“Perseverance is failing 19 times and succeeding the 20th.”
– Julie Andrews
Happy Wednesday, CoinMarketCap crew! Let's dive right into the crypto news hot off the press! 😄Today also happens to be International Day of Non-Violence. Spread love y'all!
Today in history (1967), Thurgood Marshall was sworn in as the first-ever African-American U.S. Supreme Court Justice. 👩🏿⚖️
In today's newsletter, we will be covering BitShares' DEX gateway CryptoBridge implementing mandatory KYC for users, Swiss regulator FINMA to not impede Libra’s development and JPMorgan & Intel alums launching revenue-sharing stablecoin USD Digital (USDD). Today, we also have an announcement from a sponsor, Bitrue!
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! 📚
Eyes on it 👀
Over the last 24 hours, total market capitalization dipped from ~$222.9 billion to ~$219.2 billion, with most coins seeing losses in the ~2-6% range. 24-hour volume registered ~$51.7 billion in that time.
BTC is currently trading at ~$8,260, down ~2.2% over yesterday. It seems that BTC is likely to head back down to test the $8,000 support zone. It's gonna be interesting to see if BTC can stay above this level, which it broke to the upside of back in June. On the daily chart, the 50-day EMA line is close to crossing to the downside of the 100-day EMA line, and RSI is at ~28.6 (indicative of strong bearish momentum). 👀
BitShares Decentralized Exchange's (DEX) gateway CryptoBridge has declared that it has incorporated mandatory user Know-Your-Client (KYC) authentication.
CryptoBridge revealed that the company wished to challenge international financial regulation, "facing the 5th EU Anti-Money Laundering Directive (AMLD5)" by "adjusting our [their] gateway services to pave the way for CryptoBridge moving forward".
Users have to be identified before they proceed to use the services, to protect customers and CryptoBridge from being held responsible for potential illegal motives or money laundering. The AMLD5 regulation also speeds up the listing of security tokens on CryptoBridge. ⌛
Amidst problematic signs shown by European watchdogs toward Facebook's Libra stablecoin, Switzerland continues to keep an "open mind, with an attitude that same risks require same rules".
For a long time, the country has been a hub of cryptocurrency progress, and is home to "over 700 blockchain companies, including the Geneva-based Libra Association" that oversees the project. ♎
According to Mark Branson, CEO of the Swiss Financial Market Supervisory Authority (FINMA), Libra is transparent and he is instead more fearful of "projects which develop in a dark corner in the financial system somewhere". 🤔
And another one ☝️
Ex employees of Intel, JPMorgan and TrustToken have revealed a revenue-sharing dollar-backed stablecoin, USDD Digital (USDD) token, under their new Global Currency Organization (GCO).
It claims to offer a 50-50 revenue sharing model, and transparency as it is built on the Ethereum (ETH) blockchain.
CEO Joe Vellanikaran says he saw the value in offering the stablecoin, particularly in transporting money across markets, as it reduces "long delays and conversion fees". 💸
Masternodes are a server maintained by its owner, somewhat like full nodes, but with additional functionalities such as anonymizing transactions, clearing transactions, and participating in governance and voting. It was initially popularized by Dash to reward owners of these servers for maintaining a service for the blockchain.
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Other news 📰
RCS Global, a Berlin-based blockchain company, is using mine-to-market technology solutions to combat conflict minerals in Congo. ✨
Howard Surloff, a BlackRock and Goldman Sachs veteran, has become general counsel of prime cryptocurrency wallet provider, Blockchain.com. 🎓
Spring Labs, a blockchain startup, will be creating a national property lien registry to track liens in a billion-dollar energy-efficient loan market. ⚡
Crypto calendar 📅
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
Daily Top 10
Greatest Crypto Gainers
Greatest Crypto Loses
New on CoinMarketCap
Poll of the Day
How much do you agree with this statement: "I believe that by 2025, the most widely used crypto exchanges will be a decentralized ones."
"How much do you agree with this statement: "Binance has too much power in the space.""
The average vote was 6.4.
"Why or why not?"
Some may say so, but to be honest they extend a lot to various programs in multiple countries and have fundraisers all the time; their not just about IEOs and getting rich quick (probably why they're number one a lot). – Yeah, the fact is they are really helping to drive adoption as well. All the fiat on-ramps they’re building is truly helping the space. 👍
They open market for high transferred users – Yeah they do open up the markets with all their very user-friendly exchanges. 😄
Kinda, but either they've legitimately put in a lot of work in the mere 2ish years they've been open, or they're BSing us and it'll fall apart eventually lol. Coinbase certainly has a lot of power in this space too though. – Very true, Binance has been on a tear for the past 2 years. And yes, Coinbase has a great deal of influence too. There are many strong backers in Coinbase as well – for example, a Singapore sovereign fund, one of the largest sovereign funds in the world, is backing it! Heck, even tennis superstar Serena William’s fund is backing it lol. 💰
I think Binance, like any strong business, has leveraged its marketing, business savoir-faire, and negotiating skills in positive ways. This has culminated into a fantastic business that is responsive to its customers and enormously profitable to its stakeholders. It does all of this at cheap rates that are highly competitive. – Very well said! Binance sure knows how to move fast into newer markets. ⚡
Their share of the crypto market is becoming huge. – No doubttt. Think of all the fees they’ve collected in crypto for those coins listed on their exchanges. 🤑
Someone needs the Balls to take on the establishment ! – Carlos matos is my pick 😂
I want to scream yes, but how they use it also important. They do positive things, but some feels dodgy to me, as abusing power. Wasn't there a thing with Bitcoin SV and after that SV took off? – I think I’ve heard it somewhere, that ‘with great power comes great responsibility’. 🤔😂
Binance saw a market and they took it . They have structure, great insight . They invest in tech and support . They also do most things better than anyone else . – Yeah, can’t deny this. CZ is a sick man.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙