#CryptoCorner: Crypto Market Plummets Following 5K BTC Dump, Amazon ( $AMZN) Awarded Merkle Tree Patent, Coinbase in Talks to Acquire Xapo
#CryptoCorner:
Crypto Market Plummets Following 5K BTC Dump, Amazon ( $AMZN) Awarded Merkle
Tree Patent, Coinbase in Talks to Acquire Xapo
Point Roberts, WA, Delta BC, May 17, 2019 -
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May
17
Crypto Corner
Stocks discussed: (NasdaqGS:AMZN)
The crypto market
has seen a significant correction as we head into another weekend. Virtually
all of the top 100 coins listed by market cap are in the red. Data from CoinMarketCap indicates that
Bitcoin (BTC) bottomed out this
morning at just under $7100, but CCN puts the figure as
low as $6400. Major altcoins such as Ether (ETH), XRP and Bitcoin Cash (BCH) have sustained 24
hour losses around 10 percent.
The sudden drop in
the market seems to have been triggered by a 5,000 BTC sell order on Bitstamp.
Three Arrows Capital CEO Su Zhu, who spoke to CCN following the $35 million BTC
dump, believes the market will recover promptly:
“This is a purely market structure related move, I
expect it to be bought up extremely quickly.”
Amazon (NasdaqGS:AMZN) has been awarded a patent by the U.S. Patent
and Trademark Office (USPTO) for a project that would allow the company to
generate Merkle trees as a proof-of-work solution. Merkle trees are a data
structure variation that is adjacent to blockchain technology, and any
intentions the company may have with regard to blockchain remains ambiguous.
The
Block
reports that crypto exchange giant Coinbase is in talks to acquire crypto
custody provider Xapo for $50 million. Xapo, which provides cold storage vault
custody of bitcoin, is rumoured to have as much as $5.5 billion of assets under
custody. An excerpt from the article reads:
The addition of several billion of AUC [assets under
custody] would be a huge shot in the arm for Coinbase. Under Xapo’s current
business model, customers are not charged for storing their bitcoin. Rather,
they generate revenue by enabling over-the-counter (OTC) trades for customers
using the bitcoin under custody.
The
Economic Times
reports that tech lobby groups are pressuring India’s central bank to recognize
crypto startups in its regulatory sandbox for fintech. IT industry
representative NASSCOM commented:
“Since cryptocoins and tokens are an important
component of the blockchain technology, the draft regulations appear to exclude
testing of smart contracts and other approved blockchain technology under the
sandbox. The decision to keep cryptocurrencies, trading of cryptocurrencies and
initial coin offerings out of the purview of the regulatory sandbox is still
not clear.”
Sam
Mowers, Investorideas
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