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Volatility is Back!

Please check out past issues of the newsletter along with more interesting crypto content as well as

Satoshi&Co Daily Crypto Newsletter

December 18 · Issue #90 · View online
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Please 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

With less than two weeks remaining before we move on to the next year, the crypto markets are showing no signs of an imminent rally with Bitcoin toying with the $3.5k price level and altcoins unsurprisingly matching Bitcoin’s price performance toe to toe, or rather dip to dip. Before the most recent price rout began, the one thing that we liked about the price movement was the secular decrease in price volatility throughout the year, despite steep correction in prices, before it jumped back to the historical high levels.
With the deepening bear market that has significantly reduced the runway for various projects, and as regulators start to clamp down on illegal and unregistered token offerings, we expect multiple ICOs to bite the dust in the next 12 months. We have already seen the first signs of capitulation with Basis pulling the plug on its highly praised and advertised “algorithmic central bank” stablecoin project and premier firms like Consensys resorting to mass layoffs to balance their books. It will be interesting to see how some of the ICOs that are standing on their last legs will cope with what is probably going to be a longish winter.    
Meanwhile in Crypto Wonderland....
“Power Block to Move Ahead With $251 Million investment”
Power Block Coin, the company that plans to invest $251 million in a mining facility in Butte will  go ahead with the investment despite the continued bear market. According to Aaron Tilton, the co-founder, falling prices may actually be a boon for miners since the cost of mining equipment tends to decrease as the price of bitcoin drops due to lower demand.
“Coinbase Launches Convert”
San Francisco-based cryptocurrency exchange and wallet service Coinbase has launched its new “Convert” service. The new feature will purportedly be made available to customers in 34 different countries, wherein Coinbase offers native payment access. Coinbase has been launching multiple features this December and according to the exchange, Convert is a “natural progression” in the platform’s development.
“CONSOB Suspends 2 Projects”
The Italian securities regulator has suspended two projects for allegedly offering fraudulent crypto investment schemes. Both firms suspended by the regulator Commissione Nazionale per le Società e la Borsa (CONSOB) — Bitsurge Token and Green Energy Certificates — are allegedly scam projects from Avalon Life, a company that is not based in the European Union. Both have been banned from offering investments for 90 days.
“Follow Transactions, Not Prices”
Juan M. Villaverde, an analyst from Weiss Cryptocurrency Ratings suggests that the market cap is not the ideal metric to judge the growth of the crypto space. Crypto prices and market cap are affected by investor sentiment and do not necessarily reflect the recent progress happening in the sector. A better indicator of the industry’s future is the adoption of digital currencies measure by actual on-chain transactions.

Crypto Twitter Pick
Biht Coign
If Bitcoin goes over $3532, next target will be $3533.
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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