Daily Email Archive

Ain’t no time for haters

Your daily newsletter for July 9, 2019
Thick skin
"Self-image sets the boundaries of individual accomplishment."
- Maxwell Maltz
Day 2 of the week! Kill it, fam! 💪

Today in history (2001), 3-time Wimbledon Men's Tennis runner-up Goran Ivanišević finally won his first Wimbledon title after beating Patrick Rafter of Australia, 6-3, 3-6, 6-3, 2-6, 9-7. 🎉

In today's newsletter, we will be covering Fortress Investment Group looking to buy Mt. Gox creditors' Bitcoin (BTC) claims, the U.S. SEC and FINRA outlining regulatory compliance issues for cryptocurrency custodians and crypto exchange KuCoin launching its crypto derivatives trading platform "KuMEX". 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! 📚

Anticipation 👀
Over the last 24 hours, total market capitalization rose from ~$336 billion to ~$344.8 billion, with most coins either seeing gains or losses in the ~2-5% range. 

BTC is back above the $12,000 mark! It is currently trading at ~$12,310, up ~3.8% over yesterday. On the daily chart, RSI level rose from ~60 to ~64, indicative of growing bullish momentum. The MACD line is also about to cross to the upside of the signal line, so we could see BTC rising further over the next few days. Could this push BTC back on its uptrend path? It's gonna be interesting to see how this unfolds over the next few days. 

I'll eat it up 😋
According to a recent report by crypto news source CoinDesk, Fortress Investment Group is buying Bitcoin (BTC) claims from Mt. Gox creditors, the Japan-based crypto exchange that filed for bankruptcy in 2014 following a $473 million hack.

According to the report, Fortress executive Michael Hourigan has sent out a letter to creditors detailing the buyback offer, which reportedly offers to buy the BTC claims back at approximately double the bankruptcy value (~$900/ coin). 🤑

The letter also noted that the purchase could be made in BTC or with fiat money, and that the offer stands until 31 July. 

Custodial woes 😔
In a recent joint-announcement, the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) outlined regulatory compliance issues for cryptocurrency custodians. ✍️

The report delves into how a crypto custody service may not be able to sufficiently demonstrate that it actually controls the assets it purports to hold and comply with the SEC’s Customer Protection Rule, citing how simply holding a private key is insufficient in demonstrating ownership of crypto as another party could have access to it too. 

The report also talks about other areas of compliance concerns pertaining to the registration of noncustodial services such as over-the-counter (OTC) platforms and broker-dealer transactions, and bookkeeping policies and liquidation via the Securities Investor Protection Act. 🧐

Taking it to the next level 🚀
Crypto exchange KuCoin has just launched a platform offering crypto derivatives trading dubbed "KuMEX" that notably offers BTC perpetual contracts (XBTUSDM) with up to 20x leverage. KuMEXis now live in public beta. 😀

KuMEX uses a BTC spot index using a volume-weighted average of the U.S. dollar price of BTC across 6 exchanges (Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex). The spot index also avoids a contract being liquidated “because of the low liquidity of the trading platform or the large price fluctuations of 1 or 2 spot exchanges."

Notably, KuMEX also offers an insurance fund with a built-in “auto-deleveraging” system that "ensures that investors who are forced to close their positions will not lose money that exceeds their position margin". The fund is “fully transparent” with the balance which is disclosed on the platform every day. 👐

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. 😄

Tune in to better understand what the Fundamental Crypto Asset Score (FCAS) is all about! 🤓 But first, don't forget to sign up here!

Tutorial Tuesday 🤓 - Coin vs. Token
In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'Coin vs. Token?' Class is in session. Check it out here!

Blockchain term of the day 🤓 - Mixing service
Also known as Tumbler, it is a service to improve the privacy and anonymity of cryptocurrency transactions by mixing potentially identifiable or “tainted” cryptocurrencies with other unrelated transactions, making it harder to track what the cryptocurrency was used for and who it belongs to.

Other news 📰
  • Crypto exchanges Huobi and ErisX have begun offering colocation trading services, in which a client’s server is placed in the same facility or cloud as the exchange’s so as to enable faster trade execution. 
  • Grayscale Investments has resumed private placement of Grayscale Bitcoin Trust (GBTC) shares. 👐
  • Polish crypto exchange Bitmarket has shut down without warning, citing "loss of liquidity". 🤦‍♂️
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! 🤝

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: "There is still a slight fear in me whenever I send crypto." 
Why or why not? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Crypto is a big part of my life.""

The average vote was a 7.5. 

"Why or why not?"

Not eclipsing all aspects, but gettin' bigger every day. If it weren't for the job, I would be immersed in it; such a learning curve to get lost in! - True. Diving in is the best thing ever, right?

At this stage it is the investment potential, however in the future the greater use of crypto technology in day to day life will play a big part in rebalancing the global political and monetary system for the better if we can keep it decentralised . - Agreed. Decentralization has to be the way forward. It is the only way forward. ✊

Not yet a true believer - All in due time. 

This is my future. I’m all in as far as money, time invested and my hopes and dreams to see a complete digital economy in my lifetime. It’s very exciting stuff, I feel like I’m living through history in the making. We are the guys equivalent to those using email in 1994 - I feel the same way too! It's like some sort of revolution/ uprising. 😂

It the first thing I do after I switched on coffee machine and last thing I do before drifting off to sleep, and about 75% of the time in between. And a major driving force behind me making a career switch. I even named my cats Satoshi and Dash - Lmao wow! Hey those are hella rad names. I know a friend who named his cat 'ripple'. 🙃

My wife is tired of hearing me talk about this "new technology and made up money" I spend way too much time trying to read up on another project or a new token, etc. I've been involved in crypto for a few years now and cant seem to get away from it. Mainstream media is making more friends and famy ask me about now also. Its definitely a big part of my life today. - Great to hear! Glad to have you on this journey with the rest of us. 😬

Crypto is here to stay. Saving money in the old fiat system is a fools errand. Crypto is here to stay like it or not..... - Agreed. 

Everyday, before checking emails, I first see whats happening with da crypto! - Crypto's da bomb. Pun not intended. 😅

I'm a politician and would love to have all of my promises on the blockchain so that I would be held accountable to the people that I serve. Only then would I accept all of the perks... - Do it! You could be a pioneer. 👌🏻

It's the future! Most traditional markets make 8% a year. In crypto I can make 20% in a day. Most people are not realizing the opportunity in front of them. This is a once in a lifetime opportunity. Sadly, many people will be left behind. What ever MSNBC says, do the opposite. - Don't get used to the exorbitant gains. And don't let it cloud your judgement! Focus more on the tech. 🤓

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