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#CryptoCorner: #Bitcoin Back Below $8000, Mining Giant #Bitmain Reports $1.1 Billion First Quarter Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of IPO Tomorrow, Ethereum Creator Buterin Says "Too Much Emphasis" on ETFs and Ripple-Based Exchange Announced

July 31st #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD)

 

Point Roberts, WA and Delta, BC - July 31, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.

Listen to today's Crypto Corner Podcast:

http://www.investorideas.com/Audio/Podcasts/2018/073118-CryptoMarket.mp3

#CryptoCorner: #Bitcoin Back Below $8000, Mining Giant Bitmain Reports $1.1 Billion First Quarter Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of IPO Tomorrow, #Ethereum Creator Buterin Says "Too Much Emphasis" on ETFs and #Ripple-Based Exchange Announced

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Crypto Corner

Bitcoin Back Below $8000, Mining Giant Bitmain Reports $1.1 Billion First Quarter Ahead of IPO, Galaxy Digital LP Lost $134 Billion in Q1 Ahead of IPO Tomorrow, Ethereum Creator Buterin Says "Too Much Emphasis" on ETFs and Ripple-Based Exchange Announced

The crypto market has been a bit of a rollercoaster ride during the past 24 hours. Bitcoin (BTC) dropped just below $8000 USD yesterday, before recovering quickly to around $8200 USD around midday. It then saw another, somewhat more severe drop later on and is trading for $7780 USD at press time, according to CoinMarketCap. Overall Bitcoin has lost 4.5 percent over the past day. The greater crypto market has seen a loss of about $17 billion USD in the same period.

Fortune reports that bitcoin mining giant Bitmain brought in $1.1 billion USD in net profit for the first quarter of 2018, just $100K less that the company's total 2017 profit. This comes from an email obtained by Term Sheet "from a source close to the company". The email also indicates that Bitmain is seeking to raise more funds ahead of its intended IPO that would see the valuation of the company at $14 billion USD. As for the company's highly anticipated public offering in Hong Kong, the email said "Bitmain plans to file for an IPO very soon."

A slightly different story is reported in Bloomberg about crypto-focused merchant bank Galaxy Digital LP, which goes public on the TSX Venture Exchange tomorrow. The company, owned by former Goldman Sachs Group Inc. partner Mike Novogratz saw a loss of $134 billion USD in the first quarter. In an interview with BNN Bloomberg in Toronto, Novogratz talked about how he might have planned differently if he had foreseen the behaviour of the market.

"If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public. But I don't think it's a mistake."

Ethereum creator Vitalik Buterin opined via Twitter that too much importance is being placed on crypto ETFs and that adoption is still the crucial goal for the crypto market.

"I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption."

A press release from DCEX, a cryptocurrency marketplace for retail and institutional investors, announced that registration is open for the first Ripple (XRP)-based digital currency exchange. DCEX will be powered by blockchain exchange company Alphapoint, and clients will be offered 15 crypto to crypto trading pairs upon launch.

Sam Mowers, Investorideas

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Crypto Corner Sponsor:

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