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#CryptoCorner: Korea Post Seeks #Crypto Expertise from Goldman Sachs, #Coinbase Pro to Launch GBP Trading Pairs, Coins More Than Triples User Base in Under a Year and #Bitcoin Spikes in Iran as Gov’t Recognizes Mining as Legitimate

September 6th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - September 6, 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:

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#CryptoCorner: Market Plummets, Korea Post Seeks #Crypto Expertise from Goldman Sachs, #Coinbase Pro to Launch GBP Trading Pairs, Coins More Than Triples User Base in Under a Year and #Bitcoin Spikes in Iran as Gov’t Recognizes Mining as Legitimate

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Crypto Corner

Market Plummets, Korea Post Seeks Crypto Expertise from Goldman Sachs, Coinbase Pro to Launch GBP Trading Pairs, Coins More Than Triples User Base in Under a Year and Bitcoin Spikes in Iran as Gov’t Recognizes Mining as Legitimate

Bitcoin (BTC) lost its $7000 USD support in a dramatic fashion as the market plummeted yesterday. Bitcoin is trading at just $6471 USD at press time, according to CoinMarketCap as the total market cap is down $20 billion USD for a current value of $204 billion USD. Like yesterday, virtually all of the top 100 listed altcoins are in the red this morning. CCN's Joseph Young writes that the steep decline seen today is a result of massive sell-offs across crypto exchanges that was likely triggered by static volumes and a culmination of pressure to sell after Bitcoin failed to sustain growth following its recent surge.

"...it is highly likely that the drop in the prices of major cryptocurrencies on September 5 was triggered by a buildup of sell pressure and the stagnation of the volume in the cryptocurrency market.

BTC successfully initiated a corrective rally from the $6,000 to $7,500 in late August, but struggled to maintain momentum above the $7,000 mark."

Bloomberg reports that Korea Post, South Korea's state-run postal service, has sought to learn about crypto from Goldman Sachs. Korea Post president, Kang Seong-Ju, said in an interview that he met with Goldman Sachs' soon-to-be chief executive David Solomon to discuss crypto in New York.

"I asked Goldman to pass on their know-how in the cryptocurrency area. Since cryptocurrencies are considered to have potential, and are something many people are watching, we'll need to learn the strengths and weaknesses."

Coinbase Pro's general manager David Farmer announced in a blog post that on September 7 the exchange giant would be launching four new GBP trading pairs. As Coinbase already supports BTC-GBP, the four additions will be: ETH-GBP, ETC-GBP, LTC-GBP and BCH-GBP.

Tech in Asia reports that Coins, the largest crypto exchange in Southeast Asia, has more than tripled its user base in less than a year. Ending 2017 with 1.5 million users, Coins revealed earlier in 2018 that it is up to 5 million users. The company's CEO and co-founder Ron Hose attributed the exchange's success to the ease of conducting remittances through its wallet service.

"[Peer-to-peer] remittances are free and instant on Coins. When users remit money back to their family, they're doing it from their phones. That is the core thing driving retention for us."

The Secretary of Iran's Supreme Council of Cyberspace has indicated that cryptocurrency mining has been accepted as an industry by the government and relevant authorities, local outlet IBENA reports. This has led to a spike in the price of Bitcoin locally, as the cryptocurrency was trading at $24,000 on multiple exchanges, according to a report from Hacked

Sam Mowers, Investorideas

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