CryptoAM: Securities on Coinbase, MLBlockchain, and BlackRock Adventures

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Happy Tuesday morning people, we are ever so slowly inching up and up! Smile!

3 things you need to know:

One: Coinbase has been approved to acquire three companies which will give it the licenses that are required to list security tokens. The licenses allow Coinbase to, “operate as a broker dealer, an alternative trading system and a registered investment adviser.” This puts Coinbase in the lead in the race to offer legal trading of security tokens.

  • My take: I believe the SEC will wait to make more definitive statements on which tokens are considered securities and which tokens are not until more companies have acquired the necessary licenses to trade them. Trying to crack down on trading of the tokens now would result in a massive headache for all parties involved and it would seriously damage crypto innovation in the US.

  • Read more…

Two: BlackRock confirms they’re looking into cryptocurrencies. Big news today, as BlackRock is one of the largest asset management companies in the world. BlackRock AUM is $6.28 trillion! They aren’t going to offer clients access to Bitcoin or other cryptos anytime soon, but have assembled a team to research the assets and report back, confirming that they are taking crypto seriously.

  • Takeaway: Large asset managers such as Fidelity, BlackRock or Vanguard are more important (and interesting) than investment banks or hedge funds entering the space. Hedge funds/I-banks/family offices have traditionally been the first to invest in emerging asset classes, with the larger more conservative institutions coming later on. The second wave is the one we should all be watching closely…

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Three: Say hello to MLB Crypto Baseball. Lucid Sight, a blockchain gaming company, is developing an MLB collectible game based on the Ethereum blockchain in an official partnership with MLB. The MLB hopes to use this game to generate more interest in baseball from younger demographics, who are drifting further and further away from the game.

  • Accessibility: Playing Crypto Kitties isn’t as simple as downloading an app on your phone. You must buy Ether, transfer it to Metamask, and play through a web interface. Crypto Baseball will be like this too during phase one of its rollout, but Lucid Sight aims to launch an easy to use mobile app in the near future after launch. Making DApps accessible from mobile is absolutely crucial for adoption.

  • “Collecting items related to your team, engaging with your team in a new way. For me, say the Red Sox win the division in a couple months, I want to buy something that symbolizes that. These will be event-based things—those moments in sports that happen that you want to remember and cherish, and have a sense that you were there, even if only digitally.”

  • My thoughts: You may remember in a CryptoAM newsletter last week that I was desperately hoping for more collectible games on the blockchain. It looks like Vitalik answered my prayers. I am PSYCHED! WOO! This is so sweet!

  • You can sign up today and get free collectibles on launch using this link.

  • Read more…

Also in the news:

What I’m reading today:

DAOstack Coin Report

This morning I published a coin report on DAOstack. DAOstack is a protocol for decentralized governance with an emphasis on scalable decision making. We’ve been thinking a lot about the real world use cases of decentralized applications, and decentralized autonomous organizations (DAOs) stand out as being a powerful new way to coordinate and manage large groups of people. DAOstack takes an interesting approach to tackling the issue of running DAOs at scale, and I’d encourage anyone with interest in them to give it a read!

Around the corner:

Market Outlook:

Quick Take:

We just had a bullish EMA crossover (9D - 20D). This combined with a retest of the significant 6.8k level makes me believe we will likely see a breakthrough of the 6.8k level soon. The key here is to see if that breakthrough gets rejected in the same manner as previous runs.

If we break 6.8k intraday but have a daily close under 6.8k, I will be expecting a trend down to at least 6.5k. If we have a daily close above 6.8k, I would expect a run to 7.2k over the course of the next few days.

If you haven’t been paying attention, you should start paying attention now. The next day is critical.

Daily Chart:

Fear & Greed:

We’re quite bullish this morning. Money is flowing out of Tether and into the crypto market. Speculation is still quite low, but if we are going to see a reversal of 2018’s trend so far we would expect Bitcoin and Ethereum to pump first.

Here’s a reminder of what these criteria mean

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