Another big welcome to the first week of the Cash Kings Crypto Newsletter.
With this free series, we will be aiming to educate all our Cash Kings members on the latest in Crypto trends, ICOs and headlines. And it is our hope that if you are not currently in a position to profit from this insightful edge, then you will learn with each instalment – so one dayin the not too distant future, you can diversify your investments into cryptocurrency in the spirit of a true Cash King!
Until then, sit tight and read carefully!
Before we properly begin, let’s start off with a quick description of a crypto currency for all you novices with us. This is an online currency, able to be traded anywhere in the world with the unique advantage of being cryptographically recorded so that transactions are secure and almost impossible to counterfeit. Plainly, this means that all transactions are decentralised and each transaction must be verified by an array of users from across the globe, through the use of private keys.
Due to the limited nature of the most popular coins on the market, many investors see value in these intangible coins just like they might with gold. In recent history, thousands of millionaires and even billionaireshave been minted from investing in cryptocurrencies. At the Cash Kings, we have reason to believe that despite what you might hear on the news about the crypto crash of 2017, this strange market still has significant upside and untapped potential.
The last 7 days in Crypto News…
This week, we’ve seen quite a cool down in the crypto markets and some much-needed consolidation in a lot of major cryptocurrencies. Bitcoin has come down to below USD 11K off highs of USD 13K, whilst still maintaining its colossal USD 200 billion dollar market cap. The momentum behind this coin should not be underestimated and especially, after its 170% surge in only the last 70 days. From a technical perspective, Bitcoin has a strong track record of holding its 200 day moving average on the 4 hourly charts, which has been a strong indicator of support during the coin’s history and has done well to maintain this. A similar, but not so steep upward trend and slight cooling off has also been witnessed with the other major cryptos including Ethereum, Ripple and Litecoin, amongst others. According to many experts, this consolidation presents a relatively safe opportunity to buy if you believe in the crypto world’s long-run success, which is moving from strength to strength based upon the number of governments, banks and even social media companies (think Facebook) which are readily establishing infrastructure to support this.
Goldman Sachs Kicks its Secret Crypto Project into Gear
Earlier this month, a new job listing by investment bank Goldman Sachs reveals its subtle intention to make its first proper foray into the crypto space. The listing is for a Digital Asset Project Manager inside the bank’s in-house incubator program. When looking at the job post carefully, it requires a leader who is well-versed in the area of blockchain, digital asset and distributed ledger technology. In conjunction with the CEO (who also performs as a house DJ, visit https://open.spotify.com/artist/3fzRb5i8Wn7ao2KPDxEiTRto listen), David Solomon’s recent statement suggesting that GS are looking closely at the potential of stablecoins (cryptos pegged to fiat currencies ie USD), tokenisation and frictionless payments, we can conclude that the investment bank are investing heavily into the crypto space.
Samsung Finally Released their Blockchain and DApp Software Development KitTechnology giant Samsung just announced the release of its blockchain and decentralised application (DApp) Software Development Kit (SDK) in what has become their most significant move in the direction of supporting the creation of blockchain technology. SDK permits for account management and backup, payment and digital signature facilitation, Samsung Keystore and other cold wallet support. This development builds on top of their existing storage facility for private cryptocurrency keys that accompanied the release of the Samsung Galaxy S10 in February. And in June, Samsung’s IT subsidiary announced its launch of three new products angled towards addressing clients’ worries about blockchain; just more proof of the lengths the tech giant is going to, to pave the way for simplified use of cryptocurrency in our everyday life.
Central Bank of Turkey Put Digital Currency on New Economic Roadmap
An economic roadmap published by the Turkish government, that underlines a push towards “blockchain-based digital central bank money” has turned the heads of many crypto advocates. Detailed in the report, the development plan lists blockchain adoption in the operation of transportation and customs, further suggesting that its implementation will improve public services and administration. This expands on Turkey’s ex deputy Prime Minster’s statement in early 2018, articulating “we are planning to start our own work on digital currencies”. And while some in the Turkish government remain sceptical towards cryptocurrencies, it works in alignment with a paper issued by the International Monetary Fund (IMF), predicting in late June that several banks will start issuing digital currencies in the near future. Turkey is not the only country to venture into the crypto space, the IMF has cited testing projects in Uruguay, the Bahamas, China, Sweden and the Ukraine; these countries represent just the tip of the iceberg concerning the widespread government-adoption of blockchain currency distribution.