#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
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May
16
Crypto Corner
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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