#CryptoCorner: BTC Breaks $8K, XRP Rockets 28%, Samsung to Extend #Blockchain and #Crypto Services to Budget Galaxy Phones and HTC Announces ERC-20 Swaps on Native Wallet
#CryptoCorner: BTC
Breaks $8K, XRP Rockets 28%, Samsung to Extend #Blockchain and #Crypto Services
to Budget Galaxy Phones and HTC Announces ERC-20 Swaps on Native Wallet
Point Roberts WA, Delta BC, May 14, 2019 -
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May
14
Crypto Corner
Stocks discussed: (KSE:005930) (TWSE:2498)
When we left off on
yesterday’s episode of Crypto
Corner,
Bitcoin (BTC) was trading for
about $7750, according to data from CoinMarketCap. Since then it has
broken past $8000 and is trading for $8050 at press time, after peaking around
$8265 earlier today.
But even though
Bitcoin still holds a near 60 percent market dominance, its 6.5 percent 24-hour
growth is dwarfed by XRP, which boasts a
gain of 28 percent in the last day. This is possibly a result of yesterday’s
news, also featured in Crypto Corner, of German stock exchange Boerse Stuttgart
launching an XRP exchange-traded note. Additionally, crypto exchange giant
Coinbase tweeted that XRP was now
available for trading for users in New York.
Commentary from Ben
Waters, Head of International Markets at blockchain platform IOST,
outlines some background for the current bull run we’re seeing:
There
are multiple factors contributing to the latest bitcoin price surge that are
based on bitcoin’s strong fundamentals and recent market-moving news. Back in
November 2018, a number of events including the Bitcoin Cash “hash war” flooded
the market with an increased supply of bitcoin at a time when there was little
interest in cryptocurrencies, driving down the price down from $6,000 to
$3,000. At this point, the price of bitcoin to many was undervalued, resulting
in smart money taking advantage of the dip and entering the crypto market. In
the past three to four months, we have also seen institutional players such as
Bakkt and Fidelity Investments make significant traction in the space, further
indicating mainstream acceptance and legitimizing of crypto as a burgeoning
asset class. During that time, many of the popular crypto projects that have
survived through crypto winter are finally materializing.
More
recently, investors are looking at bitcoin as a way to diversify their
portfolios against the volatile equities market, which is currently being
exacerbated by geopolitical tensions such as the U.S.-China trade wars. In
addition, yesterday saw a flurry of bullish news, including Microsoft deploying
an identity network on the Bitcoin Blockchain, Bakkt set to launch BTC settled
futures contracts with custodial solutions next week, Wholefoods and Starbucks
now accepting Bitcoin, and rumours of Ebay moving into the space. With record
daily transactions, trading volume, low
fees and continued development including Lightning network and segwit adoption,
Bitcoin’s fundamentals are stronger than ever. Bitcoin is now back on the radar
of savvy investors and the crypto asset class may just be getting started.
Business
Korea
reports that Samsung (KSE:005930) will expand its
crypto and blockchain functions to their budget line of Galaxy phones. These features
were previously only available on the recently launched Galaxy S10. Chae
Won-cheol, senior managing director of the Product Strategy Team at Samsung
Electronics' Wireless Business Division, said:
"We will lower barriers to new experiences by gradually
expanding the number of Galaxy models that support blockchain functions. We
will also expand our service target countries after Korea, the United States
and Canada. "
Cointelegraph reports that the
Exodus 1 smartphone from HTC (TWSE:2498) will allow users
to directly swap between Ethereum (ETH)-based ERC-20
tokens supported on the phone’s native wallet. This will be achieved through a
partnership with cross-token trading platform Kyber Network.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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