"Life is a series of natural and spontaneous changes. Don't resist them - that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like."
- Lao Tzu
Happy midweek! Time for some tantalizing crypto news to start off your morning! 😋
Today in history (1987), the stock market index comprised of 30 large, publicly owned U.S.-based companies, also known as the Dow Jones, closed above 2,500 (2,510.04) for 1st time. The Dow Jones currently stands at 27,335 (17 July 2019). 🤯
In today's newsletter, we will be covering Bitcoin Suisse applying for banking and securities dealer licenses, Grayscale Investments recording an all-time assets under management (AUM) in Q2 and Acumen Research and Consulting (ARC) predicting the volume of global blockchain in the healthcare market to hit more than $1.7 billion by 2026.
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Just a bump in the road 😔
Ouch! Total market capitalization has once again been pushed back from ~$288.5 billion to ~$257.2 billion, with most coins seeing double digit (%) losses. The crypto market has been pushed back to early August 2018 levels, and have retraced ~29% over 2019's yearly time highs in late June. 📉
BTC is back below the $10,000 mark, and is trading at ~$9,520, down ~11.6% for the day. On the daily chart, BTC closed below its 100-day EMA line, and is currently below its lower Bollinger Band (<2 standard deviations from its SMA line) with an RSI of ~41. On the weekly chart, its MACD line is heading towards crossing to the downside of the signal line, so we could see most downward action in the coming weeks. BTC dominance is also at a new year high of 66% - boy has this been a brutal year for the alts. 😔
Seeking approval 🙏🏻
Regulated Swiss crypto financial broker Bitcoin Suisse has applied for banking and securities dealer licenses from Switzerland’s finance regulator, the Swiss Financial Markets Supervision Authority.
According to Bitcoin Suisse, the licenses will allow it "to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services." 💪
The company also revealed that it has already deposited 45 million Swiss francs (~$45.7 million) with a local institution “as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits”, in preparation for the licenses. It intends to soon bring that figure up to 55 million francs (~$55.8 million). 💰
According to a Q2 2019 Digital Asset Investment Report, digital asset management fund Grayscale Investments recording an all-time assets under management (AUM) of $2.7 billion, marking a near tripling of its AUM from Q1. 😲
According to the report, Grayscale's total received investments into its single-asset and diversified investment products in Q2 2019 amounted to $84.8 million, double the amount the company saw in Q1. Grayscale noted that new investments were among major drivers of the recent surge of cryptocurrencies’ prices.
Institutional investors represented 84% of the total demand for Grayscale products, alternative investments in Q2 also accounted for 24% of inflows compared to the 1% seen in Q1. 70% of investments came from investors converting tokens they already held into shares of Grayscale products. Overall, Q2 is the first positive quarterly performance for all 10 of Grayscale’s investment vehicles.
A burgeoning industry 😋
According to consulting and information technologies firm Acumen Research and Consulting (ARC), the volume of global blockchain in the healthcare market is estimated to hit more than $1.7 billion by 2026, with a compound annual growth rate of 48.1%. 📈
America is projected to dominate with the largest share in the global blockchain in healthcare market, as it is a mature market that can host the greater adoption of smart technology in manufacturing and healthcare.
Europe is projected to hold the second largest market share due to strong government support, increasing expenditure on technology and the presence of multinational companies. However, ARC believes that the "lack of security is [will be] the major factor restraining the growth of the blockchain in healthcare market in Europe."
ARC believes that Asia Pacific will be the region with the fastest growth rate in terms of blockchain deployment in healthcare due to its fast growing economy and associated opportunities. ⚡
An incentive for a miner who successfully calculates a valid hash in a block during mining. By contributing to the security and liveness of the chain, the miner is rewarded with this incentive, ensuring that miners continue to act in the best interest of the blockchain by legitimately taking part in the process (instead of hacking it).
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Other news 📰
The Council of the City of Richmond Hill in the Greater Toronto Area of Canada has recently voted in favor of securing an agreement with Canadian crypto solutions provider Coinberry to support Bitcoin (BTC) property tax payments for residents and firms in its jurisdiction. 💰
In a recent interview with CNBC, U.S. house minority leader Kevin McCarthy said “I like Bitcoin. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.” 🗣️
The hearing for Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate commenced yesterday. Lawmakers grilled Facebook on privacy and trust concerns. 🗣️
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
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