Show the way

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Your daily newsletter for 30 September, 2019

“A leader is one who knows the way, goes the way, and shows the way.”

– John C. Maxwell

Take note 

 

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. 

Total Market Capitalizations

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. 

Growing interest 

 

 

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.

Special announcement - CoinMarketCap 'The Capital' Global Conference

 

It's so awesome to hear that some of you have reserved your spot for The Capital! We're excited for you to join our first face-to-face crypto event dedicated to the CMC community.

Here are 4 reasons you should attend The Capital!

  1. The things you'll learn Listen, discuss, ponder, and repeat. Knowledge is power!

  2. The people you'll meet - Leave Singapore with a wider social network - one that spans across oceans

  3. The sights you'll see - Not to brag, but our venue is pretty dope! Singapore also boasts some iconic architecture that makes for quality photos

  4. The hope and motivation you'll gain

Be encouraged by people who are running their hardest to see the crypto dream become a reality. Who knows? You might end up joining them, partnering up, or starting your own thing!

If you do happen to make it out, shoot me a message to let me know you're there! Hate going to a conference alone? Invite your friends! Tickets are on us.

Other news 

 
  • The National Basketball Association (NBA) stopped basketball player Spencer Dinwiddle from tokenizing part of his contract earnings. 

  • All major lightning software clients in Bitcoin (BTC)'s lightning network have been improved to fix a harmful bug. 

  • American footwear brand New Balance has confirmed that it will use the Cardano blockchain to help customers authenticate products. 

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)

 

TBA         - Justin Sun's lunch with Warren Buffett

What's up in the markets

Bitcoin Dominance

Daily Top 10

Greatest Crypto Gainers

Greatest Crypto Loses

New on CoinMarketCap

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

See you again tomorrow!

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