#CryptoCorner: #Bitcoin Back Below $8000, Mining Giant #Bitmain Reports $1.1 Billion First Quarter Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of IPO Tomorrow, Ethereum Creator Buterin Says “Too Much Emphasis” on ETFs and Ripple-Based Exchange Announced
#CryptoCorner: #Bitcoin
Back Below $8000, Mining Giant #Bitmain Reports $1.1 Billion First Quarter
Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of IPO Tomorrow,
Ethereum Creator Buterin Says “Too Much Emphasis” on ETFs and Ripple-Based
Exchange Announced
July 31st #CryptoCorner and Podcast sponsored by Crypto
payment tech, #Flip @FlipToPay ($NXTD)
Point Roberts, WA, Delta, BC – July 31, 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, now available in
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Crypto Corner July 31, 2018
Read this in full http://www.investorideas.com/news/2018/crypto-corner/07311Bitcoin-Bitmain-GalazyDigitalLP-Ethereum-Ripple.asp
Bitcoin Back Below $8000, Mining Giant Bitmain Reports $1.1 Billion
First Quarter Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of
IPO Tomorrow, Ethereum Creator Buterin Says “Too Much Emphasis” on ETFs and
Ripple-Based Exchange Announced
The crypto market has been a bit of a rollercoaster
ride during the past 24 hours. Bitcoin (BTC) dropped just below $8000 USD
yesterday, before recovering quickly to around $8200 USD around midday. It then
saw another, somewhat more severe drop later on and is trading for $7780 USD at
press time, according to CoinMarketCap. Overall Bitcoin has lost 4.5 percent over the
past day. The greater crypto market has seen a loss of about $17 billion USD in
the same period.
Fortune reports that bitcoin mining giant Bitmain brought in $1.1 billion USD
in net profit for the first quarter of 2018, just $100K less that the company’s
total 2017 profit. This comes from an email obtained by Term Sheet “from
a source close to the company”. The email also indicates that Bitmain is
seeking to raise more funds ahead of its intended IPO that would see the
valuation of the company at $14 billion USD. As for the company’s highly
anticipated public offering in Hong Kong, the email said “Bitmain plans to file
for an IPO very soon.”
A slightly
different story is reported in Bloomberg about
crypto-focused merchant bank Galaxy Digital LP, which goes public on the TSX
Venture Exchange tomorrow. The company, owned by former Goldman Sachs Group
Inc. partner Mike Novogratz saw a loss of $134 billion USD in the first
quarter. In an interview with BNN Bloomberg in Toronto, Novogratz talked about
how he might have planned differently if he had foreseen the behaviour of the
market.
“If I knew
what I know now, knew the crypto markets were going to swoon as much, and it
was going to take so long, I might have stayed private for another year or so
and then gone public. But I don’t think it’s a mistake."
Ethereum
creator Vitalik Buterin opined via Twitter that too much
importance is being placed on crypto ETFs and that adoption is still the
crucial goal for the crypto market.
“I think
there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on
making it easier for people to buy $5 to $100 in cryptocurrency via cards at
corner stores. The former is better for pumping price, but the latter is much
better for actual adoption.”
A press release from DCEX, a cryptocurrency
marketplace for retail and institutional investors, announced that registration
is open for the first Ripple (XRP)-based digital currency exchange. DCEX will
be powered by blockchain exchange company Alphapoint, and clients will be
offered 15 crypto to crypto trading pairs upon launch.
Sam Mowers, Investorideas
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/
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