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Thursday, September 19, 2019

#CryptoCorner: BTC Drops below $10K, North Korea Developing #Crypto, Zuckerberg in DC as Libra Faces Scrutiny, Arab Bank Switzerland Announces Digital Assets Suite and 7-Elevens in Philippines to Sell #Bitcoin


#CryptoCorner: BTC Drops below $10K, North Korea Developing #Crypto, Zuckerberg in DC as Libra Faces Scrutiny, Arab Bank Switzerland Announces Digital Assets Suite and 7-Elevens in Philippines to Sell #Bitcoin



Point Roberts, WA, Delta BC September 19, 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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September 19 Crypto Corner

Stocks discussed: (NasdaqGS:FB)

There was some movement in the crypto market in the last 12 hours or so, with a sudden drop in market cap of about $8 billion USD, according to data from CoinMarketCap. This plunged Bitcoin (BTC) below its established $10K support level, with a drop from about $10,200 to roughly $9, 850. At press time, Bitcoin is trading for $9,900.

VICE News reports that North Korea is in the process of creating its own cryptocurrency, similar to Bitcoin. A government representative told the outlet that the crypto was being designed as a way to avoid sanctions on the country and to “circumvent the U.S.-dominated global financial system”. Alejandro Cao de Benos, the official in charge of North Korea’s cryptocurrency conferences, and a special delegate for the Committee for Cultural Relations for the Democratic People's Republic of Korea (DPRK), told VICE:

“We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it.”

He added that there are:

“no plans to digitize the [North Korean] won for now.”

Mark Zuckerberg, CEO of Facebook (NasdaqGS:FB), is meeting with policymakers and regulators in Washington D.C. to discuss the company’s cryptocurrency project Libra, according to a report from Bloomberg. An excerpt from the article reads:

The company is trying to win over lawmakers threatening to stymie its launch of a new digital currency called Libra that its executives say can lower costs and expand access to the banking system in developing countries. The project faced bipartisan scorn during congressional hearings in July, even leading to legislative proposals that would kill it.

Arab Bank Switzerland has announced the launch of a full suite of digital asset services, which will include custody and brokerage of Bitcoin and Ethereum (ETH). The press release indicates that the move into the crypto space was influenced by increasing demand by younger clients who want digital assets in their diversified portfolios. Serge Robin, CEO of Arab Bank (Switzerland) Ltd., commented:

“We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment.”

Crypto investment app Abra has announced that all 7-Eleven stores in the Philippines would begin selling Bitcoin. Through a new partnership with payments processor ECPay, Abra users will be able to add crypto to their Abra wallet at any of ECPay’s 6,000 retail locations in the country, which include all 7-Eleven stores.

Sam Mowers, Investorideas

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