“The fragrance of flowers spreads only in the direction of the wind. But the goodness of a person spreads in all directions.”
Welcome back to a new week, CMC army! Let's dive right into what's up in the crypto space! 😄
Today in history (2012), under the Red Bull Stratos project, Felix Baumgartner successfully leaped from a helium balloon in the stratosphere, back down to Earth. 🤯
We will be covering Telegram responding to investors on SEC action, privacy coin Zcash (ZEC)'s community to develop a wrapped token for Ethereum (ETH) and Blockchain firm Ripple integrating xRapid, xVia and xCurrent into RippleNet.
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! 📚
Quiet weekend 🛌
The crypto markets were quiet over the weekend, as we saw total market capitalization staying within a tight range of ~$223.4 billion and ~$232.7 billion. In that time, 24-hour volume registered ~$55 billion, on average. Total market capitalization currently stands at ~$226.3 billion.
BTC is currently trading at ~$8,360, down ~1.9% over the weekend. On the daily chart, BTC failed to to break to the upside of its 100-day EMA line of resistance on Friday and thus continues to be trading below that level. RSI is at ~40, indicative of slight bearish momentum. On the weekly chart, BTC and is still trading between its 21 and 50-EMA line.👀
Legal action ⚖️
The creators of the Telegram Open Network (TON) recently responded to investors of its $1.7 billion token sale, after the token sale was declared illegal by American regulators.
A letter addressed to investors explained that the company has been trying to obtain feedback from the U.S. Securities and Exchange Commission regarding the TON blockchain for the past 18 months, and does not agree with the recent action. 😓
The company added that it is continuing to determine the best way to tackle the situation in the interest of relevant parties. The SEC has also filed a temporary restraining order, and has a court hearing scheduled for 24 Oct.
Under wraps 💬
Zcash (ZEC), a privacy-focused cryptocurrency, is seeking access to Ethereum (ETH)'s decentralized finance (DeFi) ecosystem.
The ZEC community aims to create a wrapped ZEC token that's usable on the ETH blockchain network, so as to give decentralized app creators shielded address and smart contract options. 🙊
To explain the motivation for these options, Zcash Foundation member Ian Miers explained that "you don't want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens". 😂
All together 👨👧👦
Blockchain company Ripple has merged 3 of its features, xRapid, xVia and xCurrent into its RippleNet offering. Customers will now, instead of buying xCurrent or xVia, "connect to RippleNet - on-premises or through the cloud", and instead of buying xRapid, will "use On-Demand Liquidity". 🖥️
Ripple believes that moving from a suite of services to offer a network to its customers is a natural evolution of its strategy due to the growth of its user base and development of its standard.
In a recent Medium post, Billionaire investor Tim Draper stated that he believes Bitcoin (BTC), together with other technologies, will shift how governments operate globally and will end tribalism. 👨⚖️
Marco Polo, the trade finance blockchain with more than 20 global banks on board, is piloting its first Russia-Germany trading arrangement that involves Alfa-Bank, Novolipetsk Steel Company (NLMK), Commerzbank and Vesuvius GmbH. 🤔
At Devcon 5, Ethereum (ETH) co-founder Vitalik Buterin said that the proof-of-stake (PoS) consensus algorithm used in ETH's blockchain will make it more secure and more expensive to attack than Bitcoin (BTC). 👍
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 view BTC more as a store of value than as a transactional currency."
"How much do you agree with this statement: "I believe that the crypto space is progressing at an acceptable rate.""
The average vote was 5.8.
"Why or why not?"
it takes time for people to accept change – Can’t deny this. Adoption will take time. ⌛
People aren't educating themselves about the space! – Or perhaps there might not be enough avenues for educating too. I believe it’s the latter. 😔
Nah, i think Rapid uneven rate..because of FEAR & GREED! let the crypto prices start spiking up to moon, then you will realise how crypto can spread on the internet like wild fire...Thats when your GRANY tells you "hey son , can you help me create a bitcoin wallet"😉 – Lol when that happens ill be looking to get out hahaha. 😂
Most positive news about it. – Mostly! Hope it stays that way. 🙏🏻
Their is ample ground to cover before fiat is worthless. – Don’t think fiat will ever be worthless. Although I do think a currency crisis will occur which will adversely affect currencies as we know it. 🤔
I Say This All The Time, Even Tho I Am Not As Much Actively Participating In Crypto Then I Was In 2017 Due To A Enormous Amount Of Money I Made From May 2017 To Losing Pretty Much All Of My Money For A Christmas/New Years Gift. Regardless Of The Decrease In The Hype Due To The Crash, Blockchain Startups And Traditional, Well Established Fortune 500 Companies Are Are Silently And Rapidly Laying Down The Infrastructure And Backbone For This New Protocol That Will Disrupt Not Only Financial Institutions But Many Other Business Sectors. There Are Some Many Similarities To The Birth Of The Internet That Can Be Made For Blockchain. While The Internet Is The First And Only Protocol So Far To Become Vital And Essential To Human Life, Blockchain Will Be The Next Protocol That Will End Up Being Just As Vital To Humans Then The Internet Is And Before That The Rise Of Oil. Probably Every Fortune 500 Company Is Either Looking At Or Experimenting With Blockchain/Crypto. – No doubt. I believe many companies are looking for enterprise blockchain solutions. 😄
I think this type of currency is where the world needs to go. – Permission-less, decentralized, transparent, counterfeit resistant, fixed supply… Sign me up! 😄
In the US, regulatory clarity is coming slower than a snail's pace. Without clear guidance, large investors are less fond of funding crypto projects. Private investors are weary of placing surplus income into projects where their profits/gains may become heavily taxed. This is a problem. Once resolved, I think we in the US will see a dramatically different crypto space. In the mean time crypto companies are doing what they can considering the current circumstances. – Well I think it’s def starting to open up, even in the U.S. Look at all the custodial solutions already out there for institutional investors. 👍
Not bad, we need our ducks in a row, so mass adoption is easy as 🥧 pie, little here little there keep ironing and strengthening 🍀 – Agree.
It's doing fine, but when this recession hits, cryptocurrency will take over for good I think. Every country will have a national cryptocurrency. – I certainly hope so. The thing that’s scary is that there is a growing correlation between the stock market and crypto prices. 😲
I'm a newbee my head is spinning with it all – Don’t worry! Keep hanging around and you’ll be brought up to speed in no time. 😄
This pace is relatively slow, but when learning to walk and run, going too fast too early makes the inevitable “stubbed toes“ hurt even worse... – Hahaha what an analogy. Butttt, wouldn’t learning from mistakes be the fastest/ most effective way to learn? 🤔
There are just as many steps backwards as there are steps forward. Patience being the operative word. More HODLers required and less if the get rich quick. - True.
Markets move as markets move, no matter how much I want the rocket ride to the Milky Way – In due time, my friend… 😉
I see positive things happening, and it makes me happy. Also been focusing a bit more what happening internationally lately and movement in the crypto world is great, especially new education products getting launched. As I believe education/knowledge is key to understanding the bigger crypto space. So all happy. – I share the same sentiments. Education needs to be ramped up! 🤓
They are really meeting my expectations – Great! 😄
i see good work carried our by some blockchain teams.. for eg: GRIN, BEAM, ETHEREUM, ZILLIQA & few others.. makers of dapps are a bit lazy.. pace is a little slow.. – Ohh I like those coins too! 😄
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙