Your daily newsletter for 28 August, 2019 |
"We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty" - Maya Angelou |
Indecisiveness Over the last 24 hours, total market capitalization stayed within a tight range of ~$262.3 billion and ~$265.6 billion, with most coins seeing either gains or losses in the ~1-3% range. 24-hour volume registered ~$47 billion. BTC is currently trading at ~$10,140, down ~1.7% over yesterday. On the daily chart, BTC is still trading below its 50-day EMA line after failing to break through it after challenging it twice in 7 days. RSI has been in the ~45-47 range over the past week as well, indicative of sustained market indecisiveness at the moment. The 21-day EMA line has also crossed to the downside of the 50-day EMA line. |
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Undeniably better According to South Korean news outlet Chosun Ilbo, the largest payments processor in South Korea, BC Card, is using blockchain technology to settle rewards points. The underlying technology is being provided by the country’s No. 2 telecom company, KT, via its KT Hyperledger Fabric-based offering. BC Card is processing the ordering and exchanging of points paid out by affinity partners, VIP points and vouchers. Prior to this, BC Card had been handling the rewards manually. In early 2019, it developed a blockchain application to do the work, and now shares the ledgers with rewards partners to automate the settlement process. Processing times have since dropped 50%, coupled with a reduction in errors. |
Dispelling myths According to a recent “Cryptocurrency Typologies: What You Should Know About Who’s Who on the Blockchains” webinar by New York-based blockchain analytics firm Chainalysis, stolen funds represent only 8.1% of all funds sent to crypto mixers. 40% of all funds sent to crypto mixing services or tumblers comes from exchanges, indicative that such funds are primarily used for privacy purposes rather than for illicit activities. Only 2.7% is sent from darknet markets. The webinar also covered a large number of risk typologies in crypto industry, including darknet markets, terrorist financing, sanctioned cryptocurrency addresses, stolen funds, scams and others. |
Pay it forward Algo Capital has raised $200 million for its venture capital fund, and has sealed investment from the likes of Arrington XRP, Brainchild, NGC Ventures, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc., Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster, and others. The funds will be used to invest in businesses that will help build infrastructure for the Algorand (ALGO) blockchain. The fund will also invest in businesses focused on accelerating the adoption of the platform's native token, ALGO, as a means of payment. It has revealed that its initial portfolio companies include security token issuance platform Securitize, decentralized exchange Idex, blockchain infrastructure and middleware orchestration platform BlockDaemon, and institutional exchange and cross-custodian settlement platform OTCXN. The fund is led by blockchain investor David Garcia, venture capitalist Arul Murugan, and blockchain technology specialist Pablo Yabo. Commitments to the fund were received in ALGO, as the token is being used as the primary currency for all capital calls. |
Blockchain term of the day - ArbitrageA practice of taking advantage of differences in price of the same commodity in two or more markets or exchanges. For example, cryptocurrency prices on Korean exchanges can be different from those on US exchanges. An arbitrage trader would be in both markets in order to buy in one and sell in another for profit. |
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Other news Facebook has hired a Washington-based lobbying firm specializing in regulatory compliance, public policy and business strategy for the fintech and crypto financial services sectors, FS Vector, to help alleviate regulatory pressure on Libra. According to a recent ruling by Magistrate Judge Bruce Reinhart, Craig Wright must turn over half of his bitcoin holdings and intellectual property to the estate of Dave Kleiman. The ruling applies to holdings and IP from before 2014. Non-custodial and multi-cryptocurrency wallet provider Button Wallet is launching a free testing service on the Telegram Open Network (TON) and giving away 6.6 testnet GRAM tokens (native currency of Telegram’s TON blockchain platform) to users who activate its wallet.
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Crypto calendar 29 Sept - U.S. SEC's decision on the Wilshire Phoenix's Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision) 13 Oct - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision) 18 Oct - U.S. SEC's decision on the VanEck/SolidX Bitcoin ETF application, under the Cboe BZX exchange (final decision) TBA - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline TBA - Justin Sun's lunch with Warren Buffett |
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