"When you do things from your soul, you feel a river moving in you, a joy.”
250! Two hundred and fifty! Tu hunnid fiddy! This is our 250th newsletter edition, CMC family. 🙌 It sure has been one crazy ride. Going through the lows of 2018 and the euphoric highs of 2019 with y'all, I've enjoyed every single moment of it. 🤪 I'm sure that the ride is about to get a great deal more loco, but with you guys on board it's gonna be hella fun. Thank you all for the support you've shown me so far, and do continue to lend me your support going forward! 🙏🏻
Today in history (1969), Apollo 11, the spaceflight that landed the first humans on the Moon, was launched. Neil Armstrong, Michael Collins and Buzz Aldrin were in that vessel. 🚀
In today's newsletter, we will be covering Binance Chain completing its mainnet upgrade, 2 subsidiaries of Seed CX being granted BitLicenses and theCanadian Securities Administrators (CSA) including DLT in its 2019–2020 Business Plan.
In our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit! We've also got 2 special announcements today, so don't forget to check them out below too!
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Over the past 24 hours, total market capitalization bounced back slightly following the deep correction over the weekend, and rose from ~$277 billion to ~$288.5 billion with most coins seeing gains in the ~2-5% range. 📈
BTC is currently trading at ~$10,780, up ~4.7% over yesterday. Its 50-day EMA line on the daily chart provided some support yesterday and BTC bounced right off it. BTC also bounced off its lower Bollinger Band (<2 standard deviations from its SMA line). RSI level is currently at ~48, indicative of some market indecisiveness.
Binance Chain has completed an upgrade to its mainnet, called Galileo v.0.6.0. The latest mainnet is a hardfork from the previous version, and required at least 2/3 consensus from validators to successfully implement. ✋
There are 4 major changes implemented in Galileo: the matching engine has been revised with “Taker” and “Maker” matching logic, trading pairs on Binance DEX can now be delisted based on a voting proposal system, Binance Chain token assets can now be time-locked, and state sync options have been enhanced. 😲
Time-locking tokens is a particularly notable feature, as many projects like to use time-locked tokens as a means of securing commitment from founders, to "lock certain amount tokens for pre-defined periods of time, and only vest in the future according to the schedules". This can refer to locked tokens as a commitment by the founding team or even locked tokens as collateral for value.
Green light 👌🏻
2 subsidiaries of aspiring crypto derivatives provider Seed CX, Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, have been granted BitLicenses by the the New York Department of Financial Services (NYDFS). Zero Hash LLC has additionally been granted a money transmitter license.
SCXM is now legally able to serve as a matching engine for crypto buyers and sellers, as well as act as a platform for block trades. It can also provide services to large financial and trading firms, whilst using Zero Hash as the money transmitter. 😀
According to Seed CX CEO, Edward Woodford, the BitLicenses marks Seed CX's "next step in our [their] growth to becoming the leader in institutional trading of digital assets" as it allows them to "expand trading and settlement services to New York firms through our [their] institutional platform that offers the strong institutional technology, the operational support, and the regulatory compliance that institutions demand." 💪
To date, the NYDFS has granted more than 20 BitLicenses.
It's part of the plan ✍️
In its recently published Business Plan 2019–2022, Canada's Canadian Securities Administrators (CSA) revealed that they are focusing on understanding and regulating distributed ledger technology (DLT) and its related components, amongst a range of other priorities as fair and efficient markets, regulatory advancement and risk reduction.
The CSA reasoned its interest in DLT due to its potential to transform the financial industry's landscape, and will thus explore possible changes to adapt the existing regulatory framework to address the challenges that could arise pertaining to crypto assets. 🧐
The CSA will identify "the emerging regulatory issues related to technology that require regulatory action or clarity, and developing a tailored and effective regulatory response for significant issues identified.” It will also consider custodial requirements in relation to crypto assets, as well as capital raising issues that may be unique to blockchain-based securities.
We've heard your voices! This is the moment you've all been waiting for...
Welcome to CoinMarketCap's first merch giveaway! Find out how you can score some merch here! Don't miss out!
Other news 📰
Crypto asset management firm specializing in market making services, Altonomy, has raised $7 million in a seed round from digital assets investment company Polychain Capital. 💰
In a recent interview on CNBC’s “Squawk Box”, U.K.'s finance minister Philip Hammond said that lawmakers shouldn't be deciding whether Facebook requires a bank license as it is “an issue for regulators to determine, not for politicians to determine.” 🗣️
Ohio-based professional basketball team, The Cleveland Cavaliers (along with its associated esports club Cavs Legion GC), have partnered with the crypto firm UnitedCoin. This is part of an effort to provide the Cavs with an inroad to the fintech sector via cryptocurrency. 🤝
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
Why? How would you like to see the newsletter be improved upon? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "At this stage, I don't feel much of a pinch whenever the market tanks substantially.""
The average vote was a 6.9. About a quarter of y'all voted a 10. Just to let y'all know, I'm one of em haha. 😂
"Why or why not?"
Doing a little comparisons, Bitcoin and Litecoin are still way higher than they were a year ago. Gotta look at long term progress, not short term setbacks! - True. It's all about perspective. BTC and LTC certainly has been on a tear in the last year, LTC especially. 📈
What goes down will come up. - Don't you have this the other way round? 😂
I do not have a lot invested, any movement effects my bottom line dramatically. - Hope you're investing what you can afford to lose! You should always be comfortable with completely writing off what you've invested. 👌🏻
for all the good asset i don't worry much, it recovers very fast with bitcoin.. i have seen several times in past.. but shit coins are a worry, some may not at all recover.. the historical snapshot on coinmarketcap website is something all must visit sometimes every month to see. - Agree. I feel the same way too. The crypto community is smarter now, and they've come to realize over the bearish months that many of the projects that popped up during the ICO craze were simply a cash grab. 🤑
It's not about today. It's about the end goal. - True. Cancel out all the noise. 🙉
Like water on a ducks back, I’m excited to start buying more muahahaha more and more - Load up the bags! 💰
I wont sell a single coin this bear trap does not scare me its time to but at a discount! - True, certain coins are on discount imo. However, I think that many alts are still at a premium and will not make it out of this bull market. Gotta be carefully selective what you choose to hold! 🧐
Because I don't HODL much, yet :). Even though I work in crypto, I'm focused on developing the business rather than trading. I admire people that have a full-time job and also invest! - That's awesome! It's always great to meet someone working in the space. I don't think you gotta worry about trading, while it's good to get your hands wet, builders usually end up making more than traders in the long run.
I can not influence it, just watch it !! - Watch us get to the moon! 🚀
The market will bounce back, just wait. This game is just getting started - I certainly think so too. I think it's still pretty early. The market has not quite opened up yet. 👍
Because I don’t have invested more than I can afford to lose! - The wise thing to do! 😊
Early days - Yeah, still very very early in my eyes as well.
i know people make gains in the market whether it fluctuates upwards or downwards. i allow my emotions to always guide me to a happy place - Of course, you can definitely make money both ways. 🤑
I am a long term Hoddler so these dips really don't bother me. I buy a set amount of crypto every month regardless of price. But I do have a target price which if met I will be buying the dip. - That's a good strategy. I believe that a lot of people make the mistake of trying to time the market, which is incredibly difficult. And I am also of the view that time in the market, beats timing the market. 😀
you always feel it a little bit. my friend who finally got in bitcoin at 13,400 however is hyperventilating - Hahaha legit laughed out loud at this. Some people are just extremely risk averse and cannot stomach moderate to large price swings. 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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