#CryptoCorner: #Crypto Market Tumbles Along with #Dow and #Nasdaq, South Korea to Decide on ICOs in November, India Considering State-Backed Crypto and Bitfinex Suspends Fiat Deposits
Stocks discussed: (NYSE:HSBC)
October 11th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 11, 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.
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#CryptoCorner: #Crypto Market Tumbles Along with #Dow and #Nasdaq, South Korea to Decide on ICOs in November, #India Considering State-Backed Crypto
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Crypto Market Tumbles Along with Dow and Nasdaq, South Korea to Decide on ICOs in November, India Considering State-Backed Crypto and Bitfinex Suspends Fiat Deposits
Stocks discussed: (NYSE:HSBC)
The crypto market took a tumble yesterday, losing some $16 billion USD and dropping from a total market cap of $216 billion USD to a low of $200 billion USD. At press time, it has bobbed back up to $202 billion USD, according to data from CoinMarketCap. Investors will have noticed that this reflects a similar plummet seen in the stock market yesterday, with the Dow Jones, Nasdaq and S&P 500 all in the red due in part to rising interest rates from the Fed. This interrupts a period, roughly a couple of weeks, of relative stability in the crypto market. Bitcoin (BTC) is down to $6296 USD at press time, a 4 percent loss, and Ether (ETH), XRP and Bitcoin Cash (BCH) suffered somewhat more severely with losses of 10.5 percent, 12 percent and 11.5 percent, respectively.
South Korean outlet The Investor reports that the government will decide its position on ICOs in November this year. Chief of the Office for Government Policy Coordination, Hong Nam-ki, affirmed that a decision would be made once survey data from local blockchain companies was factored into the government's deliberation.
"We have had several discussions (on ICOs). Once the survey results are in by end-October, we plan to finalize the government's stance."
An Indian finance ministry panel tasked with regulating the crypto space is considering a government backed cryptocurrency instead, according to local outlet Quartz. This was confirmed by an unnamed senior government official "privy to the discussions of the panel".
"We are evaluating the government-backed cryptocurrency and crypto-token. And we are looking to develop and encourage our own research and development of blockchain technology."
However, an executive privy to the meetings who requested anonymity, points out the inherent contradiction of a state-backed cryptocurrency.
"If a virtual currency is going to be backed by the government then it goes against the whole grain of such coins. These are essentially decentralised ledgers, and if the government or the RBI [Reserve Bank of India] is trying to control it, then it loses its meaning."
The Block reports that crypto exchange Bitfinex has suspended fiat deposits. Bitfinex denied speculation that they were insolvent last week, and claimed to be banking with HSBC (NYSE:HSBC) through a private account at Global Trading Solutions. The Block concludes that this account must no longer be active as fiat deposits are suspended, though the exchange "expects the situation to normalize within a week".
Sam Mowers, Investorideas
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