#CryptoCorner: Total Market Cap Highest Since November, Facebook (NASDAQ: $FB) In Talks to Launch Fiat-Based Crypto, ICE (NYSE: $ICE) Buying Cryptoassets While Cheap in Bear Market
#CryptoCorner: Total Market Cap Highest Since November,
Facebook
(NASDAQ: $FB) In Talks to Launch Fiat-Based Crypto, ICE (NYSE: $ICE) Buying Cryptoassets While Cheap in Bear Market
(NASDAQ: $FB) In Talks to Launch Fiat-Based Crypto, ICE (NYSE: $ICE) Buying Cryptoassets While Cheap in Bear Market
Point Roberts WA, Delta BC, May 3, 2019
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May 3 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NYSE:V) (NYSE:MA)
(NYSE:ICE)
As we enter the
weekend, the crypto market is surging, with a current market cap of $187
billion – the highest this year and since November 2018 – according to CoinMarketCap.
This follows a roughly $10 billion drop on April 25 that left the market cap at
$168 billion. Bitcoin’s (BTC) market cap alone is sitting at $103
billion with a trading price of $5840 at press time. Most of the top listed
altcoins are in the green as well with Ether (ETH) and XRP ranking behind Bitcoin with market caps of
$18 billion and $13 billion and trading prices of $169 and $0.31, respectively.
A report from the Wall Street Journal via CoinDesk reports that Facebook (NasdaqGS:FB) has been in talks with Visa (NYSE:V) and Mastercard (NYSE:MA) to fund a fiat-backed cryptocurrency.
“People familiar with the matter” claim that the project, which is codenamed
“Project Libra”, will enable users to transfer money and make online purchases.
Facebook may also pay users in the cryptocurrency for viewing ads and allow
them to spend it on advertising.
Reuters reports that NYSE-owner
Intercontinental Exchange (NYSE:ICE) has been buying cryptoassets during
crypto winter for its upcoming crypto exchange Bakkt. ICE CEO Jeffrey Sprecher
said that the bear market has bought time for Bakkt to consolidate more before
launching.
“It’s really been helpful that the cryptocurrency
industry sort of went into what they call a winter. That took some of the heat
off of the timetable to launch.”
Research published by Fidelity Investments
finds that 22 percent of institutional investors have exposure to digital
assets. In the same report, 40 percent of respondents said that they would be
open to investing in digital assets in the next five years. Tom Jessop,
president of Fidelity Digital Assets, said:
“We’ve seen a maturation of interest in digital assets
from early adopters, like crypto hedge funds, to traditional institutional
investors like family offices and endowments. More institutional investors are
engaging with digital assets, either directly or through service providers, as
the potential impact of blockchain technology on financial markets - new and
old - becomes more readily apparent.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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