“I believe things cannot make themselves impossible.”
– Stephen Hawking
Hey hey hey! What's good, CoinMarketCap family? Hope everyone had a great Monday and that you were able to fend off those pesky Monday blues. 👊
Today in history (2001), U.S. President George W. Bush declared the opening of the Office of Homeland Security.
We will be covering the Economic Dept. of Dubai unveiling a blockchain-based business registry, Japan’s Nomura investing in Line’s LVC to develop blockchain financial services and major exchanges urge UK regulator to not restrict crypto derivatives. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!
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! 📚
Small win day 😄
Over the last 24 hours, total market capitalization increased from ~214 billion to ~$223.2 billion, with most coins seeing gains in the ~2-6% range. 24-hour volume registered ~$63.4 billion.
BTC is currently trading at ~$8,270, up ~4.3% over yesterday. More consolidation going on at these levels. On the daily chart, RSI is at ~36, still indicative of significant bearish momentum. However, the MACD line has just crossed to the upside of the signal line. On the weekly chart, BTC bounced off its 50-EMA line and is now trading between its 21 and 50-EMA lines. 👀
Moving over ➡️
Dubai's Department of Economic Development has announced its shift to a blockchain-based unified business registry platform (UBRP).
The UBRP includes government entities like the Silicon Oasis Authority, the Dubai Electricity and Water Authority and the Dubai Multi Commodities Centre,and aims to reach 40 such institutions.
The UBRP boosts the ease of conducting business in Dubai and allows license issuers to regulate trade licenses and corporate registries. 🔗 It is hosted on Dubai Pulse, a blockchain-as-a-service platform that comes under Dubai's smart city movement, Smart Dubai, and du, a telecommunications business.
2 is better than 1 👯♂️
Nomura, Japan's oldest brokerage, has collaborated with LVC, the operator of Japan's most popular messenger Line. 👄
The partnership will create blockchain-based financial services and make use of Line's 81 million user base in the country, its robust user experience and the brokerages financial experience and skills.
Despite Japanese regulators' cautious approach towards cryptocurrency after Mt Gox's collapse in 2014 and Coincheck's 2018 hack, the latest signals suggest that they are warming up to it.
A worldwide trade association of publicly regulated exchanges, the World Federation of Exchanges (WFE), has strongly advised the U.K.'s Financial Conduct Authority (FCA) not to limit cryptocurrency derivatives for retail investors.
Instead of banning the derivatives, the WFE suggested creating proper consumer protection, and offered various recommendations to build adequate regulations. 🧐
Although the FCA is still on the fence regarding the restriction, it decided not long ago that leading cryptocurrencies are "exchange tokens", mainly "used as a means of exchange".
A setup where multiple miners combine their computing power to gain economies of scale and competitiveness in finding the next block on a blockchain. Rewards are split according to different agreements, depending on the mining pool. Another term for this is Group Mining.
So far, The Capital has 929 ticket reservations from North & South America, Africa, Oceana, Europe, and Asia!
Partake in the global discussion that is shaping crypto right now. Gain awareness of the factors that will influence the crypto and blockchain spheres in 2020. Meet your future crypto bff, land a partnership, and expand your social network - in person!
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Other news 📰
Billionaire Russian oligarch Vladimir Potanin is launching his own palladium-backed cryptocurrency token based on Hyperledger Fabric and a tokenized commodities exchange. 💱
Leading South Korean convenience store chain CU supports blockchain payments app Chai. 🏪
Ripple hosted its first yearly University Blockchain Research Initiative event with 200 participants at the University of California's Berkeley campus. 🎓
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: "Governments are starting to open up to crypto."
"How much do you agree with this statement: "I believe BTC will break below the $8,000 support zone.""
The average vote was 7.2. 37.5% of y'all voted a '10'.
"Why or why not?"
Because it seems to be stabilizing – There is still significant downward pressure. 🐻
Blockchain is too erratic and shifts too much in the cryptocurrency market, it also drops quite often. – As with any nascent industry, volatility is to be expected. 😄
Hong-Kong buying frenzy – Lollll not gonna rule this one out 🤔
the only way to correctly answer this is . yes it will or no it won't. if the whales want to take more profit then yes it will. if they want to keep the market stable then it won't. they control everything . we r just pawns in the game hoping they will hold long term. to them its a cash cow to use as they see fit!!! – Just lil prawns tryna ride the wave haha. Perhaps that’s why taking a long term approach to investing works best. 👍
Obviously..it will but it wont stay for long before it breaks up with a lot of thrust... Back to ATH, Can you believe this three word "TO THE MOON" 😂 – Lmao it certainly has been awhile since I’ve seen that in the reddit forums. 😂
Because it has room to go lower! – Plenty, if we break the $8,000 support zone. 👀
Think it still has to more to go before it bottoms out ready for the repeat of Xmas 2017 🙂 – Hahah, the good times…
Because it is getting momentum to launch to the stars – When moon?
It loosing its lustre as an investment. – Isn’t that the time to start loading the bags? 😂
The long term bias has been negative . There will be reactionary upward momentum on a short term basis but the trend continues to be negative. Volume is relatively low so no impetus for sustained upward momentum. – I think that’s the medium term outlook. The long term outlook is positive to me. 😄
I believe a sustained fall for BTC below $8K is inevitable, having see it knocking on the door of the $7.8K Support 3 times I think. Here in Brazil a top analyst says $7.2K is a sure thing, and suggests $6.8 - even $6.2K is on the cards, but will not stick his neck out to confirm. – Yeah it’s been hovering at these levels for quite some time, and there doesn’t seem to be anything in the near horizon that can prop it back above it. My guess is that we are heading back down to the $3k - $7k. 😔
it may for a short while.. i see above 10K very soon. if one has fiat BTC below 8K is a good buy. also i see this is as a last chance to buy BTC cheap.. if coinmarketcap could list symbol satoshi (SATS) instead of BTC it would be great. already 1 BTC is way beyond the reach of many.. and also it will educate the new comers that they can buy in satoshis to make a whole Bitcoin. it will also be a great tribute to Satoshi Nakamoto. if possible do ask in a poll in your next newsletter on changing from BTC to Satoshi symbol for Bitcoin. i think its about time. – Well for each coin on our site, we display the price for 1 coin, just to keep things consistent.
From experience Bitcoin often moves in the opposite direction most people imagined. With the world economy tinkering on the edge people will start turning to hard assets with BTC being the hardest! – Haha that was the initial school of thought. However, recent data seems to suggest that there is a direct correlation between crypto and traditional markets. 😔
Think it gonna be stuck in this range for a while. hoping for a quick drop to fill the bag to brim and skyrocket. with the halving coming up, it difficult to call, even more so when considering that traditional markets a bit of a mess. – Yeah, and a correlation is starting to develop between crypto markets and traditional markets too.
Bears are in charge - Yeah 🐻
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙