British Virgin Island announces a USbacked digital currency

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Your daily newsletter for 4 December, 2019

“There's only one corner of the universe you can be certain of improving, and that's your own self.”

- Aldous Huxley

In today's newsletter, we will be covering:

  • Ethereum's proposed hard fork "Muir Glacier" to delay impending Ice Age

  • British Virgin Islands announcing U.S. dollar-backed digital currency

  • SoFi obtaining BitLicense to offer crypto trading services in New York

Daily Market Summary - Bearish  🐻

 

Total Market Cap: ~$195 billion (~2.1%)                     BTC Price: ~$7,190 (~1.8%)

24-Hour Volume: ~$54.8 billion (~4.4%)                     BTC Dominance: ~66.7% (~0.3%)

Notable movers: Ravencoin (RVN) (~14.8%), Seele (SEELE) (~7.6%)

 

 

BTC is currently trading at ~$7,190, down ~1.8% over yesterday. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and RSI is still at ~35, indicative of significant overhead bearish momentum. 

 

 

BTC is still trading within 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: "I am digging the new CoinMarketCap jobs board."

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

Pushing back a "bomb" 💣

 

 

Ethereum developer James Hancock wrote in an Ethereum improvement proposal at end-November that the proposed Ethereum Muir Glacier hard fork would push back the Ice Age mechanism, also known as "Difficulty Bomb" - this mechanism refers to the growing hashing difficulty in the mining algorithm used to reward miners with ETH on its blockchain. ⚒️

 

 

It artificially slows down the creation of blocks on Ethereum's blockchain and hence works as a deterrent for miners who may opt to continue with proof of work (PoW) even after Ethereum transitions to proof of stake (PoS). 

 

 

Hancock says that the current implementation of Ice Age is unnecessarily complicated and confusing to communicate with the community. 

 

 

He explained that the impending hard fork would push the mechanism back "as far as possible" to give developers the "time to decide whether to update Ice Age" so its behavior becomes "predictable" or to completely get rid of it.

New digital currency 🤝

 

 

Blockchain startup LifeLabs announced that it is developing a digital currency in collaboration with the British Virgin Islands (BVI), dubbed "BVI-LIFE". 

 

 

The currency is part of a wider initiative to grow the local fintech industry and will be presented during the BVI Digital Economy symposium. 

 

 

The coin will be a stablecoin pegged 1:1 to the U.S. dollar that has been in use by the British Overseas Territory since 1959. Its use is predicted to lower transactional fees, boost transactional speed and be accessible to outsiders like tourists. ⚡

New license to offer services ✍️

 

 

California-based financial company SoFi has obtained a BitLicense from the New York State Department of Financial Services (NYDFS). A BitLicense is a major business license for cryptocurrencies with a few terms and conditions like rules on operating with digital currencies, maintenance and more. 📝

 

 

The company received 2 licenses: a virtual currency license (BitLicense) and a money transmitter license that will enable SoFi Digital Assets to offer its New York clients cryptocurrency trading services. 

 

 

SoFi CEO Anthony Noto explained that the choice to pursue a BitLicense was due to customer demand, as "putting our [their] members' interests first is our top priority at SoFi."

Other news 📰

 

  • Italian professional soccer club Juventus has released its own token to allow fans to take part in fan voting and polling.  ⚽

  • Swiss cryptocurrency investment product provider Amun says it has obtained considerable institutional interest in its exchange-traded product (ETP) linked to the Binance Coin (BNB) exchange token. 💬

  • One of the largest ETF providers in the U.S., New York-based WisdomTree, has launched a physically-backed Bitcoin (BTC) ETP on Switzerland's SIX stock exchange. 🦅

Blockchain term of the day 🤓 - Airdrop

 

A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.

Crypto calendar  📅

 

TBA         - Justin Sun's lunch with Warren Buffett

What you said

 

"How much do you agree with this statement: "I would like to see more tools and features on the CoinMarketCap website.""

 

The average vote was 6.6. 24.1% of y'all voted a '10'! 

"Why or why not? What other tools do you wish to see on our site?"

 

 

Education on current tools would be helpful. If you can do both, happy to see more. I believe there is a lack of good educational materials for new people entering the space. You're in a great position to make a difference. – We are definitely aware of that! Trust me when I say we are working hard at it! We do know we have a part to play in this crypto revolution. 👍
 
 
The more the better – Yeah, we want to equip you guys with as many tools as possible to make better investment decisions. 🛠️
 
 
love to.. waiting to see new features.. one thing if apart from the current page we can have a separate page for Blockchain & Dapps / applications for ranking it would be great. – Good idea! 😄
 
 
🛳 full steam ahead – ever forward 🏃‍♂️<-- imagine him running in the opposite direction
 
 
I'm missing a filter for POS-Coins or does it already exist? – We are currently working on a tagging system (:
 
 
Forecasts, calculators etc – We are working on forecasts. As for calculators, we do have a “Cryptocurrency Converter Calculator” tool!
 
 
i AM ALWAYS LEARNING ABOUT NEW OPPORTUNITIES AND OPTIONS. - Gotta keep learning! 🤓
 
 
The more tools and info that is available, the more informed decisions I can make – True.
 
 
Too inexperienced to know. – Mann don’t say that! Stick around and I’m sure you’ll be brought up to speed with things. 😄
 
 
a chat room where all thinks crypto and some blockchain can be debated, a forum where questions can be asked and answered without bias from coinmarket experts – I like the idea of a forum. 🧐
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙

See you again tomorrow!

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