#CryptoCorner: Market Loses $20 Billion in 24 Hours, Study Argues that #Crypto Could Go Mainstream in the Next Decade, #IPOs up Five-Fold Since Post-Crisis Lows and Chinese Regulator Warns Against ‘Mythologizing’ #Blockchain
#CryptoCorner: Market Loses $20 Billion in 24 Hours, Study
Argues that #Crypto Could Go Mainstream in the Next Decade, #IPOs up Five-Fold
Since Post-Crisis Lows and Chinese Regulator Warns Against ‘Mythologizing’ #Blockchain
#CryptoCorner
sponsored by Crypto payment tech, #Flip @FlipToPay ( $NXTD)
Point Roberts, WA, Delta BC – July 10, 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.
Listen to the Podcast:
Crypto Corner –July 10, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/07101GoMainstream.asp
Market Loses $20 Billion in 24 Hours, Study Argues that Crypto Could Go
Mainstream in the Next Decade, IPOs Up Five-Fold Since Post-Crisis Lows and
Chinese Regulator Warns Against ‘Mythologizing’ Blockchain
Data from CoinMarketCap indicates that the crypto market lost roughly $20 billion USD in the
last 24 hours, sinking from a $274 billion USD total market cap to $254 billion
USD at press time. Bitcoin (BTC) is trading six percent less than this time
yesterday with a current price of just under $6400 USD. Most of the top 100
altcoins have followed Bitcoin’s loss with Ethereum (ETH) losing around 10
percent.
A report from CCN by Joseph Young attributed the loss to low volumes
of bitcoin and other cryptoassets.
“Last week, the volume of bitcoin
slightly recovered to around $5 billion, after dipping below the $3.5 billion
mark. This week, the volume of bitcoin dropped back down to $3.9 billion, while
the volume of Tether rose from $1.6 billion to $3 billion.
Often, a spike in the volume of
Tether (USDT), a stablecoin whose value is hedged to that of the US dollar,
signifies extreme volatility in the crypto market and the movement of traders
from major digital assets to fiat currencies out of concerns that the market
will continue to fall in the short-term.”
A PR Newswire press release from crypto exchange eToro yesterday reports the findings
of a study from eToro and Imperial College London which indicates that
cryptocurrencies have potential to become mainstream forms of payment in the
next decade. Professor William
Knottenbelt from Imperial
College London and Dr Zeynep Gurguc from Imperial College Business School outline the three
criteria a currency must fulfill to become viable as being able to be used as a
store of value, a medium of exchange and a unit of account. The professors
argue that cryptocurrencies already act as a store of value and that it will
take scalability, design and regulation to fulfill the other two criteria.
Iqbal V.
Gandham, UK Managing Director of eToro, who commissioned the research, said:
"Perhaps
the thing that will ultimately tip cryptocurrencies into mainstream is the
issue of cross-border payments. These remain difficult and expensive in many
cases. Cryptos are cross-border by design, enabling wealth to be transferred
far more easily. The potential for this to be a leading use case looks very strong."
Investorideas.com
received data from the
Deals Intelligence team at Thomson Reuters that indicates that the number of
global IPOs is up five-fold compared to post-financial crisis lows. Data shows
that, bolstered by Xiaomi’s $4.7 billion offering, global IPO proceeds are up
18% year-over-year, reaching $100.7 billion so far during 2018. Xiaomi, the
Beijing-based electronics company, in March released CryptoBunnies, a knock-off
of the popular blockchain gaming app CryptoKitties.
The South China Morning Post reports that Fan Wenzhong, head of
the international department of the China Banking and Insurance Regulatory
Commission has warned against “mythologizing” blockchain, while acknowledging
its value. In a quote taken from his speech at a fintech summit in Shanghai,
Fan said:
“We all think
blockchain is an innovation with significant meaning – correct. But we
shouldn’t mythologise blockchain.”
In particular
he cautioned against cryptocurrencies:
“Blockchain is
a useful innovation but that doesn’t mean cryptocurrencies, which blockchain
has given rise to, are necessarily useful.”
Sam Mowers, Investorideas
Crypto Corner Sponsors:
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