"This time, like all times, is a very good one, if we but know what to do with it."
- Ralph Waldo Emerson
Happy Friday, CMC crew! You made it to the end of another week. Time to enjoy the fruits of your labor and go ham on the weekend! Remember to make good use of it! 👌🏻
Today in history (1965), then Parliament of Malaysia voted 126–0 in favor of a constitutional amendment expelling Singapore from the federation. The Parliament of Singapore then passed the Republic of Singapore Independence Act, establishing the island as an independent and sovereign republic. Happy birthday Singapore! 🎉
In today's newsletter, we will be covering Switzerland-based blockchain startup Winding Tree has partnering with Etihad Airways, India potentially missing out on ~$12.9 billion if it bans cryptocurrency and Allianz Global Corporate & Specialty SE (AGCS) developing a token-based blockchain ecosystem to streamline international insurance payments.
Today, we will also be covering Waves (WAVES) for our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! So don't forget to check that 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! 📚
Bump in the road 😔
Over the last 24 hours, total market capitalization dropped to ~$300.6 billion earlier on in the day before rising to a daily high of ~$309.2 billion, before dropping back down to ~$303.1 billion where it currently remains. Most coins are seeing losses in the ~2-6% range.
BTC is currently trading at ~$11,770, down ~0.8% over yesterday. BTC dominance continues to rise and break 24-month highs at ~69.5%, as the money in alts continue to shift to the 'safer haven' BTC. RSI level on the daily chart is currently at ~60.5, indicative of moderate bullish momentum as we head into the weekend. However, it is also notable to mention that shorts have been steadily rising for the past week.
Trickle down benefits 😬
According to Reuters, Switzerland-based blockchain startup Winding Tree has partnered with United Arab Emirate’s national airline Etihad Airways to provide logistical support for its internal distribution system. 🤗
Winding Tree will help the airline bypass third-party operators that currently manage its inventories such as flight times, travel itineraries, and baggage tracking.
According to both Etihad’s director of digital and innovation, Tristan Thomas, and Winding Tree’s chief operating officer, Pedro Anderson, these third parties often provide an overpriced service.
According to Anderson, these solutions ultimately "benefits the consumer", because these innovations lead to disruption, which lead to "competition which results in better prices for the consumer”. 👍
Leaving it all on the table 💸
According to the CEO of crypto research firm Crebaco Global Inc, Sidharth Sogani, India will lose ~$12.9 billion worth of market if it bans cryptocurrency. 💸
Crebaco’s methodology analyzed how much revenue companies might have generated if crypto was legalized, and from crypto companies with Indian founders who moved offshore due to the Reserve Bank of India’s banking ban.
According to Crebaco, India will lose ~$4.9 billion from jobs associated with crypto white papers and associated business plans, ~$2.1 billion from expert blockchain coders, ~$1.27 billion from content creators; and ~$4.5 billion from miscellaneous jobs, including lawyers, event managers, and laborers. 💸
Sogani also believes that India will eventually be forced to regulate cryptocurrencies instead of blanket banning them, as it is unlikely that India could enforce such a ban in it doesn't "have the mechanics of doing that, given India is country of 1.3 billion people”.
Joining the fray 💪
According to Forbes, German financial services company Allianz Global Corporate & Specialty SE (AGCS) is developing a token-based blockchain ecosystem to streamline international insurance payments for its corporate customers.
According to an Allianz spokesperson, while it is still in the experimentation phase, the basic core infrastructure of the ecosystem has already been built and tested. Allianz will now t examine money transfers with a limited scope and for a short period of time in order to prove hypothesis.
The spokesperson also explained that "the project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers for a range of different types [of] payments." 😋
Waves is a blockchain platform in which users can create their own customized tokens, perform crowdfunding campaings and buy/sell/trade tokens.
Founded in 2016 by Russian entrepreneur Alexander Ivanov, the Waves platform launched shortly after a $16 million ICO campaign.
Somewhat similar to Ethereum, Waves' mission is to offer the world a shared infrastructure equipped with easy-to-use and highly functional tools that will make blockchain accessible to every person or organization.
Why people love it 😘
Waves have been picking up some steam as a viable ICO platform.
The Waves platform is equipped with a decentralized exchange, WAVESDEX, that allows for low fee and fast token/ fiat trading within the Waves platform.
Waves has some good partnerships, such as Deloitte, the Russian Central Securities Depository and Burger King (Russia). It also has strong ties with several Russian banks, allowing them to establish necessary and very beneficial fiat gateways so that the platform allows for trading against fiat currencies like the USD and EUR.
Why people doubt it 🤔
The blockchain platform space is already crowded and saturated. It will take much to stand out.
The Waves platform isn't the most user-friendliest of interfaces. It needs to improve on this to increase adoption rates.
Coinbase has announced that it is now supporting Tezos (XTZ) trading on its site, and on Android and iOS versions of the Coinbase app. 🎉
Overstock is opening up trading on its security token market, tZERO, to retail traders next week. 🤗
According to an official announcement, digital assets trading platform BitMart reported that it has secured “millions of investment” from Chinese blockchain-focused venture capital firm Fenbushi Capital. 💰
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 or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "Tether (USDT) is a ticking time bomb.""
The average vote was a 7.2.
"Why or why not?"
9. They've had problems with Bitfinex for a long time. There are a lot of competing stablecoins right now. And what is really weird to me is that on most days, the Tether 24h trading volume is higher than BTC. WTF!?! - Hahaha yeah, and the uncanny timing of the LEO IEO when the NYAG discovered Bitfinex borrowed 850m from Tether to cover its losses. Dafuq. 🤷
Flawed control mechanisms, whale manipulation, and constant printing. Ugh! - 'Ugh' just says it all. 😂
totally, there is not transparency, also very often during market rise or dip, i hear noise of tether manipulation. if its a bomb hope it explodes sooner it will be good for everybody. - I think the timing of when it explodes is crucial for the space, because its so deeply embedded within it. 😔
Tether is a complete and total fraud! - Haha it has its merits. 😅
Its a hard question for me to answer. At one point i was really worried that my exchange gives liquidity using ustd as stable coin, it was that time when tether was in news for not having enough dollar reserves, and it manipulation price of btc. Its definitely not a trusted currency...its controversial but my exchange still using it to provide liquidity. Ustd being base currency for trading and liquidity is always time bomb, but crypto will be over thar. You know now tron done issue of new tether, but even tron is controversial of late with justin sun wanted in china for money laundering stuff, i feel tether is destined to be a controversial and unreputed stable coin. - It really needs to be more transparent. 👀
I’m not bringing anything to the table but it seems as though this is almost inevitable......tick tick told ya so heard round the world - haha I guess we heard it here first? 😂
Couldn't agree more! Unfortunately (or fortunately), it will not go down alone when the smoke clears and it could well give the whole industry a black eye for a while. - Yeah, it has its roots too deeply embedded in the space. Hopefully the other stablecoins will be able to gain more market share fast! 🙏🏻
I absolutely believe that tether is a ticking time bomb and would not touch it with a barge pole. They first stated that tether was 100% backed by USD and issued a very dodgy letter signed by an attorney no one had ever heard of. Then they say its not backed 100% by USD but by assets and now its mostly backed by USD and assets and not to worry. I know the US are already investigating Tether and I am sure its only a matter of time before the game is up for them. I do believe this will cause a MtGox like crash in Bitcoin. - Yeah, so darn sketch.
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
See you again on Monday! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!