crypto Asset Score (FCAS)"
On 12 July, 1030am Eastern Time (UTC-4), we will be conducting our third webinar with Flipside Crypto's CEO and Head of Data Science, Dave Balter and Eric Stone. 😄
A piece of code generated in asymmetric-key encryption process, paired with a public key, to be used in decrypting information hashed with the public key.
Other news 📰
Crypto exchange Bitfinex recently said that it has begun repaying a loan from its sister company Tether, and has returned $100 million out of the $700 million loan. I wonder where that money came from? *Cough, LEO IEO. *Cough 🤦♂️
In a recent Bloomberg interview, Galaxy Digital founder and crypto enthusiast Mike Novogratz predicted that the crypto market will see consolidation around the $10,000-14,000 for some time before current momentum enters its next leg and goes higher. 📈
The operator of Binance’s upcoming U.S. crypto exchange, BAM Trading Services, has hired a former Ripple executive, Catherine Coley, as its CEO. Coley will be responsible for rolling out Binance U.S. and for expanding the exchange’s marketplace in North America. 🤝
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: "Bitcoin (BTC) will be the biggest winner (in terms of price % gain) in this upcoming bull market.""
The average vote was a 6.8. 32% of y'all voted a '10'.
"Why or why not?"
Even if we start the comparison from the 2019 low, in which BTC has done very well so far, there already other coins / tokens which have grown faster, percentage wise. Looking ahead smaller projects have the potential to gain the most, while platforms and stable coin market cap growth are likely to do very well, IMO. BTC is already too big to compete on a percentage growth, against projects making rapid developments and platforms having many projects depending on them. - Yeah altcoins have a higher beta. It takes less $ to create the same % change, due to their lower market caps.
It seems to me as a percentage, some kind of altcoin will give greater growth.)) Well, and so, then undoubtedly Bitcoin out of competition.))) - Hmm, who knows. Many altcoins are garbage, and many people are still gun shy from the 2018 ICO crash. I believe that quite a number of altcoins will be left behind in this run up, and it could be very possible that BTC will be the one that comes out on top. 👍
I think there are several coins in the top 50 which will top BTC in % gains. I’m watching ADA, XRP, HOT, IOTA, EOS, and VET. Also looking at Fantom (#129). - Those are def some heavy hitters! 😲
BTC the 1! - Doubt that's gonna change for a long long time. 🤔
i am totally for BTC going forward.. apart few serious blockchains will also be good.. for alts it is going to be a very bad time.. stay from ico or ieo thinking it to be flip candidate.. invest in BTC & proper blockchain, grab a bowl of popcorn, sit back & relax.. - Hahaha, sit back and let BTC work its magic. Way less stress too! 😂
People with big money want the number one coin. What do you hear when you turn on CNBC? BTC all day all night. They're not talking about Pundix or Nano. Someone with millions or billions of dollars is not going to buy the 256th coin on CMC. Plus the regulatory climate in the US is so uncertain with regards to what is a security and what isn't. Who would invest millions into a company that might get a cease and desist letter from the SEC? - True. However, there will always be people looking to beat market returns, or in this case, BTC's returns. This has been evidenced time and again throughout the course of crypto history by the trend that follows after a BTC run up, in which money flows out of BTC and into the alts, causing a drop in BTC dominance and an 'alt season'. Wouldn't be surprised if it were to happen again. 🤔
theres no reason for the altcoins to not go up with bitcoin. and depending on the news many alts should have a higher % gain than bitcoin - Historically, this has been so. 😬
Smaller market caps have more room to run! - They do have a higher beta, yes. 📈
It ain't gonna be Alt Season this time round (nuts..) - Def a lower possibility this time round.
It's gold 2.0 - Scarce, clear emission schedule/ inflation rate), transportable, more easily transact-able. It's better at being gold than gold, lmao. 😉
My gut yelling it at me. Although TRX and ETH also in that gut. so will be interesting to see - Why not hold some bags of both then! Just to ease your mind a little. 😂
Bitcoin will be big in the bull run. But I am betting on altcoins. - May every bag you hold moon! 🚀
Really not sure. Bitcoin has its place and will do well. But out of the 2000+ altcoins surely one of them has a killer use case that will see it explode??? - Very possible too!
I think it's going to be 50:50 - Yeah it's gonna be interesting to see how it all unfolds in this run up. People are way more educated this time round. 🤓
Litecoin is a beast - It's been doing really well! 🚀
there are many altcoins that will be pumped - Hopefully! I know a lot of people are holding large bags. 🙏🏻
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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