"Thousands of candles can be lighted from a single candle, and the life of the candle will not be shortened. Happiness never decreases by being shared."
1 more day to the weekend! The finish line is nigh... finish strong! 🏃
Today in history (1947), India gained independence from Great Britain. The British House of Commons passed the Indian Independence Act, or Mountbatten Plan, which divided India into 2 dominions, India and Pakistan. ✍️
In today's newsletter, we will be covering Binance Jersey's latest partnership with Caspian, a new cryptojacking virus dubbed “Norman” that mines Monero (XMR) and is able to evade detection and the U.S. IRS sending another wave of warning letters to cryptocurrency users.
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! 📚
Over the last 24 hours, total market capitalization slid back further from ~$278.1 billion to ~$261.2 billion, with most coins seeing losses in the ~5-15% range. 24-hour volume registered ~$71.5 billion, a ~50% uptick from recent days.
BTC is back below the $10,000 mark, and is now trading at $9,990, down ~5% over yesterday. On the daily chart, BTC failed to hold above its 50-day EMA support and closed below it yesterday. RSI level is at ~40, indicative of slightly more bearish momentum at the moment. On the weekly chart, the MACD line is also about to drop to the downside of the signal line, so we could see some bearish movement in the near future. Just yesterday, the MACD line dropped to the downside of the signal line on the daily chart.
Elevating one's game 👌🏻
Binance’s fiat-to-crypto conversion branch for Euros and British pounds sterling, Binance Jersey, has entered into a partnership with full-stack cryptocurrency trading, portfolio and risk management platform, Caspian. 🤝
The partnership seeks to improve security for crypto investors, and create a lower barrier to entry for the crypto market. Binance Jersey's CEO, Jon Day, is also positive that its clients will benefit from Caspian’s technical system, enabling "faster order and execution" and providing clients with a "larger suite of customizable market data and parent-and-child order slicing".
According to Caspian's managing director, Chris Jenkins, this partnership is "a substantial step forward in helping move the wide adoption of cryptocurrency trading forward for the institutional market in Europe [...] As increasing numbers of institutions engage in this emerging sector, there is an increasing need for a reliable fiat-to-crypto exchange.” 👍
According to a recent report by cybersecurity company Varonis, there is a new cryptojacking virus, dubbed “Norman,” that aims to mine the cryptocurrency Monero (XMR) and evade detection. 😲
Norman is a crypto miner based on XMRig, a high-performance miner for XMR, that closes the crypto mining process in response to a user opening up Task Manager. Following which, after Task Manager closes, Norman proceeds to relaunch the miner. 🤯
Varonis' researchers claim that Norman is based on the PHP programming language and is obfuscated by Zend Guard. They speculate that Norman originated from a French-speaking country, due to the presence of French variables and functions within the virus’ code, and French comments within the self-extracting archive (SFX) file that point to Norman’s creator using a French version of WinRAR to create the SFX file.
Uncle Sam comes knocking ✊
The U.S. Internal Revenue Service (IRS) is sending another wave of warning letters to cryptocurrency users, this time to taxpayers it believes have misreported their income from exchange transactions. 😣
Just last month, 3 different letters were sent to crypto traders advising them they may have incorrectly filed their taxes. With this new wave of letters, the IRS is telling certain investors that they reported the wrong amount of income from crypto transactions.
According to the co-founder of tax software provider CoinTracker, Chandan Lodha, the IRS has been sending these respond-in-30-days "CP2000 notices" to some customers, indicative that they potentially owe for the revenue they did not report.
The CP2000 letter has traditionally been used for other forms of unreported income, but it surfacing in the crypto space is indicative of "a new phenomenon that’s starting”. Lodha also noted that transfers from an exchange into another wallet shouldn’t be a taxable event, but an exchange may report it as such. 🤔
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)!
Former CTO of Coinbase, Balaji Srinivasan, has joined decentralized finance (DeFi) blockchain project Findora. 🤝
Blockchain payment system and stablecoin issuer, Terra, has onboarded South Korean music streaming platform, Bugs, to its e-commerce alliance. 👍
The CEO of the cryptocurrency-focused arm of Switzerland's SIX Swiss Exchange, SIX Digital Exchange (SDX), Martin Halblaub, is stepping down after 8 months into his job due to disagreements on how the trading platform should be run. 🏳️
Crypto calendar 📅
29 Sept - U.S. SEC's decision on the Wilshire Phoenix’s Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision)
13 Oct - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision)
18 Oct - U.S. SEC's decision on the VanEck/SolidX Bitcoin ETF application, under theCboe BZX Exchange(final decision)
Why do you think so? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I believe that Apple will start accepting Bitcoin (BTC) payments by the end of 2020""
The average vote was a 6.5.
"Why or why not?"
Think Google will first, but well by end of 2020 i can certainly see it happening. I just have one legit concern, they all accept BTC, sometimes clients have BCH or LTC my case Dash they can burn, They need to pick 5 coins and give clients options. because when i have to exchange this for that i think screw it. and either don't spend it on their platform or use a Card. - Yeah accepting more than 1 crypto would def be ideal, but starting off with BTC (with it being the OG) would make the most sense! 🤔
quite possible.. & i hope it does... i will buy a maxed out MacBook pro.. - Haha I tend to be more loose with my money when I pay w crypto, so I would probably do the same too. 😅
Bitcoin is virtual gold - It's better at being gold than gold lol. 😂
Why not? Everybody's doing it. Be a cool kid Apple! - They cool. They're gonna catch on soon enough. 😊
I dont know... Matbe if baktt or other payment solutions proliferate , apple accepting crypto payments should be just a matter of time. - Possibly!
A very conservative company! - They're sitting pretty with that big fat cash reserve. 💰
It will need to keep pace, it makes sence to accept BTC - Yeah, they have to conform.
Because Apple's largest competitor, Samsung, is now accepting crypto. Apple would be crazy not to keep up. - Agreed.
they have no reason to - I actually think that they do. I think consumers are starting to prefer/ want merchants that offer alternative payment options. 😋
no option for them - Not yet! In due time (:
100% - 1 hunnid 💯
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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