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‘crypto-woke’ E&Y, Nightfall, parsing tea leaves, etc….

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Satoshi&Co Daily Crypto Newsletter

April 22 · Issue #164 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as short (but great) conversations with leading crypto industry participants at our newly-launched website www.satoshiand.co

For far too long, like any nascent field, certain wasteful debates have inordinately dominated cryptocurrency and blockchain conversations. Blockchain v bitcoin, tech crypto v money crypto; you get the drift. For a recent example from tech history, witness the bruising, multi billion dollar fight between BluRay and HD DVD in the 90s. Bluray won the fight. Apparently. Think of that when you are streaming GOT on your favourite streaming service. The limited point here is, with the way technology is advancing, what once seemed like a brutal, critical, existential fight-unto-death might seem completely irrelevant in just a few years, when a paradigm has completely shifted.
Full marks then to E&Y, for breaking out of its peer group and launching Nightfall, a truly public, open blockchain on top of the Ethereum network, instead of opting for yet another consortium-driven effort that will fragment adoption and extend blockchain’s version of Bluray v HD-DVD, while the real tech continues to get built out independently. Crypto purists might scoff at the potential of something like this, but this is exactly the sort of mainstream corporate adoption that crypto and blockchain needs; An advisory firm like E&Y with its deep relationships across industries can significantly hasten the process of Ethereum adoption. Prima facie, it looks like E&Y has done its homework here, and has incorporated NFT (Non-fungible tokens, critical for asset tracking, among other things) compatibility through the ERC-721 framework, as well as ZKPs (Zero Knowledge Proofs), another interesting area that is critical to privacy and security in a number of blockchains, including bitcoin and ZCash. Nightfall, in the long run, therefore has the potential to make crypto-bull wet dreams come true.
And now for a quick gander at some TA…
After what seemed like an interminable winter, crypto markets are finally looking up over the past several weeks. Crypto’s largest asset looks like it’s headed right toward a dominant bullish chart pattern, the Golden Cross.
A historically bullish pattern in technical analysis, the Golden Cross occurs when a shorter term moving average (MA) crosses above a longer-term MA. Perhaps two of the most commonly used moving averages for this pattern are the 50-day and 200-day MAs.
At present for Bitcoin, the daily chart 50-day MA looks like it is headed toward the 200-day MA for a potential crossover in the not-so-distant future.
Golden cross patterns such as these can sometimes indicate longer-term trends ahead and can be useful in longer-term trend outlooks. Bitcoin also had a Golden Cross near the end of the last bear market cycle back in 2015, indicating on the 2016 – 2017 bull run. Gaining steam during the upward trend, the 50-day MA looked to hold above the 200-day MA as a type of support.
If enough people, both among technical analysts as well as fundamental analysts, believe that a corner has been turned, a corner will indeed have been turned. That is just reflexivity at work, as we have mentioned before!
Source: Tradingview
Source: Tradingview
Meanwhile in Crypto Wonderland....
“Gate.io Raises $64 Million”
The crypto exchange has recently raised $64 million in trading fees by selling the native tokens for its upcoming blockchain. The sale went for seven days and the digital currency can only be used once Gate.io launches its proprietary blockchain. The Malta-registered digital asset exchange first announced the sale on April 1, in which it specified that it was going to list 300 million Gatechain Tokens for sale. The exchange also outlined that it is aiming to launch the mainnet of the exchange’s proprietary blockchain – Gatechain – in Q4 2019.
“Monex to Venture Into Crypto Trading ”
Japanese online brokerage Monex Group considers adding digital assets to the range of tradable instruments available for retail customers. The company aims to launch the cryptocurrency offer in collaboration with the recently acquired cryptocurrency exchange Coincheck, which obtained the license from the Japanese financial watchdog in January. Despite a series of large hack attacks, Japan is still one of the most lucrative cryptocurrency trading markets. While the FSA has tightened its approach, but it is still willing to accommodate the industry.
“CMC Now Available on IOS and Android Apps”
CoinMarketCap, one of the leading cryptocurrency data information platforms launched its mobile app for Android and iOS users yesterday. The mobile app will make it easier for users to track prices, trading volumes, and the activity of over 2,000 cryptocurrencies. The CMC app allows users to get accurate data, alerts, conversions, tools and more all within the same app. It is available to download for both Android and iOS mobile device users. The platform added that the mobile app is essential for those who invest or trade digital currencies as it enables them to track over 16,000 cryptocurrency markets.
“Gemini Wallets Now Offer SegWit Support”
Cryptocurrency exchanges and wallets have been in the news multiple times of late due to crucial updates or news about them delisting certain cryptocurrencies because of issues within the community. In terms of developments, Gemini, the Winklevoss brothers-founded cryptocurrency exchange, was in the news when the company’s cryptocurrency wallet was upgraded with the full support of SegWit. The organization stated that the decision to upgrade to SegWit was made after much deliberation because the upgrades that came following it would be dependent on it.
Crypto Twitter Pick
Spencer Noon
During the ‘14-15 bear market, I had to shut my Bitcoin startup down. I went back to a job in tech.

The next bull market, I returned to crypto. I’m not leaving again.

So let’s not overreact that people left during the last bear market. There’s a good chance they’ll return.
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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This newsletter does not constitute an offering of securities in any jurisdiction. The contents of this note should not be construed as investment advice or as a recommendation to purchase securities. This note is intended for the consumption of the recipient alone and not for public distribution. Please consult a certified financial advisor or other appropriate practitioner as may be appropriate as per your jurisdiction.
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