Don't be a lemming - CoinMarketCap Blog

Your daily newsletter for August 20, 2019

Uniqueness

"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."

- Marcus Aurelius

Day 2 of the week. You must already be in the groove of things, so let's pick up the pace! Alright, time to see what's up in the space! 👀

Today in history (2008), Usain Bolt of Jamaica wrapped up the 100m (9.69s) and 200m (19.30s) sprints in style by setting 2 world records at the Beijing Olympics. 🏃

In today's newsletter, we will be covering the World Bank issuing its second bond-i, Fidelity Charitable receiving $106 million in crypto donations over the past few years and Bank of America seeking to patent a digital currency wallet with multiple layers of asset access.

Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!

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! 📚

Good start, but... 😔

Over the last 24 hours, total market capitalization rose to a daily high of ~$283 billion earlier in the morning before retracing back to ~$276 billion where it currently remains. Most coins are either seeing gains or losses in the ~1-3% range.

BTC is currently trading at ~$10,680. It rose to a daily high of ~$10,910 earlier in the day before steadily declining down shortly after. On the daily chart, BTC is currently contesting its 21-day EMA line. The MACD line seems to have formed an inflection point and is headed towards breaking to the upside of the signal line, so we could see some bullish momentum in the coming days. RSI level is currently at ~48.

Proven 👌🏻

The World Bank has issued a 2nd round of its landmark blockchain bonds - 1 year ago, the World Bank issued a $110 million AUD (~$81 million) “blockchain-operated debt instrument” called "bond-i". 🙌

This time, the World Bank raised $50 million AUD (~$33.8 million) by selling bond-i, facilitated by both RBC Capital Markets and TD Securities. In both rounds, the bonds were run on a private version of the Ethereum blockchain. 🤖

According to the World Bank’s head of funding, Andrea Dore, “the World Bank’s innovation and experience in the capital markets is key to working with our [its] member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals.”

Doing good 😊

According to its recently published “2019 Giving Report,” Independent public charity Fidelity Charitable reported that it has received $106 million in cryptocurrency donations since it began accepting crypto donations in 2015. 🤗

In 2018, it received $30 million in crypto donations even though "cryptocurrency values cooled off considerably by the end of 2018". Fidelity Charitable’s ability to accept cryptocurrency donations, including Bitcoin (BTC), "allowed donors to eliminate any capital gains taxes and give the full fair market value to charity.”

Fidelity reportedly received $69 million in 2017, and made it a record year for crypto donations. Back in 2016, it received $7 million. 💰

Layered protection 🛡️

According to the U.S. Patent and Trademark Office, U.S.-based investment bank Bank of America (BofA) has filed a patent for a digital currency wallet with multiple layers of asset access, one that can support different passwords for different the different funds. 📝

The filing describes a digital wallet interface, configured to operate within a peer-to-peer blockchain network. The application cites Bitcoin (BTC) and Ethereum (ETH) as examples of digital currencies that are increasingly gaining attention, which is driving the need for overall better wallet infrastructure. BofA believes that its multi-tiered wallet system would be more secure than current wallet systems.

Through BofA's 'partitioned' wallet, users will be able to "partition digital currency holdings into one or more differentiated storage compartments or tiers. Each of the one or more compartments may be password secured and may only permit access to the amount of digital currency holdings specified by the user.” 💪

Blockchain term of the day 🤓 - Emission

Emission, also known as Emission Curve, Emission Rate, and Emission Schedule, is the speed at which new coins are created and released.

Tutorial Tuesday 🤓 - 'What is a DAO?'

In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'What is a DAO?' Class is in session. Check it out here!

Special announcement 📢 - CoinMarketCap 'The Capital' Global Conference

Everybody! Stop what you're doing and take notice! 🛑 You're all gonna loveee this one!

The CoinMarketCap team has thought about this long and hard, and we've decided to... eliminate the price barrier for all attendees! Yes, rub your eyes and read again! Tickets are now FREE!!! You'd simply have to make it to the Victoria Theatre in Singapore on 12-13 Nov!

We've also introduced a nice food & beverage ticket that includes access to a lovely after-party. We cannot wait to see you there! Check it out here! 😀

Other news 📰

Cypto exchange Huobi has added support for MakerDAO tokens and decentralized apps (DApps) in its wallet. 😀
Crypto exchange founded by founded by the Winklevoss twins, Gemini, has hired the previous chief security officer (CSO) of cybersecurity firm Tanium, David Damato, to be its new chief security officer CSO. 🤝
According to the recent court filing, the New York State Supreme Court has ruled that the New York Office of the Attorney General (NYAG) has jurisdiction over cryptocurrency exchange Bitfinex, essentially permitting the NYAG to continue its investigation of Bitfinex over allegations of fraud and misleading investors. 🧐

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 the Cboe BZX Exchange (final decision)

TBA - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

TBA - Justin Sun's lunch with Warren Buffett

Catch the CoinMarketCap team at these community events! 🤝

12-13 Nov - CoinMarketCap 'The Capital' Global Conference (Singapore, Singapore)

Poll of the Day

How much do you agree with this statement: "I would prefer to donate to charities with crypto." 💭

Why or why not? Share with me in the polls! 😆

What you said

"On a scale of 1-10 (10 being absolute happiness), how happy are you to see Bakkt finally getting approved?"

The average vote was a 7.5.

"Why or why not?"

how do you get in it ? - only for institutional buyers atm. but hey, its a great start! 😋

Well it lost a lot of luster drawing it out again and again but we’ll see🤷🏼‍♂️- Yeah they teased us way too long lmao. 🤦‍♂️

INSTITUTIONAL BUYERS - True.

More crypto exposure - No doubt. Time to open up these markets baby! 🤗

Because that will cause (along with favorable approvals from the SEC for Bitcoin Bitwise Asset Management and VanEck / SolidX Bitcoin ETFs) in the definitive cryptocurrency boom ... Get ready to fly in the 4Q of the year, baby! 😉 - And things are expected to pick up leading up to the halving ~May-June 2020 too! 😀

Why would i not be happy, last year august this was supposed to happen and predictiin was when this happens, btc bull run would start. But bear run came with that bitcoin hashtag war and a lot of crypto blood was shed. Then uncertinity, and now that they say they got approval, whales and other institutional money would flow and btc could go up. But ofcourse cant be certain it would happen but its big news and btc would go to 20000 dollars at the very least and the year will end with us celebrating hand in hand with the crypto bulls. Lets see...its fireworks and obviously exciting. - It's turning out to be such an exciting year. 😉

excited this will bring the others into the bitcoin realm. people who would not otherwise participate. go bitcoin go !!!!!! - It'll attract more institutional players into the game for sure.

Finally! - Bout damn time alright! 👍

No knowledge of Bakkt - Bakkt is digital assets platform that offers physically-settled bitcoin futures contracts to institutional investors. They will also act as custodians to the underlying Bitcoin in these contracts! It's great for the space because it will now give institutional investors the confidence in investing in this relatively newer asset class because now their funds are insured. This could potentially open up the markets! 😋

i don't really understand what positives will Bakkt bring. But i am very happy. People are anticipating its approval since 2 years. Hope it will really bring lot of fiat money in bitcoin. I am loving the news. - It's great news! These things are laying the foundations for the space to really take off.

Price appreciation - In both the long and short run!

I am really not sure. Who remembers bitcoin futures (CME) it was at that launch that the price started to tank. The fact that Bakt are paying out in physical bitcoins is good but lets be honest they are unlikely to be sourcing their bitcoin from any exchanges. You can bet they are already sat on an absolute ton on bitcoin and any future requirements for more will be bought OTC or direct from the miners. - Def got em OTC. Buying off exchanges would move prices far too much. 🤪

I am not sure, because it is a custodio. No body going to have there bitcoin. - That's the exact reason why its valuable. Institutions can now manage/ offload the risks of holding their own BTC! 🛡️

It will lead to temp pump, but fundamentally its wrong to corporatise crypto. - It's creating a derivatives market. This will draw a great deal of attention to the space.

It's about time. Maybe now all the big players will hop on board the crypto train and bitcoin will rocket to the moon. - Catch u on the moon! 🚀

About time . Authorities need to get up to speed . Crypto is a fast moving community, it is the way of the future . Those that still mess around on Facebook need to come up to speed and get Instagram ! - Yeah, they needa hop on the train asap!

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