An Asian Bakkt

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Your daily newsletter for 7 November, 2019

Pick your battles

“It is easier to stay out than get out.”

– Mark Twain

Hey! Hope your week is going great for ya! Time to make it better with some fresh crypto news right off the press. 😉

 

 

Today in history (1931), Mao Zedong proclaimed the Chinese People's Republic. 🇨🇳

 

 

In today's newsletter, we will be covering AAX rolling out cryptocurrency trading with London Stock Exchange tech, Coinbase opening Tezos staking to all US clients and China signing an agreement with Hong Kong central bank for blockchain push. 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! 📚

Backtracked a lil 📉

 

 

Over the past 24 hours, total market capitalization slid from ~$253.7 billion to ~$248.6 billion, with most coins seeing losses in the ~1-5% range. 24-hour volume registered ~$90 billion. Notable mover of the day is Tezos (XTZ), currently up ~25.9% for the day. 

 

 

BTC is currently trading at ~$9,230, down ~1.6% over yesterday. On the daily chart, BTC is still holding above its 21-, 50- and 100-day EMA support lines, and RSI is at ~55.6. BTC's 21-day EMA line has also crossed to the upside of its 50-day EMA line. However, the MACD line has formed an inflection point and seems to be heading towards crossing to the downside of its signal line. BTC continues to be trading within its lower highs and lower lows trading pattern it has been trading within since late June this year. 👀

Total Market Capitalizations

Poll of the Day

How much do you agree with this statement: "EOS (EOS) will be the top protocol coin by 2025."

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10

Why or why not? Share with me in the polls! 😆 

Asia's Bakkt? 🇨🇳

 

 

AAX, the Hong Kong-based cryptocurrency exchange that utilizes the London Stock Exchange (LSE)'s matching engine technology, has gone live on web and mobile after 19 months of testing and development. Other major equity markets like the London one itself and the Hong Kong Stock Exchange also uses trading platform tech from the LSE.

 

 

The exchange focuses on retail and institutional investors that trade futures, spot and over-the-counter (OTC), peer-to-peer (P2P), and has been said to be the first cryptocurrency exchange to use LSE's Millennium Exchange matching engine. 

 

 

This engine supposedly allows AAX to settle futures trades within less than 0.0005 seconds on average, as the exchange's partnership with the LSE is expected to speed up the on-boarding process of institutional customers while gaining access to the LSE's exclusive partner network. 🔥

 

 

AAX CEO Thor Chan believes that its P2P OTC trading system, as a Chinese yuan fiat-on-ramp, gives it a competitive advantage over Intercontinental Exchange's Bakkt that needs a broker system to act as middleman for their physically delivered contracts.  

More rewards 🏆

 
 

On 6 Nov, U.S.-based cryptocurrency exchange Coinbase announced it increased access for staking the Tezos (XTZ) cryptocurrency by introducing staking rewards for all Tezos holders on the exchange. ✨

 

 

Every qualifying U.S. customer can now earn passive interest on their XTZ holdings for depositing and holding the token on Coinbase. Increased stakes also makes the asset's underlying blockchain safer and more efficient. 

 

 

An estimated return for staking of about 5% per holding period is expected to be collected. Upon the completion of eligible customers' initial holding period, they will get rewards in their accounts every 3 days.

All the support you need 👐

 

 

Blockchain has obtained new endorsement from China via a development agreement with the de facto central bank of Hong Kong, the Hong Kong Monetary Authority (HKMA), after both the HKMA and subsidiary of the People's Bank of China (PBoC) signed a Memorandum of Understanding (MoU). 🇨🇳

 

 

The deal is set to develop a Proof-of-Concept for a trade finance platform from the first quarter of 2020 by connecting 2 existing projects, the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform.

 

 

After the successful linking, firms in both China and Hong Kong will get more convenient trade finance services and allow Hong Kong banks to speed up their trade finance business' growth.

Blockchain term of the day 🤓 - No-coiner

 

 

A no-coiner is someone who has no cryptocurrency in his or her investment portfolio and firmly believes that cryptocurrency in general will fail. Don't be a no-coiner. 

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 📰

 

 

  • Humanoid robot Sophia commented that she knows about cryptocurrencies, but does not use them yet, at the latest edition of the Web Summit. 🤖

  • Japan's biggest investment group and the 5th-largest bank in the world by assets, Mitsubishi UFJ Financial Group, is spearheading a 22-member research team to create standards for security token management. 👥

  • Founder of cryptocurrency investment bank Galaxy Digital Michael Novogratz remarked that Chinese President Xi Jinping gave credibility to blockchain and cryptocurrency by urging the country to speed up blockchain adoption. 👍

Crypto calendar  📅

 

 

TBA         - Justin Sun's lunch with Warren Buffett

What's up in the markets

Bitcoin Dominance

Daily Top 10

Greatest Crypto Gainers

Greatest Crypto Loses

New on CoinMarketCap

What you said

 

 

 

"How much do you agree with this statement: "I believe that Bitcoin (BTC)'s purpose is more so a store of value, than it is a transactional currency.""

 

The average vote was 7.5. 36.7% of y'all voted a '10'.

"Why or why not?"

 

 

 

 

 

Damn right!!! Exactly my sentiments! – Hi-5!

 

 

Long run for sure cause buying a doughnut with bitcoin might not work out right – Gonna be tough for it to be a transactional currency imo. Think we can use other coins for that. 😄

 

 

that is what it has been up to now. – True.

 

 

Based on the Math, your right...but Bitcoin will prove to be useful as transactional currency if it's scale enough and improves transaction speed. For the earlier case, Btc is indeed the great store of value out there – Def have not proven itself to be a transactional currency yet.

 

 

I also use it for real world transactions, donations, trades, etc... – Yeah, but it can’t be done on a wide scale. Way too slow for now.

 

 

I agree with the statement. I think Bitcoin will be used more as a currency within 10 years, but overall I see it as a store of value like precious metals. I think XRP will be the transactional currency. Huge supply and they are integrating with banks and regulators already (kind of defeating the purpose of crypto, but there are upsides). – I think BTC doesn’t have to be a transactional currency. It serving its purpose as a store of value would suffice.

 

 

because in order to be money it has to meet all 4 criteria. If it is not made more readily transactible then it can never be money. Surprised that this innovation in transactibility has not yet occurred. – I don’t think it’ll be able to scale up to that point. It would certainly improve, but it would not be a day-to-day transactional currency imo. 🤔

 

 

 

btc is e-gold – Lol yeah. 👍

 

 

I believe this to be true only because of the limited number of coins available. Even breaking a Bitcoin down to the Satoshi level, it's still too low a volume to saturate the world as a common currency. – Hmm, not really. Broken down to the satoshi level is quite a significant break down.

 

 

It is currently has limited use for transactions. However, it has strong opposition in countries with surplus income like the US where BTC does not meet KYC, anti-terrorism, and anti-money money laundering financial regulation. This leaves its most likely use as a store of value for those currently holding it in these regulation rich countries having large populations with surplus income. – Cause they can’t stop it. 😄

 

 

The strength of cryptocurrencies is in their quick transactions. They have nothing physical to back them, only their digital infrastructure. – Lol I disagree, it does not have to be backed by anything. Its properties give it value.

 

 

My guess is that bitcoin will be used primarily as a savings account and for large debt settlement among countries etc. – Plausible.

 

 

i disagree, although as we've seen as network congestion goes up, so does fees, so maybe and using a different crypto to pay daily expenses. {My personal view is, BTC for large transactions, say 10k+ USD value, or large purchases, cars, house etc. and other coins for daily expenses.} Thinking of a world where crypto the standard, no fiat or digital currency by central bank. I'm invested in crypto because i see the beauty in Satashi's whitepaper. the economic freedom it offers. – I share the same sentiments.

 

 

I chose a 6 because you can an people do use it for transactions, but I feel the majority of people just hold onto it as a store of value. It is to hard to use currently for day to day transactions. It would need to be faster excepted in more places. – Yup!

Thank you all for reading! Catch you back here again next tomorrow for your daily dose of crypto news! 💙

See you again tomorrow!

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