#CryptoCorner: #Crypto Comeback Slowed by Dow Drop, Facebook (NASDAQ: $FB) Forms “Libra” in Switzerland, European Central Bank Does Not Regard Crypto as a Threat
#CryptoCorner: #Crypto Comeback Slowed by Dow Drop, Facebook
(NASDAQ: $FB) Forms “Libra” in Switzerland, European Central Bank Does Not
Regard Crypto as a Threat
Point Roberts WA, Delta BC, May 20, 2019
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May
20
Crypto Corner
Stocks discussed: (NasdaqGS:FB)
Just before the
weekend we observed a sudden drop in the crypto market, with Bitcoin (BTC) falling as low as $7050 on Friday, and
the total crypto market cap sinking to about $220 billion, according to data CoinMarketCap.
Over the course of the weekend, however, Bitcoin has made a significant
recovery, and is trading for $7770 at press time. Total market capitalization
is currently sitting at $241 billion. This crypto recovery peaked yesterday,
but has since fallen alongside a drop in the Dow this morning
Reuters reports that Facebook (NasdaqGS:FB) has formed a new blockchain-based
fintech company in Switzerland called Libra Networks. The company, which was
registered on May 2 in Geneva, will focus on “investing, payments, financing,
identity management, analytics, big data, blockchain and other technologies.”
The European
Central Bank issued a report on Friday, in which it claims that
cryptocurrencies do not represent a threat to the stability of finance in
Europe.
Crypto-assets currently do not pose a material risk to
financial stability in the euro area. Their combined value is small relative to
the financial system. The sector nevertheless requires continuous careful
monitoring, as market developments are dynamic and linkages to the wider
financial sector may increase to more significant levels in the future.
Ethereum (ETH)-based stock exchange SprinkleXchange
expects to list its first company in June, according to a report from Bloomberg. Based in Bahrain, SprinkleXchange
uses the Ethereum blockchain for settlement and clearing – the first licensed
IPO-platform in the world built on blockchain technology – and targets
companies with a market cap of $20 million to $200 million for listing. The
company’s CEO, Alexander Wallin, told Bloomberg in a phone interview:
“We have the luxury of being first with this, but we’re
aware that it will become a crowded market. It’s like moving from VHS to
streaming; Netflix did it nicely and was first, but now there are lots of
streaming sites.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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