The Daily Bit Cryptocurrency News Summary

Here’s a harsh truth:

Over ~90% of Twitter traders would be better off trading a super basic EMA crossover strategy than whatever made-up wholly discretionary ‘plan’ they’re following right now.

If you’re going to trade manually, make sure it’s worth your time and money.

– @CryptoCred

Top Cryptos By Market Cap

BITCOIN (BTC) |  -3.32% | $5,890.15
ETHEREUM (ETH) |  -5.43% | $411.50
RIPPLE (XRP) |  -5.62% | $0.432454
BITCOIN CASH (BCH) |  -5.92% | $657.88
EOS (EOS) |  -6.83% | $7.27
LITECOIN (LTC) |  -5.98% | $73.72

*As of 9:00AM EST

Note: There wasn’t much press yesterday. Given that, today’s newsletter will be shorter than usual.

Word On The Street

Binance + Uganda = Fiat Trading
Before we dive into the explanation, here’s the ending – Binance is opening a fiat to crypto exchange in Uganda. As for how they got there:

Binance has held the title of top crypto exchange by volume for months on end. And despite the downtrodden market, Binance is the sole exchange (with fees) still processing north of $1 billion in trade volume.

Here’s the thing: None of the trading volume was done in actual fiat currency. In fact, most of the top exchanges don’t offer any fiat pairs, and there’s a drop-off between the ones that do:

  • Bitfinex: $455 million
  • Bithumb: $222 million
  • Upbit: $154 million

Remember why few exchanges can trade USD, EUR, GBP, you name it – a bank account is required. Facing an uphill regulatory climate and strict government standards? Take a number, and thank you for visiting the DMV.

Choose Your Ocean
When positioning a product or service, two types of markets, or ‘oceans’ can be targeted: red or blue. Whereas red oceans are filled to the gills with competition, blue oceans have less blood in the water and present more opportunity for uninterrupted growth.

Uganda is a blue ocean. If you’re looking for a poster child for the unbanked, Uganda is a likely candidate – CZ noted that “only 11 percent of the population has bank accounts.” And with a March report estimating that nearly 71% of Ugandans own mobile phones, why not bring banks to citizens instead?

Looking forward: Binance is expected to launch 2 to 3 additional exchanges in the near future. While the locations are classified, we expect that other African countries are a likely target. After all, that’s where the real use cases are: banking the unbanked.

What Else You Should Read Today

By The Numbers

  • Nothing makes 1% fees seem outrageous quite like a 48,000 BTC (~$290 million) transfer that cost 4 cents.
  • Coinbase is opening an office in Portland that will house an estimated 100 employees.

General

  • CryptoCurve, the ‘Front-End’ of Wanchain, released their company whitepaper.
  • The Sacramento Kings put down the basketball and picked up Ethereum mining rigs, donating the proceeds to a local community group.
  • Ross Ulbricht, founder of dark web marketplace Silk Road, will serve out his life sentence after the Supreme Court announced that they will not reconsider the case.

Markets

  • Brave Browser introduced incognito browsing tabs, which protectS user privacy on both their personal devices and network.
  • Virtual reality platform High Fidelity raised $35 million in a Series Dround led by Galaxy Digital.
  • Coinbase added support for GBP to simplify the withdrawal process for UK investors.
THAT’S ALL FOR TODAY!

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