BTC back below $8000

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Your daily newsletter for 21 November, 2019

“Laughter is an instant vacation.”

- Milton Berle

In today's newsletter, we will be covering:

  • A recent Bloomberg panel saying that Bitcoin (BTC) is more attractive during uncertain times

  • Singapore proposing to allow Bitcoin (BTC) and Ethereum (ETH) derivatives trading on approved exchanges

  • An investor saying China digital currency launch 'definitely’ in 6-12 months.

 

Today, we also have our weekly 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto!

Market Summary - Bearish 🐻

 

Total Market Cap: ~$216.9 billion (-2.35%)                   BTC Price: ~$7,965 (-1.7%)

24-Hour Volume: ~$72.6 billion (-1.6%)                        BTC Dominance: ~66.3% (~0.75%)

Notable movers: -

New coins: -

 

 

Over the past 24 hours, total market capitalization dropped again for the 5th consecutive day from ~$221.2 billion to ~$216.9 billion, with most coins losses in the ~1-5% range. 

 

 

BTC is currently trading at ~$7,965, down ~1.7% over yesterday. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and RSI is at ~32 (has been steadily dropping over the past month), indicative of growing bearish momentum. On the weekly chart, BTC has broken below its 50-EMA support line - a level it has not breached below since April this year. 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: "The next financial crisis will be the true litmus test for Bitcoin (BTC)."

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Why do you say so? Share with me in the polls! 😆 

In agreement 🍻

 

 

During a recent Bloomberg panel comprising of Pfeffer Capital founder John Pfeffer, Ikigai Asset Management founder and CIO Travis Kling, Blockchain head of markets Charles McGarraugh and Bloomberg’s Alastair Marsh at the Future of Digital Assets briefing in London, the panel discussed Bitcoin (BTC) in the face of Brexit, trade wars and geopolitical unpredictability. 🗣️

 

 

They talked about how BTC could potentially be more attractive as an investment amidst global uncertainty, agreeing that the digital currency does become "more appealing during threats of recessions and general global times of uncertainty". 

 

 

Pfeffer added that BTC is going to become digital gold "sooner or later," and that as a promising "venture that aspires to become digital gold", that it has many upsides and is currently "worth at least one or two orders of magnitudes more." 

 

 

According to Kling, BTC is a risk asset with particular investment traits that "become increasingly more attractive the more irresponsible monetary and fiscal policy is from central banks and governments globally".

To do 📃

 
 

Singapore's effective central bank, the Monetary Authority of Singapore (MAS), released a consultation paper on 19 Nov looking to give the go ahead to "payment token derivatives" for listing and trading on the country's "approved exchanges" under its Securities and Futures Act (SFA). 👏

 

 

This paper acts as a response to demand from institutional investors worldwide calling for regulated offerings in order to hedge exposure to payment tokens like Bitcoin (BTC) and Ethereum (ETH). 

 

 

Currently, payment tokens are not grouped as an underlying asset for a derivative product under the SFA's jurisdiction, but the MAS has confirmed that it has obtained requests to classify such assets under its regulatory remit so they can be listed on approved areas. 

 

 

In the meantime, they mentioned that such payment tokens are unsuitable for a majority of retail investors due to their minimal or lack of "intrinsic value" coupled with high price volatility.

You've got some thinking to do 🤔

 
 

Local blockchain investor and partner at blockchain-focused venture capital fund Proof of Capital, Edith Cheung, is seemingly convinced that China will release its new digital currency within the span of the next 6 months to 1 year. 

 

 

Speaking to CNBC, she mentioned that despite an unclear exact date for the long-developing virtual yuan to become a reality, foreign powers like the U.S. need to be prepared to respond as China looks set to become the first country in the world to issue a digital form of its national currency. 

 

 

She urged that “I really think the U.S. needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD." 😂

Other news 📰

 

  • With 7,600 blockchain patent applications, China is outperforming other countries like the U.S. in blockchain technology. 🇨🇳

  • Whinstone US' $150 billion, 1 gigawatt, Bitcoin (BTC) mine under its Rockdalein project in Texas could dominate Bitmain's. 🤠

  • The U.S. Federal Reserve is inspecting the creation of a central bank digital currency (CBDC), its potential issues and risks posed 🏦

Blockchain term of the day 🤓 - Bitcoin Improvement Protocol (BIP)

 

 

A technical design document providing information to the Bitcoin community, describing new proposed features, processes or environments affecting the Bitcoin protocol. Suggested changes to the protocol are submitted as a BIP. The BIP author is responsible for soliciting feedback and consensus for his or her suggested improvements within the community, and documenting dissenting opinions.

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)!

Crypto calendar  📅

 

TBA         - Justin Sun's lunch with Warren Buffett

What you said

 

"How much do you agree with this statement: "I am losing interest in the crypto space.""

 

The average vote was 3.8. 36.2% of y'all voted a '1', and 12.5% voted a '10'.

"Why do you say so?"

 

 

Just because we’re in a slump, doesn’t mean there won’t be a rebound!!! – True. Cycles are part and parcel of the space. 👍

 

 

Although crypto has been rather stagnant as of late, I see sharp rise just around the corner. having is coming. BTC has to rise in price or it will not be profitable to mine. – Yeah, I believe the breakeven zone for mining BTC is 6k.

 

 

Never say never...people don't get it..we are now in a consolidation phase/Huge ranging markets because price has already move much and earlier compared to 2015 bottom whose rally came in late....and before it, there was a huge range for some couple of months. Then after there ...a steady price increase will come along....and FOMO Will push it even high. We don't need institutional adoption for btc to peak 100k( only FOMO CAN) Nobody wanna Miss the rally don't you😉 – Yeah, the asset class is still hella profitable. 🤑

 

 

I am a longtime gold and silver bug with a decent bullion stash. Just getting started in crypto. I am becoming increasingly bearish on world financial system. Meltdown getting closer. Crypto is digital gold now only 2% the value of the worlds gold. Ought to be equal or greater. – Yup, am personally loading up on gold and digital gold.

 

 

While cryto is fascinating and it's ongoing development very interesting - the average Joe such as myself can only actively participate in support of positive projects by buying, holding or selling crypto currency. When the market goes into these turgid losing streaks there is no doubt it can affect one' mood. This is inevitable when seeing one' investments being battered on a daily basis. But of course, as the man said - Every cloud has a silver lining ! – Understandable. I would suggest, if you do believe in the long-term value of crypto, to just place in auto buys each month, and just consider it as ‘money lost’, and check back in in every few months or so. That would take away a great deal of stress so you can focus on other income generating endeavors. 👍

 

 

I am certainly not losing interest. Admittedly, it is somewhat frustrating at present, but I believe that the next 18 months will see a serious shakeout of the crypto space with some of the eventual longterm winners coming to the fore. – Agree.

 

 

I love the space & how it is expanding and developing. – So much has been done the last couple of months. 😉

 

 

It is now I am getting more enthusiastic about crypto. I know it has come to stay – Awesome!

 

 

Im living in Venezuela , cryptos are the all Venezuelan hope to defeat devaluation – Mann I really feel for you guys… It must be so tough there. 😔

 

 

Lately it seems like more and more of this is all revolving around China (from mining, to investments, to CBDCs, etc). A "cashless society" is not something I as an American really care about. It just means more avenues for government surveillance. We already know that the FBI, NSA, CIA, etc are all monitoring the SWIFT network. Not to mention all the hacking, shitcoins, bad exchanges, etc... - Yeah...

 

 

I'll never lose interest in this space. Those who do, do so at their own peril. whahahaha. :} I've been "addicted" to crypto since I first learned about it in early 2010. The whole space fascinates me. This is the future. Welcome to the revolution. – Damn straight… Welcome to the new world. 😉

 

 

i am not loosing interest.. but i am very cautious in putting anything on new projects.. but i do top up on some good blockchain when ever i have spare find.. like BITCOIN, GRIN, BEAM, ZILLIQA, COSMOS & few more. – oooo interesting picks! Im a hodler of some of em too. 👍

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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