#CryptoCorner: BTC Slips Below $10K amid High Sell Pressure, Iran Legalizes #Crypto Mining, Germany Approves $280 Million ETH-based Real Estate Bond
#CryptoCorner: BTC Slips Below $10K amid High Sell Pressure,
Iran Legalizes #Crypto Mining, Germany Approves $280 Million ETH-based Real
Estate Bond
Point Roberts, WA, Delta BC July 23, 2019
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The cryptocurrency market
is more or less red across the board this morning with most of the top 100
coins listed by market cap posting 24-hour losses, according to data from CoinMarketCap.
Crucially, Bitcoin (BTC) has fallen below its $10,000 support
level, after failing to rise above an $11,000 trading price over the past few
days. The flagship cryptocurrency is trading for about $9,960 at press time,
with a 24-hour loss of around five percent. On CCN crypto analyst Joseph Young writes that
despite robust fundamental factors in the market such as the highly anticipated
Bakkt platform’s testing, sell pressure may lead to short term volatility.
Despite
strong fundamental factors, bitcoin has shown weak short term trend as of
recent, which some analysts have indicated that the sell pressure in the market
may be too strong for fundamental factors to turn around.
In
the near term, analysts expect large volatility in the bitcoin market, opening
the possibility of short squeezes.
According to an official
document, the government of Iran has put crypto mining on the
track to legalization. On Sunday, the government’s economic commission approved
a mechanism to facilitate crypto mining despite the practice’s having been
illegal in the country in preceding months. Cheap electricity in Iran has
contributed to a surge in the amount of illegal mining farms. The country’s
Deputy Minister of Energy Homayun Haeri said “a plan to apply the exported electricity
rate for mining farms will soon be discussed and voted on by the government
ministers”.
Cointelegraph reports that an
Ethereum-based real estate bond of security issuance firm Fundament Group has
been approved by the German Federal Financial Supervisory Authority (BaFin).
The bond is backed by a portfolio of properties in German cities valued at $280
million USD (€250 million EUR). According to the report, Fundament Group aims
to bring liquidity to the real estate market through tokenization and its
solution “leverages standardized and regulated financial instruments to build a
real estate-backed asset that can be traded worldwide independently of banks”.
The company’s co-founder, Florian Glatz, explained:
“As
the first company to receive approval from the German Financial Market
Authority for a blockchain-based real estate bond, we are excited to enter the
sales process for the Real Estate Security Token, while already preparing the
tokenization of other highly attractive assets.”
IP business media platform
IAM published a piece today analyzing
blockchain patent trends around the world. The data indicates that, as of April
30, 2019, there are “10,628 Derwent patent families in the blockchain field,
corresponding to 14,035 patent applications”, with a compound annual growth
rate (CAGR) of applications from 2013 to 2018 coming in at 285.6 percent. While
China and the U.S. dominate the global market in terms of blockchain innovation
and patent applications, South Korea leads the world in patent grants with an
approval rate of 54 percent.
Sam
Mowers, Investorideas
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