"There is no easy walk to freedom anywhere, and many of us will have to pass through the valley of the shadow of death again and again before we reach the mountaintop of our desires.'
- Nelson Mandela
Happy Thursday and happy 4th of July to our U.S. friends! Enjoy your holiday! So jelly... 😂
Today in history (1776),U.S. Congress proclaimed the Declaration of Independence and independence from Britain. ✊
In today's newsletter, we will be coveringthe U.S. House of Representatives Committee on Financial Services requesting Facebook to agree to a moratorium, XRP's (XRP) incubator and investment arm Xpring spending $500 million on XRP projects andSouth Korea’s Gram Asia selling rights to its Gram holdings at 3 times the original sale price. Today, there's also our 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! And we 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! 📚
Sideway action 🤜🤛
Over the last 24 hours, total market capitalization bounced between a range of ~$317.5 billion and ~$338.5 billion, and currently stands at ~$331.3 billion. Most coins are either seeing gains or losses in the ~1-4% range.
BTC is currently trading at ~$11,700, up ~3.6% over yesterday. On the daily chart, it continues to be trading above its 21, 50, 100 and 200-day EMA lines, indicative that we are in a clear bull market. RSI level stands at ~58, indicative of moderate bullish momentum. Shorts are still at the lowest they've been since mid Jan '18. Hopefully, we will be able to see BTC consolidate a little at these levels for some time before we continue on the uptrend. It would be healthier that way. 🙏🏻
Hold your horses 🛑
The U.S. House of Representatives Committee on Financial Services has recently sent a letter to Facebook requesting it and its partners to immediately agree to a moratorium (ceasing of activity) on the development of Libra and its Calibra wallet.
The committee claims that the project may lead ”to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar”, and believes that the endeavor could result in serious implications in terms of privacy, national security and monetary policy "for not only Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy". 🛑
The letter also claims that it foresees cybersecurity vulnerabilities, which could potentially lead to trillions of dollars of uninsured deposits being lost, and notes that Facebook’s troubled past with user data further exacerbates those concerns. As a result, the committee called for the moratorium until regulators could further explore these issues. 🧐
Building the ecosystem 🔨
According to a recent blog post, XRP's (XRP) incubator and investment arm Xpring has spent $500 million on XRP projects, spread across 20 companies, since its launch in May 2018. 💰
According to the post, Xpring's investments are intended to create use cases for the XRP token by supporting developers through the provision of “tools, libraries and services on the XRP Ledger and Interledger protocols.”
Xpring is also taking a 2-pronged approach for use case creation through infrastructure development and innovative projects. For instance, Xpring contributed to the XRP Ledger and to Interledger protocols such as the native Ripple ledger. 🔨
According to a recent report by Bloomberg, South Korea’s Gram Asia (an entity unassociated with Telegram), is selling rights to its Gram holdings at $4.00 per token on 10 July, 3 times the original $1.33 sale price. 🤑
According to the Gram Asia website, the sale will reported be held exclusively through Japanese cryptocurrency exchange Liquid. Additionally, users who purchase Gram with the exchange’s native token QASH will be able to get a $0.50 discount (per token).
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)!
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. 😄
The opposite state of FOMO, JOMO stands for “Joy of Missing Out”. Most often used by no-coiners who declare their happiness that they are not involved in cryptocurrencies, usually when prices are declining or a scam ICO is revealed.
Other news 📰
Canadian businessman and TV personality Kevin O'Leary recently said that cryptocurrencies pose serious compliance challenges to the financial services industry, and he won't get involved due to their purportedly unregulated nature. 🤷
The U.K. Financial Conduct Authority (FCA) recently said it is deliberating an outright ban on the “sale, marketing and distribution to all retail consumers” of derivatives such as CFDs, options and futures, as well as exchange-traded notes (ETNs) linked to “unregulated transferable cryptoassets” by firms operating or based in the U.K.. 😔
The communist government of Cuba has announced that is considering the use of cryptocurrency to boost incomes for as much as a quarter of Cubans and to assist with market reforms. 🤔
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: "I regret getting bitten by the crypto bug.""
The average vote was a 2.6. 'No Ragrets'.
"Why or why not?"
its the NWO in sheeps clothing... - Ain't no stopping it then, yea? Hahaha. I actually think its the opposite. Central bank digital currencies are the NWO imo. 🤔
Started too late - I doubt that. 🌱
not at all.. i am very happy to be bitten by the crypto bug.. its been 3 years for me. i have learnt a lot, made new friends across the world, made good profit.. all in all very good for me.. - 3 years wow. That's like a decade in the space! Me too, this space changed my life. 😬
The only way to go! - No doubt.
I use bug repellant... I fully enjoy my crazy. - Lmao. Everyone needs to embrace ones crazy a lil. 🤪
The crypto bite was the best bite I ever got. - Life changer fo sho.
No...why would i regret it. Infact many people are not aware of it, so its good i was bitten by crypto bug earlier, it should be useful ... Investment angle espeacially the earlier you enter the better. I dont regret it even though i am yet to make profits through crypto investments, i strated from march of this year. - March 2019... still early if you ask me! 😀
It's the future and I intend to profit significantly from it! - Don't get too caught up in the price action! That's secondary! I would focus on learning how the tech affects you, and about the various tech behind each coin. The money will come naturally afterwards! 👌🏻
Due to the dynamism of the crypto market it is easy to become another bee after the honey. As you get older you inevitably search to renew the excitement of your past, even at your smartphone for a couple of hours which extend to five. Sure beats watching your old college basketball team ! Crypto is 21st century real life. - Wow glad to know the space is helping to renew the youth in ya! 😊
best bite i ever received. and ive received a few - not gonna lie. same here.
Not at all I’m loving it. - More are gonna get infected 🙌
I only regret not getting bitten sooner, like back on 2010. 🙂 - Same T_T. Regret not taking a look earlier. Back then, people would tell me about it but I was quick to dismiss it and thought 'digital currencies... ain't nobody gonna buy into that'. However, I failed to do my due diligence and jumped to conclusions. A valuable indelible lesson. You gotta have an open heart and an open mind to everything. 🤗
Not at all! I chose the red pill instead of the blue pill. Haven't regretted it at all. It's nice to have some sound, deflationary, money in my wallet! Plus, crypto has outperformed every other asset class to date! - Always gotta take the red pill. ✊
I love it - Glad to have you onboard!
Not one bit. I've been in crypto for a few years now. I've lossed, I've gained, most of all I've learned. I've learned so much about so many different aspects of business and politics because of BTC. It's a rabbit hole I've yet to come out of and it's been real fun and real educational. - You never fail. Each failure is a lesson! You either learn or you succeed! 😊
Because I am making money ..and now getting to the point where I should give up other avenues to make more - Sure, but make sure not to overextend! We all saw how brutal a bear market can be to a portfolio. 📉
Never, I do regret not buying and mining more in early days. The argument for blockchain and crypto being the future is way too strong. - I agree. It's really hard not to get behind it once you learn a little about it. 😊
Not....it's the best thing next to poker! - Nothing beats a good game of NLHE to me. Especially at a nose bleed home game with your best buddies, and you make a sick soul read hero call and stack him. 🚢 it!!!
I'm killing it - Ayeee. Continue to crush it! 🚀
I got bitten by the Crypto bug back in September 2017 and have never looked back. Been adding to my stash every payday and love watching videos and reading updates on how the cryptosphere is doing. Its totally transformed my life and hopefully for the better. - You took a proactive approach to improving your life. That's respectable and you deserve all the success! 💪
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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