“Life without liberty is like a body without spirit.”
– Khalil Gibran
Happy Thursday, folks! Time for your daily dose of crypto news! 💊
Today in history (2333BC), Dangun Wanggeom founded the State of Gojoseon, or modern-day Korea, during Chinese Emperor Yao's reign. 🇰🇷
In today's newsletter, we will be covering US lawmakers asking the Federal Reserve about national digital currency, 6 major Japanese brokerages forming a security token offering association and Samsung-backed Blocko launching in the UAE after a Dubai blockchain push.
Today, we also have our weekly 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! So be sure to check that out below! 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! 📚
Relatively uneventful day in the crypto markets. Over the last 24 hours, total market capitalization rose slightly from ~$219.2 billion to ~$221.5 billion, with most coins seeing gains in the ~1-3% range. 24-hour volume registered ~$44.7 billion, experiencing steady drops throughout the week.
BTC is currently trading at ~$8,310, up ~0.4% over yesterday. On the daily chart, the 50-day EMA line has crossed to the downside of the 100-day EMA line, and RSI is at ~28.6. 👀
Dollar dominance 👑
U.S. Representatives French Hill and Bill Foster communicated worries to the Federal Reserve that the U.S. dollar's significance could be in danger "from wide adoption of digital fiat currencies", and asked if there were plans to launch a U.S. dollar digital currency. 🤔
They noted that the Federal Reserve has the power to create a more secure, stable and flexible monetary and financial system by doing so.
However, a previous report stated that central banks are unlikely to cooperate, as it made "no sense to have something that complicated out there when you have large, liquid capital markets in the U.S.
One for all 👏
The Japan STO Association, a self-regulatory organization (SRO) for security token offerings (STOs), has been created by 6 leading Japanese brokerages.
This comes a few months before regulations will be implemented on the public sale of coins in the country, treating the offerings like those of conventional securities and requiring detailed disclosures.
This new association will offer institutional support to STOs, and will contain new and old members like Daiwa Securities, Nomura Securities and Rakuten Securities. 👪
It plans to put together expertise on securities businesses to explore and develop STO's business opportunities.
Samsung-backed South Korean enterprise blockchain provider Blocko has begun operations in the United Arab Emirates (UAE) after fund-raising in Europe and the Asia Pacific. 👾
Dubai has made several efforts to drive the initiative forward, like regulatory reforms and a city-wide blockchain project in partnership with IBM.
Immediately after the launch, Blocko started a partnership with conglomerate SEED Group, part of royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office. 🤴
Blocko, which currently supports over 20 enterprise clients and aims for 25 million daily users, will be working with operating platform Aergo to execute hybrid public-private blockchain technology for UAE's enterprises and government.
A directed acyclic graph or DAG is a structure that is built out in one single direction and in such a way that it never repeats.
Thursday think tank 🧠
Our friends over at Flipside Crypto have produced data revealing the most under- and overvalued coins for the week! 🧐
The scores you see below refer to the ratio of each coin's current FCAS rating to its current market capitalization, both standardized to a 1000-point scale. A score above 1 reflects an undervalued coin, and a score below 1 indicates an overvalued asset!
Hold your horses! Before you go ahead and jump right into investing, always remember to first D.Y.O.R (Do your own research)!
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Other news 📰
Broadridge Financial Solutions will be acquiring fintech business Shadow Financial Systems and offer cryptocurrency services. ☝️
Telegram's Telegram Open Network (TON) is on schedule for a planned late-October launch. 🔓
Parity Technologies updates Parity Signer to convert old phones into offline cryptocurrency wallets. 📱
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
On a scale of 1-10 (10 being most interested), how interested are you to try out Telegram's Telegram Open Network (TON)?
"I believe that by 2025, the most widely used crypto exchanges will be a decentralized ones.""
The average vote was 7.6.
"Why or why not?"
Centralization is for the institutional dinosaurs of the past. The future is decentralized and fast. – Get on the train or get left behind. 😂
By 2025 the us dollar will be burnt toast. All purchases will be made with crypto. – Hahaha I doubt that. I believe there’s a place for both currencies. 👍
Another level of abstraction... Traders should be able to setup their own exchange. You can achieve this now using multiple wallets that have different coins. "Centralised" anything is proving to be the consistent problem! – Well in decentralized exchanges you get to keep your private key! 🤔
Most people are sheep and listen to the bullshit and I think will take the easy path centralized – That’s why the UI of DEXes need to be top notch, so it to even have a semblance at a shot at overtaking centralized exchanges.
It still too soon to be sure but it seems to make sense. – Yea, think so too.
Because the crypto community likes being anonymous, it's how it should be, and dx's will persevere – I hope so! 👍
It is going to take time and 5 years will put us about 1/2 way. People do not like change. - I don't even think it'll happen tbh. 😂
To me that’s the crux of it; whether, as a species, we chose security or freedom with our next big shift? That decision informs our stage of development, humanity’s readiness to take on individual responsibility, on a global scale. - Yeah, doubt we're ready to take that leap though. Most aren't even aware of the lack of freedom they currently have.
decentralised & peer to peer will have larger share.. also hope full a lot of use case will be available where we will using alts for services & products... - Hope so too!
Power to the people!!! – Yeah! 😄
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙