#CryptoCorner: No Rebound for BTC as Market Remains Red, E*Trade Financial (Nasdaq: $ETFC) to Introduce #Crypto Trading and China to Support “Blockchain City” in Malacca Strait
#CryptoCorner: No
Rebound for BTC as Market Remains Red, E*Trade Financial (Nasdaq: $ETFC) to
Introduce #Crypto Trading and China to Support “Blockchain City” in Malacca
Strait
Point Roberts WA, Delta BC, April 29, 2019
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April
29
Crypto Corner
Bitcoin (BTC) and the broader
crypto market largely failed to regain upward momentum over the weekend, with
total market capitalization opening this week lower than on Friday at $168
billion USD, according to CoinMarketCap. Despite shedding
most of its gains from the previous weeks, Bitcoin has crucially stayed above
the hard won $5000 support level for nearly a month now. The flagship crypto is
trading for $5232 at press time, and the top altcoins Ether (ETH) and XRP are trading for
$154 and $0.29, respectively.
The Australian
Competition and Consumer Commission (ACCC) released its tenth annual “Targeting
Scams”
report today, in which it claims that $6.1 million AUD ($4.3 million USD) was
lost to crypto scams. This is a 190 percent increase over the $2.1 million AUD
reported in the previous year. An excerpt indicates that:
“Almost 50 per cent of the losses reported where cryptocurrency
was the payment method were men in the 25–34 age group. As would be expected
for an online phenomenon, 80 per cent of reports involving cryptocurrency
identified an online mode of communication (‘internet’, ‘social
networking/online forums’ or ‘email’) as the method by which the scammer and
victim made contact.”
Bloomberg reports that
E*Trade Financial Corp. (NasdaqGS:ETFC) may be ramping up to introduce
crypto trading. An source familiar with the matter indicated that the financial
services firm would with Bitcoin and Ether trading, with the possibility of
adding more cryptos in the future. The article said that “E*Trade would be one
of the largest securities brokerages to allow crypto trading” and that the
“arrival of E*Trade could help to legitimize cryptocurrency trading for wary investors”.
Cointelegraph reports that
China’s government will support the construction of a “blockchain city” in the
Malaysian Malacca Strait – an important shipping lane that runs between
Malaysia and Indonesia. The project will be called Melaka Straits City, and is
jointly backed by construction firm China Wu Yi (SZSE:000797) and investment
company SWT International Sdn Bhd. According to the article:
“…the entire infrastructure of the city will be based
on blockchain technology, with a so called DMI platform offering its native DMI
coin. DMI will be used to pay government-based services within the city and
feature an exchange that will enable Melaka Straits City tourists to exchange
their fiat currencies for DMI coins.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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