"Folks are usually about as happy as they make their minds up to be.”
― Abraham Lincoln
Happy Thursday! One more day to the weekend! Don't give up now... 💪
Today in history (2015), Mexican drug lord Joaquín "El Chapo" Guzmán escaped from Mexico City's Altiplano maximum-security prison via a specially constructed 1.5 km tunnel from his cell to a nearby house. That's like real life Shawshank Redemption! 🤯
In today's newsletter, we will be covering Binance launching its margin trading platform,Tyler and Cameron Winklevoss predicting that FANG companies will offer digital currencies by 2021 and Canada updating its anti-money laundering rules. Also today, we have our weekly 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! So be sure to check that 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! 📚
Sea of red 🔻
Over the last 24 hours, crypto markets saw a stark correction as total market capitalization dropped from ~$355.5 billion to ~$318.7 billion, with most coins seeing double digit percentage losses. 24 hour volume cracked the $100 billion mark again, currently at ~$108.2 billion.
BTC is down ~10% over yesterday, and is currently trading at ~$11,730. This is BTC's second biggest single-day loss of 2019. BTC is still trading above its 21, 50, 100 and 200-day EMA lines, but appears to soon be testing the 21-day EMA support line. RSI level on the daily chart is currently at ~55.
Debt is your friend 😀
According to a recent official blog post, crypto exchange Binance has launched its margin trading platform. The platform allows account holders to use their existing balances as collateral to open both long and short positions on crypto assets. There are currently 6 marginable assets available, namely Bitcoin (BTC), Ether (ETH), XRP, Binance Coin (BNB), Tron (TRX), and Tether (USDT).
According to Binance co-founder Yi He, while margin platforms pose greater risks and benefits, Binance is confident that the space's "development coupled with more knowledge on proper risk management will help realize greater benefits in the long run.” Yi He also said that margin trading had been “one of the most requested services" from the community. 🙏🏻
Binance's margin trading support is being hosted alongside Binance’s legacy platform as part of a new, version 2.0 platform that is equipped with a Margin Wallet. The platform also features “an advanced trading engine for better order matching and press indexes for margin level calculations to enable lower liquidations.” 😊
Oh crystal ball 🔮
During a recent CNBC interview, Tyler and Cameron Winklevoss made a prediction that digital currencies will form part of all 4 FANG companies’ (Facebook, Amazon, Netflix and Google) offerings by 2021. 🔮
With regard to Facebook's Libra, the twins said that it was only a matter of time before other tech giants followed suit. They believe that "every FANG company will have some sort of cryptocurrency project within the next 2 years".
While Libra may not be a cryptocurrency, the twins suggested that they will "evaluate Libra in earnest" and possibly facilitate the trading of it on their owned exchange Gemini, should it be open and not subject to prohibitive restrictions. 🧐
Tightening it up 😲
Canada has updated its anti-money laundering rules and has published the amendments to the "Proceeds of Crime (Money Laundering) and Terrorist Financing Act" in the Canada Gazette. ✍️
The Canadian government has notably set the bar higher for platforms “dealing in virtual currency”. The rules now class both Canadian and foreign crypto platforms as money servicing businesses (MSBs), which must “fulfill all obligations, including implementing a full compliance program and registering with FINTRAC [the Financial Transactions and Reports Analysis Centre of Canada].”
Any “reporting entity” across all sectors that receives CA$10,000 (US$7,667) or over in cryptocurrency, be it in deposits received or in payment, must record details of the transaction, identify the sender and report the transaction. 🧐
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. 😄
A setup where multiple miners combine their computing power to gain economies of scale and competitiveness in finding the next block on a blockchain. Rewards are split according to different agreements, depending on the mining pool. Another term for this is Group Mining.
Other news 📰
San Francisco-based dapp development platform, Near Protocol, has raised $12.1 million in venture capital. The round saw the likes of Metastable Capital, Accomplice, Electric Capital, Pantera Capital and Amplify Partners, Coinbase Ventures and Ripple’s Xpring contributing. 💰
According to a recently unveiled economic road map by the Turkish government, there is a bid to create a central bank digital currency based on blockchain. 🙌
According to recently filed documentation by the New York Attorney General's (NYAG) office, Metropolitan Commercial Bank briefly maintained accounts for Tether before shutting them down. 🤦♂️
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 believe that Bitcoin (BTC) will break though $14,000 by the end of July.""
The average vote was a 7.7.
"Why or why not?"
Yes, I’m pretty sure anybody deep into crypto knows it’s coming soon. Once it breaks past $14,000 I think this sh*t is going to get real exciting. - Haha bummer we got pushed back today. 📉
That or a two year lull, but my hardware wallet will keep it safe through all of this!!! - HODL it gud 😬
I can see a definite upward push to that (it's already at $15,825 CAN currently)plus lotsa tech and exciting summery crypto things afoot. Hell, no reason it shouldn't saunter up to over $15,000 US by July's end! - There isn't much resistance through to those levels, so it could def happen. 🤔
It’s clearly headed up so I think there’s plenty of July left for it to take the $14,000 spot! - Yeah, huge set back today though. 😔
Given the santament on the street I do not see that a problem at all. I just hope the alts start to catch up, and they will. - Hopefully! I'm holding some alts too muahaha.
Growing acceptance in the world financial markets - More institutional monehhh 🚀
totally agree.. crypto frenzy is back again, after the libra announcement few new fellows asked me about bitcoin. i see new folks arriving. so am very positive. - Libra really lit a fire under the butts of many governments. It's about time they started taking crypto seriously.
I mean, it is not like crypto is predictable or anything! - True. Just entertaining some good ol' speculative thoughts. 😅
Overall market incline and steady increase market cap past few months. - We are def in a bull market again, according to the technicals.
The momentum is headed in that direction. This game is just getting started - Next few months are gonna be so so interesting. I think that BTC is gonna blaze through the $20k mark, but still unsure about them alts.
It’s having a momentum bull run. Btc price was at $13500++ at 12GMT. - Went down!
One thing I’ve noticed is that when bitcoin sets a new high it always comes back to reach that number again. And then it surpasses it. So yes 14000 is gonna happen!!🚀 - Haha in theory it should keep going higher due to the limited supply. 📈
As soon it hits 14000 the whales will sell again. Atleast that's what I think. - Haha we did see a pretty big sell off today! 📉
Summer vacations, slow markets - Not in the crypto world!
Well we are at 13K now .. don't see the jump to 14K being that difficult - Yeah, not much resistance.
It may break it but will also fall back below it as it corrects itself. - A strong correction, that is. ):
Bitcoin is on an absolute tear and it does not appear to be retail investors driving the hike. with Bakkt in the sidelines launching any time soon I can deffo see bitcoin continuing at a rapid rate. - The crypto space is anticipating quite a number of events which could drive up the price, such as the BTC ETF approval and Bakkt.
Wazaa Wazaa Wazaaa Waaazaaaaap BITCONNECT!! - lmao a classic. hey hey heyyyyy~ The dude's a youtube vlogger now btw. 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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