"Be the change that you wish to see in the world.”
― Mahatma Gandhi
Friday is finally here! Any plan of being a productive member of society is officially thrown out the window, hahaha. Before y'all go off and enjoy the weekend, don't forget to read today's newsletter! Catch you guys again next Monday, CoinMarketCap crew! 👌🏻
Today in history (2003), Cristiano Ronaldo, then 18, made his debut for English football club Manchester United and the Premier League in a 4–0 home victory over the Bolton Wanderers. 😀
In today's newsletter, we will be covering Coinbase Custody acquiring Xapo’s institutional business, Alibaba filing a U.S. patent application for a blockchain domain name management system and Kelly Services forming a strategic partnership with Moonlighting.
Today, we will also be covering Litecoin (LTC) 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! 📚
Consolidation day 🤜🤛
Over the last 24 hours, total market capitalization stayed at~$262.2 billion, with most coins seeing either gains or losses in the ~1-3% range. 24-hour volume registered ~$65 billion.
BTC is trading at ~$10,060, down ~0.3% over yesterday. On the daily chart, BTC is trading between its 50 and 100-EMA lines. RSI level is at ~42.5, 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. 🐻
I can hold it for you 🤗
According to an official blog post, crypto exchange Coinbase's custodial wing, Coinbase Custody, has acquired crypto wallet provider Xapo’s institutional business. This effectively makes it the world’s largest crypto custodian by assets under custody (~$7 billion). 💰
This acquisition follows the rapid growth of the 1-year old Coinbase Custody. In June this year, it was reported that Coinbase Custody had assets under custody (AUC) valued at ~$1.3 billion.
Xapo has been in negotiations with Coinbase Custody over the sale of its institutions business since mid-May this year. Coinbase Custody claims to now store crypto assets on behalf of more than 120 clients in 14 different countries. 🤯
In the race 🏃
Chinese online retail giant Alibaba has recently filed an application for a U.S. patent entitled “Domain Name Management Scheme for Cross-Chain Interactions in Blockchain Systems.” 😀
According to the filing, Alibaba intends to patent a system that uses what they call a “unified blockchain domain name” (UBCDN) in order to denote and share information. In the system, Alibaba proposes to use a computing system to generate a UBCDN message that contains a blockchain domain name and a chain identifier that is paired with that name. 🤖
Specifically, the filing states that the UBCDN message contains “a digital signature of an owner of the UBCDN of the blockchain instance" and "a domain certificate of the UBCDN.” This UBCDN system is intended to be a unified means of managing domain names in cross-chain interactions across blockchain systems.
The patent also cites several instances in which this technology could be useful, and cites the system as an improvement over existing interoperable blockchain networks.
Improving staffing 👬
According to Forbes, global staffing company Kelly Services has formed a strategic partnership with online blockchain-based hiring platform, Moonlighting. Kelly Services will deploy Moonlighting’s blockchain-enabled hiring platform to streamline internal processes such as secure uploading of job seekers’ profiles and their distribution among various platforms. 🤝
According Moonlighting's founder, Jeff Tennery, there is too much fragmentation in the staffing space, in that people have to keep logging over and over again into various websites and applications, and so Kelly and Moonlighting are collaborating to fix it so "people could be more efficient in the way they share their data so they can get hired".
Kelly Services' managing director at the Office of the Future of Work, John Healy, also believes that the collaboration between the companies could result in “some pretty significant market opportunities”. 😊
Blockchain term of the day 🤓 - Privacy Coins
Crypto deep dive: Litecoin
Market Capitalization Rank: 5th (~$4.68 billion)
Consensus: Proof of Work (PoW)
What is it about ⚙️
Litecoin was released by an open-source client on Github, way back in October 7, 2011, through the former Engineering Director at Coinbase, Charlie Lee. Litecoin is essentially a fork off the Bitcoin Core client. It has a maximum supply of 84 million LTC.
Litecoin uses the memory intensive Scrypt proof of work mining algorithm.
Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Why people love it 😘
LTC transaction times are generally shorter than that of BTC's due to its reduced block generation time of 2.5 minutes (vs BTC's 10 minutes). Some prefer using LTC when sending smaller amounts for this very same reason.
LTC uses the "scrypt" hashing algorithm, which favours large amounts of high-speed RAM, rather than raw processing power alone. This reduces the effectiveness of ASIC miners, which thus increases its decentralization attributes.
LTC has a big and responsive community, especially seen from their reddit channel.
Given its early mover advantage, LTC has become one of the most widely accepted cryptocurrencies with many existing and growing payment channels. It is also commonly seen as the 'silver' to BTC.
Why people doubt it 🤔
LTC has many other competitors in the day-to-day transactions space like DASH, BCH and BTC, each possessing strong communities and loyal followers.
As BTC continues to scale and develop into an increasingly efficient blockchain, LTC may lose its edge as the faster payment alternative. Coupled with more second and third generation coins being introduced to the market, LTC might struggle to retain its market share.
Crypto mining hardware and software producer Coinmine has secured a $2.5 million seed round of financing led by M13 Ventures, Republic Labs, Gumi Crypto and early Uber investor Shervin Pishevar. 💰
Crypto exchange Binance CEO Changpeng Zhao recently made a prediction in an interview with online news outlet Cheddar that that Binance will resume crypto-to-fiat operations in the U.S. within the next 2 months. 👍
Privacy coin Beam (BEAM) has completed its first scheduled hard fork at block 321,321. The fork adjusted the mining algorithm to be more ASIC-resistant. 🛡️
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? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I believe that my computer is 100% free of crypto mining malware""
The average vote was a 5.5.
"Why or why not?"
how in the world would i know? i have mccafee i hope thats all i need - Always worth paying for other programs like Kaspersky, Norton etc. 👍
8/10. I don't think I can ever be 100% sure, but my CPU levels aren't spiking like crazy, my browsers are running fine, and my antivirus hasn't picked up on anything. I run an adblocker on my browser and I trust that that prevents those in-browser Monero miners. Security is hard lol. - Yeah, have to remain vigilant. Sounds like you take an appropriate amount of preventive measures, which is great. Sometimes, you just feel that something's up - when this happens I usually do a manual scan and go through each running application. 🧐
I don’t mine crypto’s - Someone else could be harnessing your GPU to mine it for them! There are plenty of crypto malware out there. 😉
Bitches are sneaky no matter the safeguards or hard-drive scrubs, so my '2' should be a '0'! But yeah, I tend to think there's something somewhere lol - Me too lol. There's always that doubt in the back of my mind even though I have all these security programs running. 😅
In today's en-secure online world it is very difficult to give answer with full confidence for the asked question. - True. It's hard to be 100% sure. 😂
The computer I use for crypto is not used for anything else so the dedicated unit does not collect anything without me knowing . - This is a really good practice. Good on you!
Actually, I don't know about that lol. Sometimes is really slow my browser and computer... I hope I'm not mining something by mistake 🙂 - Hahaha oh boy! Do open up task manager and look through all running applications. If that doesn't work, perhaps "Norton" could be running on your computer...
Mac, Brave, 1Password, Nord, etc. I’m just...careful. - Always good to err on the safe side.
To be honest I don't know. How do I even check that? - Make sure you have other security programs running (Norton, Kaspersky etc).
I do hard maintenance formatting and such at least every 3 months. But Norman sounds scary, although I have not yet noticed a lag on my machine, that gives me reason to believe it is. The unfortunate thing is, If you don't keep a very clean, updated and well managed system, it easy, found a unauthorized miner on my helios, must have mined more than one XMR via browser. - True. Perhaps it would be best to perform all sensitive stuff like crypto transactions on a clean, separate, dedicated computer unit. 👍
I'm running malwarebytes and anti virus and I have no unexplained outgoing coms - Do manual routine checks too! 🧐
1200 was stolen - Noooo. Take precautions now!
Because I have not downloaded any program that installs mining program on my computer. - Could have been unwillingly downloaded via an infected email, zip file etc. 🙈
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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