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#CryptoCorner: #Bitcoin Loses $7K Support, #Huobi Completes Acquisition of Pantronics, Bitcoin Mining Pool BTC.com Announces #Ethereum Mining and South Korea's Jeju Island Seeks to Become #Blockchain Hub

August 30th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and #AI, #IoT, #Blockchain, #Crypto Technology Company Gopher Protocol (OTCQB: $GOPH) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - August 30, 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/2018/083018-CryptoMarket.mp3

#CryptoCorner: #Bitcoin Loses $7K Support, #Huobi Completes Acquisition of Pantronics, Bitcoin Mining Pool BTC.com Announces #Ethereum Mining and South Korea's Jeju Island Seeks to Become #Blockchain Hub

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Crypto Corner

Bitcoin Loses $7K Support, Huobi Completes Acquisition of Pantronics, Indian Central Bank to Explore CBDC, Bitcoin Mining Pool BTC.com Announces Ethereum Mining and South Korea's Jeju Island Seeks to Become Blockchain Hub

The total market capitalization is down a bit today, having fallen about $9 billion USD from $231 billion USD this time yesterday, to $222 billion USD at press time, according to data from CoinMarketCap. Bitcoin (BTC) has lost support at $7000 USD after remaining above it since Tuesday, and is now trading at just under $6900 USD. Most of the top 100 listed altcoins are in the red.

Crypto exchange giant Huobi has completed the acquisition of public company Pantronics Holdings (HKSE:1611.HK) for an estimated $77 million USD. The company took control of 215,576,000 sales shares, or 71.67 percent, of Pantronics on the date of the sale and purchase agreement on August 21. As was reported previously on Investorideas.com, the move could see Huobi itself becoming a public company.

The Reserve Bank of India (RBI), the country's central bank, released its annual report yesterday, wherein the possibility of a central bank digital currency (CBDC) was discussed. The document cited costs associated with traditional currency and the growing popularity of digital alternatives as reasons for creating a new committee devoted to exploring CBDC.

Rapid changes in the landscape of the payments industry, along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money, have led central banks around the world to explore the option of introducing fiat digital currencies. In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.

Bitcoin mining pool BTC.com announced in a press release that it has opened an Ethereum (ETH) and Ethereum Classic (ETC) mining pool. BTC.com was responsible for 21 percent of newly-mined Bitcoin last year. According to the press release, miners will now be able to switch hashing power between pools in response to the market. BTC.com's mining pool director, Zhuang Zhong, explained how introducing Ethereum mining will expand mining activity.

"...Ethereum provides multiple different reward incentives to contribute hash power to the network. We hope to expand Ethereum's network by relaying those rewards through our FPPS system. By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hashrate in the next 12 months."

The governor of South Korea's Jeju Island, Won Hee-ryong, has petitioned the country's president, Moon Jae-in, to allow the island to become a blockchain hub, according to a report from CoinDesk. Won said that Jeju Island could create more than 1600 new jobs if companies were permitted to launch ICOs in the region.

"If Jeju Island is designated as a blockchain special zone, international standards and regulations on cryptocurrency should be created to ensure that blockchain and crypto companies that are promoting sound businesses both domestically and abroad can conduct businesses in the province."

Sam Mowers, Investorideas

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Crypto Corner Sponsors:

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Investorideas Featured Company: Gopher Protocol, Inc. (OTC:GOPH)

Gopher Protocol Inc. (OTCQB: GOPH) is a development-stage company which consider itself a Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher's exclusive licensor filed a non-provisional patent covering a proprietary GRC Blockchain-Based Radio Generated Digital Currency on June 19, 2018 .Additionally Gopher's Avant! AI technology has been designed to supervise the Blockchain System to keep records of all data exchanges. The AI system will be embedded as an integral part of Gopher's digital coin Blockchain system.

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