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Wednesday, April 29, 2020

#CryptoCorner: #Bitcoin Passes $8000, Japan’s Second-Largest Bank Partners with SBI (NYSE: $SMFG), Joins Libra Association (NasdaqGS: $FB)

#CryptoCorner: #Bitcoin Passes $8000, Japan’s Second-Largest Bank Partners with SBI (NYSE: $SMFG), Joins Libra Association (NasdaqGS: $FB)

Point Roberts, WA, Delta BC April 29, 2020 -, 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.

Listen to today’s Crypto Corner Podcast:  

Stocks discussed: (NYSE:SMFG) (TYO:8473) (NasdaqGS:FB)

The top 100 coins listed on CoinMarketCap are almost entirely in the green at press time, with the flagship cryptocurrency Bitcoin (BTC) having risen above $8,000 for a current trading price of around $8,350. For Bitcoin, this represents a gain of roughly 7.6 percent in the last 24 hours, and, more crucially, a total erasure of losses following the Coronavirus-related market crash in mid-March this year. While this rally could possibly have been fueled by the much-anticipated halving scheduled for May 11 – just 12 days from today – data from CoinDesk indicates that Bitcoin has exhibited a positive performance in the month of April for the last four years. An excerpt from CoinDesk contrasts Bitcoin’s performance with that of traditional assets over the past month:

While the cryptocurrency is up over 25% for the month, gold, the classic safe-haven asset, has gained 6.4%. Meanwhile, the S&P 500, Wall Street's equity index, has risen by 10.8% so far in April. The dollar index, which tracks the value of the greenback against major currencies, is reporting marginal gains.

Nikkei Asian Review reports that Japan’s second-largest bank, Sumitomo Mitsui Financial Group (NYSE:SMFG), is set to partner with financial services firm SBI Holdings (TYO:8473). The proposed deal will see SMFG “acquire a stake in the mobile only brokerage unit of SBI,” and the latter will accept a 100 billion-yen ($930 million) investment from SMFG that “will focus on investments in companies that work with digital technology, including fintech, blockchain and 5G wireless networks.”, a payment services provider startup based in the UK, has joined the Libra Association – the membership organization tasked with overseeing Facebook’s (NasdaqGS:FB) Libra digital currency project. In a company blog post, CEO Guillaume Pousaz wrote:

The Libra project holds the promise of increasing financial inclusion for billions of unbanked people, empowering them to participate in the digital economy and reducing disparities.
It is obvious to me and the wider team that we want to be part of this effort and can contribute to this endeavor by bringing our unparalleled payments engineering expertise.
Crypto exchange services provider CoinEx has announced a global strategic partnership with Bitmain-affiliated financial service platform Matrixport. Haipo Yang, Founder and CEO of CoinEx, commented:

“CoinEx’s users around the world will benefit from this strategic partnership as the OTC service makes transfers between fiat and crypto more convenient. Matrixport has the potential to become a key player in the industry and I look forward to a long-term partnership between us.”

Sam Mowers, Investorideas

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