Day in day out

Tuesday. Day 2 of the week. You might not be feeling it today, so here's a reminder to snap yourself out of it and get productive! Let's go champs!  Time to get on that grind. 

Today in history (2015), China's one-child policy ended after 35 years.

In today's newsletter, we will be covering former FATF members joining board of advisors at a blockchain company, think tank exec declaring China to be the first to launch a central bankdigital currency and Avalon Bitcoin miner manufacturer Canaan officially filing for $400 million US IPO. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!

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!

Sideways action 

Over the past 24 hours, markets retraced a little then bounced back and we saw total market capitalization pretty much staying at the ~$250 billion where it left off yesterday. Most coins are either seeing gains and losses in the ~1-3% range. Notable mover of the day is Bitcoin Cash (BCH) and Augur (REP), currently up ~10% and ~14.7% respectively over yesterday. 

BTC is currently trading at ~$9,450, pretty much where it left off yesterday. On the daily chart, BTC is still trading above its 21-day EMA line, but seems to be headed towards testing that support level soon. RSI is at ~60.5, still indicative of substantial bullish momentum. BTC is also back to trading within its Bollinger Bands. On the weekly chart, it seems that the MACD line has formed an inflection point - hopefully we'll get to see BTC breaking to the upside of the higher highs and lower lows trading formation it has been trading in since end June this year, once the MACD line crosses to the upside of the signal line. 

Valuable experience

Former leader of the Canadian delegation to the Financial Action Task Force (FATF), Josee Nadeau, and former FATF executive secretary, Rick McDonell, have joined public blockchain protocol Shyft Network's advisory team. 

The FATF is globally one of the most important financial regulatory organizations, and adherence to its guidelines is important for financial inclusion for leading economies and markets.

In June this year, the FATF called for regulators and Virtual Asset Service Providers (VASPs) to procure and share personal data regarding transactions, in what came to be known as the travel rule; failure to comply could result in being barred from lucrative international markets. 

One of Shyft's aims is to incorporate an industry-wide solution to the travel rule using its "identity passporting, database bridging and data attestation infrastructure". In this sense, it expects Nadeau and McDonell to help them achieve this given their experience in the FATF and other major regulatory organizations.

First 

According to Chinese news outlet Pandaily, the vice chairman of China Center for International Economic Exchanges (CCIEE), Huang Qifan, reportedly claims that China's central bank will be the first to successfully launch a central bank digital currency (CBDC). 

The comment was made at the Inaugural Bund Financial Summit of 2019 in Shanghai, and came after Qifan expressed discontentment at China's current dependence of the US's SWIFT and CHIPS payment systems, which facilitates cross-border exchange of the renminbi. 

He noted the limitations of the platforms, highlighting that SWIFT is an "outdated, inefficient and costly payment system" that has been updating slowly with low efficiency levels since its incorporation 46 years ago.

Third time's the charm 

One of the world's largest mining equipment manufacturers, Canaan Creative, has officially filed another attempt to go public in the United States with a $400 million initial public offering (IPO) on 28 Oct. 

This filing is the Chinese company's 3rd attempt to go public after prior efforts to do so in mainland China and Hong Kong failed due to market uncertainties.

Chinese media pegged Canaan's valuation to be between $2 billion and $3 billion in October, with another 126 million shares to be issued. 

Blockchain term of the day - API

API stands for Application Programming Interface. It is a set of routines, protocols, and tools for building software applications. APIs specify how software components should interact, such as what data to use and what actions should be taken.

Special announcement  - CoinMarketCap 'The Capital' Global Conference

Other news 

• Leading Latin American development bank, the Inter-American Development Bank (IADB), is incorporating 3 different blockchain test projects to see if blockchain technology can solve some land titling and registries issues.

• Distributed ledger technology provider Iota, Dell Technologies and the Linux Foundation are teaming up to create a platform to evaluate data trustworthiness, also known as Project Alvarium.

• Cryptocurrency custody and futures trading platform Bakkt revealed that the upcoming launch of its consumer mobile payments app is scheduled for release in 2020.

Crypto calendar  

TBA         - Justin Sun's lunch with Warren Buffett

Poll of the Day

How much do you agree with this statement: "The crypto space is finally starting to get interesting again."

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

What you said

"How much do you agree with this statement: "China president Xi Jinping's statement pulled the crypto market out of the bear cycle""

The average vote was 7.2. 31.1% of y'all voted a '10'.

"Why or why not?"

China is digitally aware – Damn straight they are. They are taking over. They are already dominating social media and ecommerce. And now they’re attempting to do the same w blockchain.

for demand to skyrocket you need to legitimize so that people could be aware and that even the ones in power their followers will cause the market to surge – Agree. The barriers to entry have to be low.

Markets regularly over react. After all trading crypto in China is still illegal, so for me the jury is still out – It was rather uncanny that the markets rose so much, primarily for the reason you mentioned that it is still illegal to trade crypto in China. The possibilities here were either the OTC trades pushed up the underlying price of BTC, or that there was manipulation. I really doubt that it was organic growth/ new interest cause it happened so quickly.

China is just a massive market manipulator at this point. Is it just more Tether pumping? Lol – Lotsa greater forces at work here.

Krypto is global. China has an affect and a counter affect will come – Keep yo eyes peeled

No doubt about that ... hopefully it wakes up the red tapers on the Libra issue now . #needforsomespeed – Def. Why is the US so darn slow….

Change in attitude – His one statement def changed the sentiment lol. That’s some power for ya.

i think it helped a little.. but i think China's movie to blockchain is very smart.. it will have first movers advantage like it did in manufacturing for them.. – Agree.

Depands if this was one time statement or they will start mentioning crypto more often... then public awareness and adoption will elevate.. – Doubt they will. They are strongly against crypto per se, and are more about permissioned blockchain.

its nice to see a government take a stand. of course the united states lags behind. we r too worried about the bad guys. the bad guys will always find a way around anything . we should be at the forefront of blockchain technology period....... - Yup

It is great news for the crypto world but I believe that there are more factors in play? – I think so too.

Bear market? Bull market? Is it likely a single stimulus triggered the recent upward movement we have already seen retrace? It is more likely multiple factors coincided simultaneously. There hasn't been a sustained run up or something close to mooning yet. Until the cryptomarket continues to climb over time we will continue this market lull neither bear nor bull. – We are no doubt still in a bear market.

It was a technical bounce – Lol no way was this a technical bounce. The magnitude is simply too great. There was a greater force at play here.

It's safe to say Chinese coins have really taken off, probably a lot to do with his statement. As for Bitcoin, his statement was maybe one of several factors that pushed it up. And are we sure we are out of the bear market? I hope so, not sure yet. – Don’t think we are just yet.

The president's statement caused the surge in crypto prices - true. Pulling crypto out of the bear market is what isn't clear to me. And even if that's the case, is it not too early to draw such a conclusion? Because I won't be surprised if we find ourselves at 7k within the next day or two. – Yeah, I share the same sentiment. It’s way too early to make a call, and the charts have not shown it yet too.

Manipulation by fed is still alive - Hmmm

Yes. This will be the beginning to the moon. Long live the chinese! Long live the chinese! Long live Xi Jinping! – He’s a g.

It certainly did, but also woke up the crypto space, my gut told me to buy 1k late friday, when i woke up saturday and saw the 42% rise i was in shock, initially thinking it weekend crypto or a honey trap. but after some research i was stoked. {missed the newsletter on saturday}. It also interesting to see where the rise happened. BSV, BTC, and the chinese projects mentioned in newsletter. But all great and wonderful for the market. Funny also that, the move from China was reiterating the point SuckerBook made to congress last week. this weekend felt like december 2017, the excitement. I think whoever is in front with blockchain will eventually become new top superpower. – Haha, if you’re long BTC (for the long run), you should just DCA and leave the emotions out of it! There are no newsletters on the weekends btw!

China is the most influential in the forward looking tech revolution. – Yeah. 

See you again tomorrow!

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