"As reason is a rebel to faith, so passion is a rebel to reason."
Thursday. Hang in there. The weekend's a stones throw away. 👀
Today in history (2017),Ram Nath Kovind became the 14th President of India, as appointed by the Electoral College. ✍️
In today's newsletter, we will be covering Ripple's Q2 2019 report, Newegg partnering with BitPay to expand the former's Bitcoin (BTC) payments option to 73 additional country-specific storesand TD Ameritrade adopting a “crawl, walk, run approach” toward offering digital assets on its brokerage platform.
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 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! 📚
Seems alright 👌🏻
Over the last 24 hours, total market capitalization rose from ~$265.9 billion to ~$279 billion, with most coins seeing gains in the ~3-8% range. Notable movers of the day include EOS (EOS), Qtum (QTUM) and OmiseGO (OMG), each up ~11.7%, ~13% and ~12% respectively.
BTC is currently trading at ~$10,090, up~4% over yesterday. On the daily chart, RSI level is at ~45.8, indicative of the current market indecisiveness. BTC is also challenging its 50-day EMA line, which it broke down from just 2 days ago. On the weekly chart, BTC is finally coming down from trading near its upper Bollinger Band (+2 SD from SMA line) since mid April - this is healthier for BTC. 👍
Growth in sales 🤑
In its recently published Q2 report, Ripple, the company that created XRP (XRP), revealed that it sold $251.51 million worth of XRP in Q2 2019. $106.87 million was sold through institutional direct sales, and $144.64 million was sold through programmatic sales. In Q1, it sold ~$169.42 worth of XRP. 💰
The report also stated that Ripple will be decreasing future token sales going forward, as it plans to take "a more conservative approach to XRP sales in Q3.” It will pull back from certain over-the-counter exchange markets to focus on where liquidity is most needed, and will target programmatic sales at 10 basis points of their lowered trading volumes.
The report also delved into its escrow activity, in that it withdrew 1 billion from escrow each month for a total of 3 billion XRP in Q2. Of the 3 billion, 2.1 billion were reinvested into escrow contracts, and 0.9 billion were used to fund XRP developments via its incubator, Xpring, and RippleNet partnerships.
An inherent demand 🤗
Through a recent partnership with blockchain payments provider BitPay, U.S.-based online electronics and software firm Newegg has expanded its Bitcoin (BTC) payments option to 73 more country-specific stores. Currently, customers will be able to purchase with BTC in nearly all of Newegg's 80 served nations. 💪
According to Newegg's President Global Sales, Anthony Chow, Newegg was "one of the first major online shopping destinations to accept Bitcoin" 5 years ago. Opening up the service to another 73 countries “underscores our [their] commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our [their] Bitcoin payment option.” Using BitPay also allows Newegg to increase its margin on each BTC transaction by avoiding credit card fees.
According to BitPay's chief commercial officer, Sonny Singh, “Bitcoin allows users to send and receive money just as easy as sending an email" and "Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.” 🤓
Oh, it's coming 😬
TD Ameritrade’s outgoing CEO Tim Hockey (tendered his resignation this week), recently told news outlet The Street, that the firm is taking a “crawl, walk, run approach” toward offering digital assets on its brokerage platform. TD Ameritrade has ~$1.3 trillion in assets and ~11 million clients. 🤯
According to Hockey, “clients are asking for it (referring to investment opportunities in crypto)” and TD Ameritrade’s "investment in ErisX at some point may allow us [them]” because the U.S. Commodity Futures Trading Commission (CFTC) recently licensed ErisX to offer derivatives and futures contracts. ✍️
However, Hockey is still concerned about the industry’s regulatory uncertainty, and said that TD Ameritrade "would like to be able to participate" but wants "to be comfortable with the risk to our [their] clients and ourselves [themselves] in a world where crypto has still got lots of debate about a number of items that we’re all [everyone's] hearing about.”
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)!
Quick, join the waitlist now! Can't wait to see ya! 😀
Other news 📰
FBG Capital, alongside Landscape Capital, have both invested in Dapp.com, in a $500,000 funding round. 💰 Dapp.com provides data about the usage of decentralized applications (dApps) and plans to launch a dApp store.
In a recent episode on the "Unchained" podcast, the founder of Pantera Capital Dan Morehead discussed how Bitcoin (BTC), following its logarithmic growth rate, could hit $42,000 by end 2019, and how it has the potential to reach $356,000 by 2022. 🔮
In the recent poll of 1,799 U.S. adults by consumer insights provider CivicScience, just 2% felt they would trust Libra and its Calibra wallet more than Bitcoin. 😂
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: "The Indian government's stance on crypto is too strict.""
The average vote was a 8.7.
"Why or why not?"
Short sighted! - I feel they are really rigid. A blanket ban really stifles innovation. 🤦♂️
it does appear from recent news.. still we do not have any official stance from government. the document circulating is draft / recommendation. also looking at other countries like china, korea at one point they also took tough stance & then slowly opened up & regulated. lets see what india does. i wonder what is the number of people in india into crypto. may be your website google analytics can throw some insight. - Hahaha what Im guessing, is that India is pretty darn interested in crypto. Currently, our site views from India is the 7th highest! 🙌
it should be regulated - They should def think of a way to regulate it. 🤔
I am an indian crypto investor and i have suffered doing transaction in cryptos because crypto exchanges were barred from acess to banking services. I am convinted govt. Is so anti crypto coz they fear cryptos would make ruppee fiat worthless, no one can manipulate btc. And look at the double standards, they want to invest in blockchain technology but dont want indians having cryptos which only brought blockchain technoly to the forefront. - Lol blockchain and crypto are synonymous. One cannot exist without the other. Those private blockchains just aren't as secure. I feel for you... that must really suck. 😔
In Holland even if you do the worst crimes against humanity your sentence will be under 10 years. But It still foreign country and therefore respect whatever rules they imply. - Hmm, 10 years even for manslaughter? That would be a little lenient IMO. 😲
It's not their fault. We are all balls deep in crypto and understand the potential of this disruptive tech and philosophy. They will catch up eventually. But to be fair, it's just a proposal from one guy. No need to panic. Don't even know if Indian people actually dig bitcoin (actually we do have lots of Europe-based Indian customers at BTC Direct). - People always find a way to get crypto hahaha. Many Chinese are still able to find ways to acquire crypto. 🧐
India is still non democratic society whether they admit to it or not. Too many government restrictions on there citizens. - Crypto will liberate them! Just kidding. 😂
Just more control over prIvacy and freedom to Live without government gifts of rights to humans! - Amen to that. 👍
India has a big population and a lot of problems with its economy. I think if they legalize the crypto world they can grow and not only that, they can bring millions and millions to the exchanges for invest. - Yeah I think crypto will help em. It has the second largest unbanked population in the world. 😋
It is foolish and lack of foresightedness. - ):
They are way too strict ... I had a friend whose father was a minister at the local church , that friend was the naughtiest kid I ever knew . That is the scenario the Indian authorities are developing . - Lol that's not a fair assessment imo. I wouldn't judge by association - there is an inherent bias.
People will go to jail, most probably the poorest ones. - That's just cruel.
way too strict they must think the people lack the ability to think on their own tragic. - Give more autonomy to the people!
Way too strict and in a poor country like India I'll refer to yesterday's answer where i know a few people in S.Africa who started out with faucet claiming and now trade and making a decent living. It an entirely new job industry, and crypto is safer than cash. I think it a way to control the population, or being petty and ignorant. - Crypto could destabilize their monetary system. I would be afraid if I were the government too. 😂
Top down regulation that reserves consensus to a few upper eschelon individuals is already excessive. - Lol true.
They have no respect for individal freedom, a human richt. - Many other countries too. It's sad.
Indian Government is plain stupid. - Ouch. 🤕
does anyone actually know whats going on in India? These statements seem to be hearsay as far as I have seen a rumour starts that owning bitcoin is illegal, exchanges are illegal, holding crypto is illegal, you can get upto 10 years in prison for any crypto participance but yet nothing actually official is in place? Could it be the Indian government are loading up on crypto prior to the general public and once its officially announced to be legal the state sells its coins to the public for a huge gain? - I like how you're forward thinking! Who knows, really. This is a game of information asymmetry - the more you know, the more you stand to gain. I wouldn't put it past any government, even when their public stance is anti-crypto. 😊
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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