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Thursday, May 16, 2019

#CryptoCorner: Altcoins Pick Up BTC Momentum, Outflows Exceed Inflows from Major Exchanges, Hong Kong and Thailand Central Banks Sign MOU

#CryptoCorner: Altcoins Pick Up BTC Momentum, Outflows Exceed Inflows from Major Exchanges, Hong Kong and Thailand Central Banks Sign MOU

Point Roberts, WA, Delta BC May 16, 2019 -, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s  (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and  the Genesis Exchange and Wallet  App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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Bitcoin (BTC) is trading at roughly the same price as we left it on yesterday morning’s Crypto Corner – about $7950 – despite having peaked at $8319 yesterday, according to data from CoinMarketCap. Total market capitalization has still grown in the past 24 hours, owing to the surge of major altcoins like Litecoin (LTC), Bitcoin Cash (BCH) and especially Ether (ETH), which has in turn driven Bitcoin’s market dominance down further to about 56 percent. Ether is up nearly 13 percent at press time, with a $27.7 billion market cap and a trading price of $261.

A report from Bloomberg yesterday cites data from TokenAnalyst, which indicates that, despite the current crypto rally, withdrawals from major exchanges are actually exceeding inflows. Outflows from exchanges such as Bitfinex, BitMEX, Binance and Kraken surpass inflows by around $622 million over the past five days. John Griffin, a finance professor at the University of Texas at Austin explained in an email to Bloomberg that Bitcoin’s rally may be due to capital flight from less stable cryptos:

“So smart customers will not custody their funds on exchanges and pull their crypto off exchanges. This could put further upward pressure on Bitcoin prices as one would rather take fake money and exchange it to Bitcoin.”

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MOU) to spark collaboration between the two central banks in fintech innovation. One project mentioned in the press release is that of a central bank digital currency (CBDC), which would bring together research from the HKMA’s Project LionRock and the BOT’s Project Inthanon. HKMA chief executive Norman Chan said:

“The HKMA and BOT are long-time partners in a number of important financial initiatives. Today I am pleased to have signed a fintech MoU with Governor Santiprabhob to take our collaboration to the next level. The signing of this MoU not only demonstrates our mutual interests in developing collaborative fintech initiatives, but also underlines our on-going efforts in cross-border collaboration between central banks in promoting innovation and enhancing experience sharing. The HKMA looks forward to working together with BOT and seeing the positive outcome from our joint effort.”

An official blog post yesterday revealed that Singapore-based crypto exchange giant Huobi has launched a regulated OTC desk for institutional investors. The service will allow both crypto-to-crypto trading and fiat-to-crypto trading. Jeff Adams, Senior Sales Manager for Huobi Global, said:

“We see a lot of appetite out there from players in more established financial markets when it comes to digital assets but many are still uncomfortable jumping into unregulated trading environments. We also see an unfilled need for services aimed at those looking to make large volume transactions. Huobi OTC Desk is a big step forward to filling both of those needs.”

Sam Mowers, Investorideas

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