“A leader is one who knows the way, goes the way, and shows the way.”
– John C. Maxwell
Over the weekend, as with most other weekends, crypto markets were relatively quiet and we saw total market capitalization bouncing within a tight range of ~$212.1 billion and ~$217.6 billion. However, just a few hours ago, total market capitalization dipped below that range to ~$209 billion, but quickly rebounded to ~$214.8 billion where it currently remains. 24-hour volume registered an average of ~$50 billion over the weekend.
BTC is currently trading at ~$8,050. Just a few hours ago, it was trading below the $8,000 mark at ~$7,840, for the first time since mid June 2019. The $8,000 region is one to take notice of, as it a moderate support level for BTC. Back in mid May to mid June, BTC broke to the upside of this zone and shortly after commenced its parabolic rise to ~$12,500. Should BTC break below this support zone, we could very well see it falling back to $4,000-$6,000 range.
On the daily chart, the 50-day EMA line is also about to cross to the downside of its 100-day EMA line, signaling a bearish cycle approaching. RSI is at ~28, indicative of strong bearish momentum as well.
A new solution
EnHelix Marketplace, a new software based on the Hyperledger Fabric blockchain, has began operations for commodities trading in the gas industry.
The software simplifies commodities trading with applications, backing every step of the procedure - together with blockchain smart contracts, the speed of trading activities increase, and "avoid data reconciliations and messy data interfaces".
The software has captivated the interest of 50 industry players, including consulting business Flexera Global. According to Flexera COO, David Olson, EnHelix's blockchain system tackles various problems within commodity trading such as errors, omissions, latency and nefarious activity.
Asian institutional investors, many who are high-net-worth individuals and families new to digital assets, are expanding interest in designating a small part of their portfolios to cryptocurrency hedge funds.
Jett Li, chief investment officer at Hong Kong-based cryptocurrency hedge fund BBShares, affirmed that the speed of this year's institutional investor allocation to cryptocurrency "has been much faster", a sentiment similarly echoed by co-founder of cryptocurrency trading business Amber Group's Tiantian Kullander.
It is clear that solid developments are finally happening in Asia, and being prepared before institutions use capital to cryptocurrency simultaneously offers a first-mover advantage to believers of institutional use.
Seeking the light
Open Academy, a new school in North Syria, is tackling one of the area's biggest challenges - the absence of education for young people due to the Syrian Civil War.
Many students are interested in Bitcoin (BTC) and blockchain, trusting that they deliver reliability after years of turmoil. Many also believe that they can complement its societal model, built on an ethos of decentralization. At school, they have to grasp coding basics before completing blockchain projects. 🔗
Blockchain term of the day - Double spending
A situation where a sum of money is (illegitimately) spent more than once.