W3J Daily (9/26): Venezuela’s central bank may add BTC and ETH to reserves, Fundstrat: BTC doesn’t do well in trendless macro environment
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Editor’s Commentary:
Fundstrat Says BTC Doesn’t Do Well in Trendless Macro Environment. Thomas Lee from Fundstrat made the opinion that BTC typically does not perform well in a trendless macro environment because crypto is mostly retail. Thomas said new highs in S&P 500 are needed before BTC can blast off again. S&P 500 is up 20.2% YTD and is down 1.6% from its ATH at $3026 on July 16, 2019.
- Andrew and Grigor
W3J Daily Editors
web3journal.com
Top News Of The Day:
The central bank of Venezuela is considering adding cryptocurrencies, specifically BTC and ETH, to its foreign reserves, according to Bloomberg. Venezuela’s state-owned oil company Petroleos de Venezuela SA (PDVSA) has asked the central bank to pay its suppliers with crypto, after having trouble settling transactions via conventional channels. - Link
Arcane Research points out how BTC falls on average 2% ahead of futures contracts on CME being settled. - Link
Encryption-as-a-service startup StrongSalt raises $3M from Valley Capital Partners to bring standardized end-to-end encryption techniques, as well as an immutable data audit trail using blockchain. - Link
There were more liquidations on Tuesday (>$600m) compared to the short squeeze on April 2, according to Skew. - Link
Tether remains relatively stable in market cap and surpasses LTC and BCH in market cap value after the continued drop. - Link
Former VP of the Federal Reserve Simon Potter says central banks should be very concerned private sector is creating cryptocurrencies, such as Libra. - Link
Kik CEO Ted Livingston claims he will fight the SEC until Kik doesn’t have a dollar or person left. -Link
Crypto-friendly Puerto Rico-based Medici Bank to launch in private beta in October. - Link
Binance announces staking platform for NEO, ONT, VET, XLM, KMD, ALGO, QTUM, and STRAT. - Link
Bittrex adds Chainalysis’s Know Your Transaction (KYT) service to identify suspicious activity from BTC, ETH, LTC and other coins. - Link
Algorand, which raised $122.4M, trades at $0.17, which 93% below its its crowdsale price of $2.40, and 70% above its private sale price of $0.10. - Link
Mercury, a fintech company focused for startups, raises $20M A ked by CRV with participation from A16Z, Kevin Durant, Will Smith, Nick Jonas, Serena Williams and more. Mercury is building a bank for startups and tech co’s with features such as integration with Xero, customizable notifications, an API to automated tasks, and extra digital security features. - Link
Top Tweets Of The Day:
“Although $8.2M collateral was liquidated, many CDPs were not due to network congestion. Lack of scalability is now the enemy of DeFi & puts user funds at risk.
Pls fund & support @plasma_group, @maticnetwork, @ConnextNetwork, @statechannels etc. to accelerate L2 dev & grow DeFi.” - Eva Beylin (@evabeylin)
“While bitcoin $BTC is down well into double digits, similar losses occurred throughout its history. 70 different times bitcoin has fallen more than 10% representing 2.4% of total days over the last eight years (since August 1, 2011).” - Messari (@messaricrypto)
“Why bitcoin dropped -- an analysis 1/6
One guy I have a lot of respect for is @fundstrat. Met him and talked extensively with him in Bermuda (when BTC was around 5K) and he was very clear on 10K. This recent video is worth watching
His main thesis is that we need higher equities in order to see higher Bitcoin (which he does see). In other words, these two assets are correlated (sorry @APompliano) it's a retail phenomenon. New highs on SP500 --> money gets diverted into BTC --> BTC makes new highs 2/6” - Fred Krueger (@dotkrueger)
“Email and e-commerce are the only surviving e-prefixes from the dot com era, will we see any crypto or blockchain prefixes survive? Cryptocurrency in this sense is sorta the same as email. Gmail is an application on top of protocols that facilitate email. There are thousands of these. There’s also amazon which is an application on top of web protocols and payment rails that facilitate e-commerce. There are thousands of these.” - Jon Perrier (@jbperrier)
“I’m considering supporting/ producing a competitive event to Consensus 2020. Same dates, same city, better programming, and a not so subtle shot across the bow.
Interested?
Slide into my DMs, and let’s level up our industry’s flagship conference.” - Ryan Selkis (@twobitidiot)
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