“Be not afraid of growing slowly, be afraid only of standing still.”
– Chinese Proverb
Day 4 of the week, it's 10/10. Stay on that grind you guys! Time for some juice crypto newsss hot off the press. 🧯
Today in history (1928), Chiang Kai-shek became the Chairman of the Republic of China. 🇨🇳
We will be covering BitGo to provide custody for crypto assets under Bitstamp management, OpenLibra planning to launch permissionless fork of Facebook’s stablecoin and Vanguard developing a blockchain platform for the forex market. Today, we also have our weekly 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto!
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! 📚
Over the last 24 hours, we got to see a slight market rally! Total market capitalization rose from ~$223.6 billion to ~$231.5 billion, with most coins seeing gains in the ~2-7% range. Notable mover of the day is Maker (MKR), currently up ~13.5%. 24-hour volume registered ~$68.7 billion.
BTC is currently trading at ~$8,590, up ~4.7% over yesterday. at the same level it was at yesterday. On the daily chart, BTC is currently challenging its 100-day EMA line of resistance, and RSI is at ~45, up from yesterday's ~35. On the weekly chart, BTC bounced off its 50-EMA line and is currently trading between its 21 and 50-EMA line.👀
Banking in 💵
BitGo, a digital asset financial services business, will be offering safe storage in bank-grade vaults for cryptocurrency assets under leading cryptocurrency exchange Bitstamp's management. 🏦
David Osojnik, Bitstamp CTO, expressed confidence that BitGo's "exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange".
BitGo has also started a new staking service for clients parking their assets with its professional custodian subsidiary, BitGo Trust.
Open up 🚪
At the recent Ethereum developer conference Devcon 5, Blockchain infrastructure startup Wireline's co-founder Lucas Geiger revealed a permissionless fork of Facebook's Libra stablecoin, OpenLibra.
OpenLibra is set to be the "alternative to Facebook's Libra, that places emphasis on open governance and economic decentralization". 🔓
OpenLibra's developers have already released the first version of a permissionless Libra-based virtual machine, dubbed MoveMint on GitHub.
Vanguard has teamed up with a Nasdaq Ventures-backed blockchain startup, Symbiont, to produce a trading platform for the currency market.
Through this development, Vanguard aims to "lower transaction costs for the trillions of dollars worth of currencies it trades annually by boosting peer-to-peer trading for investors" by "connecting them directly via blockchain technology".
According to Symbiont CEO, Mark Smith, Symbiont is "the only enterprise blockchain solution" as "the others either aren’t really blockchains, have privacy and security shortcomings or haven’t produced anything beyond ideas". 😏 The startup is known to be one of the most successful among its competitors like Hyperledger and Digital Asset in the enterprise blockchain space.
API stands for Application Programming Interface. It is a set of routines, protocols, and tools for building software applications. APIs specify how software components should interact, such as what data to use and what actions should be taken.
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)!
"How much do you agree with this statement: "I believe that allowing people to donate in crypto will result in overall more donations.""
The average vote was 6.9.
"Why do you think so?"
i think it will... the crypto community will contribute in a big way for any good cause. – We r nice ppl. 😄
I tip online – Lol, does that mean you’re a bad tipper in person? 🤔
Donations are more about the state of mind, not assets type. – Well true. But we are talking about the proclivity of increased donations through a different medium, possibly cause it’s easier to donate. 😄
I Mean Most Certainly It Will, Your Opening A New Channel Of Revenue And Not Changing Anything Else So What Ever Contributions You Receive Will Be Also Added With Crypto, But If Your Asking Would The Ability To Donate In Crypto Cause People Who Wouldn't Normally Donate In Cash/Credit/Check etc... To Donate With Crypto & I Believe Yes Because When You Have An Easier Way To Donate With Just A Click It Of A Button, It Will Cause The Group Of People Who Want To Donate But Aren't Willing To Cause They Are Lazy To, They Now Can Just Click A Button And Donate Without Pulling Out A Card And Filling Out Other Info. Plus It Could Potentially Cause These Charities To Raise More Money Because Of The Volatility Of The Market And Different Coins. If The Market Sees Rapid Growth Then These Charities Can Make More, Its Like Charities Investing Which Maybe Soon A Lot Of Different Companies May Start Investing When That Wouldn't Normally Be Apart Of There Business. - Well said! 👍
I hope so, but people dislike spending crypto, thus adaption is slower, personally I think with NZ recently passing a law that always to receive part of salary in crypto it will happen that people donate and use crypto, or at least I think and hope that happens, a lot of people waiting for BTC to hit some crazy high price before they want to use it. - Hmm don't think this is true. The transactional volume has been steadily increasing for BTC.
Crypto is the future and donations will be embraced by a wider audience – I agree.
People are generous (or not) no matter what the currency – Yeah, but imo it’s easier to donate via crypto 👍
People with crypto are more progressive than those that do. – For the most part, yea. We r a wild bunch 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙