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Your daily newsletter for July 24, 2019
Kindness
"Kindness is the language which the deaf can hear and the blind can see."
- Mark Twain
It's midweek, ladies and gents! Here's a reminder to keep that fire in your belly burning. Let's get it! 🏃

Today in history (1975), Giorgio Armani founded Giorgio Armani in Milan, Italy. It remains headquartered there today. 👍

In today's newsletter, we will be covering Fundament obtaining approval from BaFIN to issue the first tokenized real estate-backed 250 million Euro bond, an Indian panel proposing to deal fines and issuing a jail sentence for the general use of crypto in India and the U.S. Senate Banking Committee to soon be holding an regulatory framework digital currencies open session hearing.

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! 📚

It's normal 👌🏻
Over the last 24 hours, total market capitalization dropped again from ~$273 billion to ~$265.9 billion, with most coins seeing losses in the ~2-6% range. 

BTC is currently trading at ~$9,690, down ~3.7% over yesterday. On the daily chart, RSI level dropped from ~45 to ~43. We can see some bullish exhaustion on the daily chart and weekly charts. On the weekly chart, the MACD line is about to cross to the down side of the signal line, so we could see some downward pressure in the coming weeks.

Seems like the crypto market is finally facing a substantial correction after the crazy run up it has been experiencing since the start of the year. I would not be surprised if markets are to retrace ~30+% from 2019's highs. For instance, back in Dec 2017 (before the market's parabolic uptrend, crypto markets experienced a ~33% pull back before the crazy run up). BTC has, at one point, been up ~400% for the year - a correction from its 2019 highs of ~$13,700 to ~$8,500 would technically be healthy for it. 👍

Opening up illiquid markets 🙌
Berlin-based blockchain startup, Fundament, has obtained approval from Germany’s financial regulator BaFIN to issue the first tokenized real estate-backed 250 million Euro ($280 million) bond that. The ERC-20 token offering will also be widely offered to any retail investor anywhere with no minimum investment restriction. 😲

According to the co-founder of Fundament Group, Florian Glatz, Fundament's bond token issuance is different because other private placements did not obtain a prospectus or a financial market authority’s approval. Fundament went to such lengths with regulators so as to "get rid of any restrictions" - typically, these types of projects are "limited either by the minimum investment amount (>€100,000)" or "limited heavily in the amount of investors you [it] could have".

The Fundament token will be backed by 3 construction projects in Hamburg, 1 in Frankfurt and 1 in Jena. The portfolio includes residential, commercial and hotel properties that will total more than 680,000 square feet upon completion. The company projects a return of a "4-8%" annual dividend, and a capital gain upon exit. 😊

Marketing for the Fundament token will begin in August, and buyers will be able to pay for their tokens with Bitcoin (BTC), Ethereum (ETH), U.S. dollars or Euros.

An ever tough nut to crack 😠
A panel created by the India's Ministry of Electronics and Information Technology, the Securities and Exchange Board of India, and the Reserve Bank of India (RBI), has proposed to the country's Finance Ministry to deal fines and up to 10 years in prison for general use of crypto in the country. 🤦‍♂️

According to the panel, they raised concerns over “mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these [them]”, because they were "created by non-sovereigns”. It believes that private cryptocurrencies cannot serve the purpose of a currency as they are inconsistent with the essential functions of money/currency, and should not be allowed. 

The panel also believes that a RBI-issued distributed ledger technology (DLT)-based cryptocurrency could enable "faster and more secure payment infrastructure, especially for cross-border payments", and thus suggested the country’s regulators have an “open mind” towards it. 🤦‍♂️

Time to speak up 🗣️
The U.S. Senate Banking Committee will be soon be holding an open session hearing titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain”. It is currently uncertain as to whether this will be a fact-finding mission or if specific legislation will be discussed. 

Payments company Circle's CEO Jeremy Allaire, Congressional Research Service member Rebecca Nelson, and University of California Irvine School of Law law professor Mehrsa Baradaran will be testifying as expert witnesses. 👀

The hearing will be held on 30 July and will be live streamed. 

Blockchain term of the day 🤓 - Satoshi (SATS)
The smallest unit of Bitcoin (BTC) with a value of 0.00000001 BTC.

Special announcement 📢 - CoinMarketCap Global Conference
Everybody! Stop what you're doing and take notice! 🛑

Come 13 Nov this year, CoinMarketCap will be hosting our first ever "CoinMarketCap Global Conference" in Singapore! Come take part in this historic event. 

Quick, join the waitlist now! Can't wait to see ya! 😀

Other news 📰
  • Contrary to recent news reports, Tron (TRX) founder Justin Sun is in the U.S. (San Francisco) and not barred from the Chinese government from leaving the country. 👀
  • The New York State Digital Currency Task Force has appointed 6 new members, bringing the total to 13. The 6 include Ethereum co-founder Joseph Lubin, Global Blockchain Business Council CEO Sandra Ro, Foundation for Defense of Democracies adjunct fellow Yaya Fanusie, Blockchain@Microsoft co-founder Yorke Rhode, Ripple director of regulatory relations Ryan Zagonne, and Cardozo School of Law law professor Aaron Wright. 🤝
  • According to The Korea Times, the head of South Korea’s Financial Services Commission (FSC) Choi Jong-ku has abruptly resigned. He is the same person that banned ICOs in the country. 👏
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
TBA      - Justin Sun's lunch with Warren Buffett

Poll of the Day
How much do you agree with this statement: "The Indian government's stance on crypto is too strict." 💭
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Why or why not? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Crypto mining should be legalized.""

The average vote was a 8.1. 56.2% of y'all voted a '10'. 

"Why or why not?"

Resistance is futile. - Nothing is stopping this revolution. ✊

i totally agree.. this is a huge sector & if legalised will bring big opportunity & jobs to lot of people.. also taxes to government.. win win on both side. - Yeah it def be regulated in a way to contribute to the economy. 😬

The whole point of "decentralized" is to get away from Government control. "Legalizing" is fundamentally Government recognition or acknowledgement of crypto's existence. - Lol that actually makes sense. 👍

I imagine to some measure it is in one place, and isn't in others. Mining SHOULD be legal, especially if the personal investment of the tech to do it is costing money either way. If you want to tax for actual gains then, sure. One stipulation to that though: if you work for the government, you can't mine; period. Leave that for the people. - Interesting thought. Yeah government bodies should not be allowed to touch crypto mining.

Mining in itself shouldn't pose a threat to anything, so there should be no reason to make it illegal. However, it would be sensible to ensure there's no subsidies for the resources they use. - Unless maybe it creates jobs. 🤔

Their is no reason it should of been illegal in the first place! - Agree, but what if there's an energy shortage in the particular city? Should there be rules for these periods?

Actually I'd rather say that Crypto mining should not be made to be illegal! However given the number of crapto coins already minted, there is great danger of financial loss for many, so regulation is a must/certainty.... Meanwhile "caveat emptor". - About your point on people losing money to poopy coins, I think that people should be allowed to invest in whatever they want. If they do lose it, then only they would have themselves to blame for it, unless we're talking about blatant scams and whatnot. 😠

Crypto and blockchain and all the wonderful things it brings should be embraced by governments rather than shot down. Crypto mining and trading has given unemployed people "jobs" in my native land. Getting people into coding. Worldwide there are new startups purely related to crypto. So unless they can produce alternatives governments should legalize it and stop being petty. - Wow, where are you from? True, I believe that the governments role should be more oversight rather than interference. Let things run its course. 👍

Absolutely mining should be legalised. You are using your own electricity that you pay for to perform a complex mathematical equation and get rewarded for it. How is that deemed illegal? - For some places, the mining operation may be taking up too much of the overall city's/ town's energy supply, to the detriments of its occupants. 😅

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