#CryptoCorner: BTC Loses $10K Support for Monthly-Low Trading Price, China Not Launching CBDC in Coming Months, BitTorrent Testing Live Streaming Platform

#CryptoCorner: BTC Loses $10K Support for Monthly-Low Trading Price, China Not Launching CBDC in Coming Months, BitTorrent Testing Live Streaming Platform

Point Roberts, WA, Delta BC, August 29, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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August 29 Crypto Corner

The crypto market has suffered a considerable drop in the last 24 hours, with Bitcoin (BTC) losing around $500 alone in less than an hour yesterday, according to data from CoinMarketCap. Bitcoin is currently trading for $9,490, its lowest trading price in a month, after failing to reclaim support around $10,000. Altcoins were hit harder still, with Ether (ETH) and Litecoin (LTC) falling roughly 10 percent in the same period. At press time, the total crypto market capitalization is $246 billion, which is $20 billion less than this time yesterday.

Chinese state-run English-language news outlet the Global Times tweeted that recent news of the People’s Republic of China issuing a central bank digital currency (CBDC) is wrong.

Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China's central bank termed them as "inaccurate speculation."

This is at odds with a report from China Internet Information Center, itself an authorized government source, which claimed that such a currency was soon to launch.

The nominee for the chairmanship of South Korea’s top financial regulator expressed a cautious approach to cryptocurrencies, according to local outlet Chosun Ilbo. A loose translation reads:

"Incorporating virtual currency into institutional finance may cause side effects such as recurring speculative fever and money laundering issues. There needs to be a legal basis for this first.”

"Currently, the virtual currency exchange is established and operated autonomously in the market, but I know there is a movement to strengthen regulations such as the introduction of the declaration system to protect investors internationally. There is a need for an early revision of the Act on Specific Financial Information Act, which is mainly focused on strengthening the duty of anti-money laundering in the handling business."

Cointelegraph reports that Portugal’s Tax Authority will not tax cryptocurrency trading or payments made in crypto. The country’s Tax and Customs Authority confirmed that crypto transactions or payments are exempt from Value Added Tax (VAT), citing a 2015 ruling by the European Court of Justice which argued for Bitcoin’s status as a form of payment and thus not taxable.

Peer-to-peer file sharing protocol BitTorrent, which is a subsidiary of blockchain firm TRON, will begin testing a live streaming platform, according to a blog post yesterday. Called BitTorrent Live, or BLive, the new service will allow tipping in cryptocurrency, among other features. Justin Sun, founder of TRON and CEO of BitTorrent, explained:

“With the continuous growth of telecommunication technology and social media, livestreams have gained a tremendous edge and have become the dark horse of online communication. It gives rise to outstanding content creators who have thousands of followers but don’t get their fair share of advertisements and virtual gifts.”

Sam Mowers, Investorideas

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