#CryptoCorner: #Crypto Market Plummets, #Coinrail Exchange Hacked and Former FDIC Chair Urges Fed to Consider CBDC
#CryptoCorner:
#Crypto Market Plummets, #Coinrail Exchange
Hacked and Former FDIC Chair Urges Fed to Consider CBDC
Point Roberts, WA, Delta BC – June 11, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Market
Plummets, Coinrail Exchange Hacked and Former FDIC Chair Urges Fed to Consider
CBDC
At press time the cryptocurrency market has plunged
about $24 billion USD from $321 billion USD to $297 billion USD in the past 24
hours. According to data from CoinMarketCap, all of the top 50
cryptocurrencies are in the red since yesterday, except for Tether (USDT),
which is sitting at +0.15%. A report on CCN cites low trading volume and reduced
investor demand as possible contributors to the market decline.
“As the market started to gain some stability and small tokens
began to outperform major cryptocurrencies once again, investors became more
confident in the short-term trend of the market. But, investors dismissed one
key factor; the daily trading volume of BTC was merely half of its volume in
late April and early May. The demand from investors had notably declined.
The recent correction of BTC can be largely attributable to the
failure of bitcoin to continue its momentum from the $7,500 mark due to its low
daily trading volume. The downward price movement was not caused by independent
events that have occured this week.”
Another possible factor in the price drop
is news that South Korean cryptocurrency exchange Coinrail was hacked and
possibly lost $40 million USD in crypto. Coinrail’s website confirmed the hack and assured users that 70 percent of the
exchange’s accounted for assets had been moved to a cold wallet for
safekeeping.
Sheila Blair, former chair of the US Federal Deposit
Insurance Corporation (FDIC) urged the Federal Reserve to consider a central
bank digital currency (CBDC) in a recent piece on Yahoo Finance. After conceding the
“fragility of modern-day financial systems” and acknowledging that Bitcoin
(BTC) itself emerged from the 2007-2008 financial crisis, Blair imagines a CBDC
as a means to avoid future crises and better handle monetary policy:
“..what if the Fed or other central bank issued their own digital money? Though it sounds radical, the idea is gaining credibility among an increasing number of mainstream economists and central bankers themselves. Presumably, a central bank-issued digital currency (CBDC) would be as stable as traditional fiat currency, while reducing the risk of financial crises and improving monetary policy tools.”
Sam Mowers, Investorideas
Read other editions of the
Crypto Corner
Crypto Corner Sponsors:
Flip™ is the creation of Fit Pay, Inc., a leading provider of
cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD).
By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders
to seamlessly exchange their cryptocurrency for US dollars and store that value
on a contactless payment device that can be used to make purchases at millions
of retail locations. https://www.fliptopay.com/
Investorideas.com is a leader in Blockchain content
with its Bitcoin and Blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com
Join our LinkedIn Group Blockchain
and Digital Currency Stocks and ICO's - Latest News and Commentary https://www.linkedin.com/groups/13560073
About Investorideas.com - News that Inspires Big Ideas
www.Investorideas.com is a meeting place for global
investors, featuring news, stock directories, video, podcasts, company
profiles, interviews and more in leading sectors. Sectors we cover include tech
(AI, drones, internet of things) , payments, crypto and blockchain, biotech,
mining, energy, renewable energy, water , marijuana and hemp stocks, food and
beverage, defense and security (biometrics/cyber) ,Latin America, sports, entertainment,
luxury brands and gaming.
Disclaimer/Disclosure: Investorideas.com is a digital
publisher of third party sourced news, articles and equity research as well as
creates original content, including video, interviews and articles. Original
content created by investorideas is protected by copyright laws other than
syndication rights. Our site does not make recommendations for purchases or
sale of stocks, services or products. Nothing on our sites should be construed
as an offer or solicitation to buy or sell products or securities. All
investment involves risk and possible loss of investment. This site is
currently compensated for news publication and distribution, social media and
marketing, content creation and more. Contact each company directly regarding
content and press release questions. Disclosure is posted for each compensated
news release, content published /created if required but otherwise the news was
not compensated for and was published for the sole interest of our readers and
followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. Disclosure: this newsletter is sponsored content by
featured companies NXt-ID (NASDAQ: NXTD) on behalf of Flip More info: http://www.investorideas.com/About/News/Clientspecifics.asp
Cryptocurrency Disclaimer
Investorideas.com news content is not
meant to be a solicitation to buy or sell cryptocurrencies and
Investorideas.com does not directly sell cryptocurrencies; but acts as a news
and research resource for interested investors following the blockchain sector.
Copyright and ownership: Crypto
Corner is an Investorideas.com content brand
Contact Investorideas.com
800-665-0411
Comments
Post a Comment