"The real tragedy of the poor is the poverty of their aspirations."
- Adam Smith
Happy Wednesday, CMC crew! I hope the midweek blues hasn't gotten to ya. If it has, snap yourself out of it! Time to embrace the grind... 💪
Today in history (2001), 2 passenger planes hijacked by Al Qaeda terrorists crashed into New York's World Trade Towers. This was infamously known as the September 11 attacks. 😠
In today's newsletter, we will be coveringGeminilaunching"Gemini Custody”, Nasdaq adding a Defix index and BlockstackPBCraising more than $23 million in the first-ever U.S. SEC-approved token offering.
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! 📚
Taking a step back 👈
Over the past 24 hours, total market capitalization dropped from ~$267.5 billion to ~$259 billion, with most coins seeing losses in the ~2-5% range. 24-hour volume registered ~$54 billion.
BTC is currently trading at ~$10,600, down ~2.2% over yesterday. On the daily chart, BTC failed to hold its 50-day EMA line yesterday and broke below it, and RSI is at ~45. 👀
Ill hold that for ya 😄
Crypto exchange Gemini is launching an institutional-grade crypto custody solution dubbed "Gemini Custody”, through the Gemini Trust Company that's overseen by the NYDFS. 👐
This platform enables clients to trade assets instantly by offering them credits. In the past, clients would have to wait more than a day to access and trade assets. With the new platform, Gemini customers can now trade assets held offline without waiting to access them using the new system.
According to Gemini's managing director of operations, Jeanine Hightower-Sellitto, Gemini Custody is a “crypto-native solution” which provides both security and liquidity for clients. It caters to institutional investors who have "struggled to find a solution that fully meets their complex regulatory and security requirements".
Tracking DeFi 🧐
Nasdaq has added a new index, dubbed Defix, that aims to offer the markets information on blockchain projects working in the decentralized finance (DeFi) space.
The Defix index was launched by an early mover in the crypto industry that launched a Bitcoin (BTC) fund in 2012 called Exante. It is a means for investors and traders to track “popular” defi-focused blockchain tokens. Currently Defix lists projects such as MakerDao (MKR), Augur (REP), Gnosis (GNO), Numerai, 0x (ZRX) and Amoveo (VEO).
Defix is listed by NASDAQ under the ticker DEFX, and can also be tracked on TradingView and Google, and has a listing on Yahoo Finance planned in the future. 👍
Looking forward, Exante seeks to launch a fund based on the Defix index, and claims it will be offered through a “secure, financially accredited agency.”
According to the co-founder and CEO of decentralized computing network Blockstack PBC Muneeb Ali in a blog post, Blockstack PBC has raised more than $23 million in token offerings in the first-ever U.S. SEC-approved token offering. 💰
~4,500 Retail investors in the U.S. were able to partake for the first time in a token offering qualified by the SEC. Investors included Union Square Ventures, Lux Capital, Recruit Holdings, Arrington Capital, Hashkey Group, Fenbushi Capital, Frontier Ventures and Spartan Group.
Ali also explained that attracting strategic investors from Asia was also a key goal of the token offerings.
The Capital presents its speaker line-up! We're shining the light on this group of trailblazers, technologists, analysts, and business builders in crypto and blockchain, who are coming together on November 12-13 in Singapore for a special occasion! They'll take the stage to contribute their best thoughts and lessons learned, to drive the conversations on liquidity and adoption forward!
We know the brilliant discussions that will ensue among you, the attendees are also not to be missed! Check out The Capital speakers and their bios! Which speakers do you already know, and who are your favorites? #TheCapital #ComingSoon #Singapore #FlightBooked
Other news 📰
The 24-hour trading volume of crypto exchange Binance's futures markets has exceeded $150 million. 😲
Malta-registered exchange Blackmoon Crypto claims it will be the first exchange to sell Telegram's TON tokens. 🙋♂️
Coinbase has hired Dan Yoo, the former the chief operating officer of personal finance site Nerdwallet, to be its new vice president of business and data. 🤝
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)
"How much do you agree with this statement: "Stablecoins are an overall benefit to the crypto space.""
The average vote was 7.2.
"Why or why not?"
Two of the three attributes of money: unit of account and medium of exchange, require value stability. To price or exchange something in a unit which does not have any reliable value stability, from one moment to the next, will require continuous repricing, or a slippage premium. What’s better than a stable coin backed by dollars in a bank? A stable token such as Dai backed by a basket of crypto, over collateralised with a reliable liquidation smart contract. What’s better than only one kind of crypto backed stable token? A basket of crypto backed stable tokens, with stable value from fairly stable tokenised assets as well as over collateralised with non stable crypto collateral. I’ll venture to say, every crypto token financed project should also have its own stable token collateralised by its limited issue token and stable tokens, for the purpose of network utility. A two token model makes more sense than a single “growth or decay” token model. - 🤔
A full '10' for that; imagine the unreal roller-coaster ride the markets would have been having if there were none? I don't think my heart would be able to take it (or wallet)! - That would be one wild ride. 🤪
Tether certainly isn't lol. Then I feel like there are way too many other competitors for USD backed stable coins. Who will prevail? - Libra... just kidding.
Well, they protect you from volatility and exchanges find them useful. - True.
I dislike stable coins, I'm yet to see value in them. perhaps i'm wrong, but I avoid like the plague. - Well, they allow you to move - Yeah you'd be able to move money around more freely. 👍
if there is stability this will help encourage global adoption - Yeah.
No real usage - Not true. Stablecoins get help open up markets and provide liquidity.
Absolutely ...the way to view stable coins is to do the comparason against fiat type currencies .The former is backed by asset with low volatility and the latter, well in my opinion, by politicians that could easily get in bad moods and boom, just like that your currency is worthless . - But stablecoins are pegged to currencies haha
stable coins can benefit crypto if issued by very transparent organisation & through daily audits. but as i see, mainly regarding tether, its not good for the crypto.. - The ticking time bomb.
only use is to park money fortraders - Well, it's also easier to move stablecoins around more than fiat. 👍
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙