The bloodbath continues

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Your daily newsletter for 25 November, 2019

“Respect for ourselves guides our morals, respect for others guides our manners.”

- Laurence Sterne

In today's newsletter, we will be covering:

  • Oman seeing first trade finance transaction on blockchain

  • Philippines and BCB Blockchain working together on smart cities

  • 92% of institutional investors keeping crypto on exchanges

Today, we have a special announcement below! So be sure to check that out!

Market Summary - Rekt 😵

 

Total Market Cap: ~$183.5 billion (-5.6%)                   BTC Price: ~$6,720 (-5.2%)

24-Hour Volume: ~$118.3 billion (~26.5%)                 BTC Dominance: ~66.3% (-0.45%)

Notable movers: Fusion (FSN) (~84.7%

New coins: -

 

 

Over the weekend, total market capitalization trickled slowly from ~$194.4 billion to ~$183.5 billion. Crypto markets are still experiencing significant sell offs. 

 

 

BTC is currently trading at ~$6,720, down ~5.2% over yesterday. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and RSI is at ~20, the lowest it has been since end Sept this year. It is also notable to add that RSI has been steadily dropping over the past month prior to today's steep drop, indicative of growing bearish momentum. On the weekly chart, BTC has broken below its 100-EMA support line - a level it has not breached below since April this year. BTC still remains below its bottom Bollinger Band on both the daily and weekly charts.

 

 

BTC is now testing the lower bound of its lower highs and lower lows trading pattern/ channel/ zone 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 current bearish crypto run doesn't faze me."

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

And so it begins 👆

 

 

One of Oman's largest oil and gas companies, Oman Oil and Orpic Group, together with HSBC Bank Oman SAOG have carried out the country's first trade finance transaction on the blockchain through R3's open-source Corda platform. It involved the sale of polypropylene to the Abu Dhabi National Carpet Factory. 

 

 

HSBC Oman advised a completely digitized letter of credit on the blockchain whilst the Oman Oil and Orpic Group was the beneficiary of the credit letter. The application of blockchain technology allowed the parties to complete the transaction within 24 hours instead of the usual 5 to 10 days. 🚀

 

 

Chief Financial Officer of Oman Oil and Orpic Group, Nizar Al Lawati, mentioned that the business is proud to be one of the first in Oman to boost trade finance digitization via blockchain. A finance and strategy commercial value partner of Oman Oil and Orpic Group, Sadiq al Lawati, also agreed that the blockchain pilot "is an important station in our [their] journey towards digitisation."

Build it up 🛠️

 

 

Singapore-based blockchain company, BCB Blockchain, has signed a memorandum of agreement (MoA) with one of the Philippines' Department of Science and Technology (DOST)'s branches to support the development of local smart cities. 🎉

 

 

A press release on 23 November revealed that BCB Blockchain contributed $300,000 to support both Philippine startup accelerators and incubators through the MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD).

 

 

This collaboration boosts the development of local startups centered on the creation of smart city projects and applications. 

 

 

BCB Blockchain has also teamed up with various local educational establishments to offer its "expertise and contributions to research and development, promotional activities, hackathons, collaborative endeavors and other projects for smart city or blockchain development", allowing them to "deepen their competencies in the area of designing and developing applications and projects for smart cities." 

Safety 🔒

 
 

Cryptocurrency exchange Binance recently conducted a survey regarding the trading habits of 76 institutional investors who used its platform, and found out that an overwhelming number of them store their wealth on exchanges despite inherent security risks. 

 

 

The survey is part of Binance's Institutional Market Insight research, and one of the most shocking results discovered was that 92% of participants wanted to keep their cryptocurrencies like Bitcoin (BTC), stablecoins and others, with reliable third parties instead of under their own control. 👀

 

 

Researchers commented that cold wallets are the next most favored choice to store cryptocurrencies with their improved security and control, and third-party custody services the "least popular option at 2.6%."

Other news 📰

 

  • The biggest data center in the former Soviet Union is Bitriver, and its biggest shareholder, billionaire Oleg Deripaska, turned the old Soviet plant into a leading Bitcoin (BTC) mining hub. 🌱

  • The European Investment Fund (EIF) and the European Commission have started an estimated £400 million fund for a dedicated investment plan to prevent the European Union (EU) from lagging behind countries like the U.S. and China on blockchain and artificial intelligence (AI). 🐢 

  • Bakkt's Bitcoin (BTC) Cash Settled Monthly Futures contracts will be launched on Intercontinental Exchange (ICE) Futures Singapore and cleared by ICE Clear Singapore on 9 Dec. 🇸🇬

Blockchain term of the day 🤓 - Block explorer

 

An online tool to view all transactions that has taken place on the blockchain, network hash rate and transaction growth, among other useful information.

Special announcement 🤓 - CoinMarketCap <> Yahoo Finance

 

CoinMarketCap has now formed a strategic partnership with YahooFinance to power their cryptocurrency section! We takin over, yo! Read about it here

Crypto calendar  📅

 

TBA         - Justin Sun's lunch with Warren Buffett

What you said

 

"How much do you agree with this statement: "Governments are growing increasingly afraid of cryptocurrencies and their potential impact.""

 

The average vote was 8.2.

"Why do you say so?"

 

 

They lose the ability to steal from us at will. - Lmaoo 😂

 

 

They are so afraid that they can't be sure to get their share. They do not know how they are going to steal our money. If they thought they could steal our crypto, then they would endorse it with the greatest endorsement of all time. – True.

 

 

Cause crypto is the future of finacial transfers – No doubt about it.

 

 

Cryptocurrencies are disrupting the status quo of centralized banking, and consumers are reaping greater financial benefits. – Yeah, we still have a means to go w DeFi though… 🤔

 

 

The apparent reluctance of the US gov't to advance regularity norms and permissions would seem to indicate fear to some extent. Just now the Chinese have taken up the broomstick once again to chase that dangerous snake crypto out the door. At the same time they seem to lead the way with a national centralized Chinese Bank coin. This fear of losing control will take some time to go away - in the meantime it is heartening to see good projects grow and develop more every day. – Yeah, the crypto space is booming (contrary to what we are seeing price action-wise)

 

 

Because governments are afraid of not having control over the cryptocurrency market as it has over the fiat currencies from which they earn a lot of revenue through taxations and manipulative legislations and policies. – Yeah.

 

 

Yep, all the rat bastards covering the decades of money fraud, laundering, etc, will be outed by the future of finance. Why wouldn't the dirty ones be shakin' in their bootays? - Hahahaah 😂

 

 

The end of the printing press. – Lol true. 😂

 

 

I had a banana for breakfast and kratom for lunch – Great to hear 😂

 

 

10/10. Absolutely 100%. I would add another emotion on top of fear, anger. Anything Big Brother can't control is absolutely unacceptable. – All about that control… 👐

 

 

No central authority. Banks can't print it out of thin air it is the counterweight against fractional reserve banking and banks can't control it they only control the Petro dollar and the U.S. Government BTC is controlled by the people - Yup

 

 

Though it's an upcoming trend, I think that the mass adoption of crypto assets is not for tommorrow. Governments are still strong at the moment, but they will get weaker as time flows (with the present financial system). The fact that more people find their way in crypto makes them very scared coz they can only effort themselfs with lesser and lesser mistakes in their financial system (remember the financial crisis in 2008-2009). That's in my opinion the reason why they are afraid of digital assets. On the other hand, no one will be better prepared for crypto as the governments and when they do, then there will be a crypto mass adoption. – I think that the end state of mass adoption is the co-existing of both cryptocurrencies and traditional fiat. 🔮

 

 

no government wants to lose its power to print its own $. all governments do it. no one knows really knows how much is printed and who controls it. but this is the most powerful thing to possess on this earth. its going to be very hard to pry it from their hands. bitcoin will have to go forward without their help . greed and power wont back down!!!!! – It’s gonna be interesting to see how it all pans out. 👀

 

 

Most people are sheep and for some reason have a natural trust of governments. Where is the right approach is to have a natural distrust of governments and seek independents in every way possible. I think the governments for the most believe they can lead the people in any direction they choose right or wrong. – Can’t blame them though, many are just unaware about what is going on. It’s like allegory of the cave, and they will never see the light. 😔

 

 

Because anonymity makes it difficult to collect taxes and their is a risk that this "barter" system will deplete their coffers. – Yeah, not sure how they are gonna regulate the space lol. 😉

 

 

It was inevitable as Governments always want to be in total control. However, with cryptocurrencies they cannot. The phrase, ‘the genie is already out of the bottle’ comes to mind. But! It won’t stop them trying. – Let’s see them try 😉

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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