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Crypto Corner: #Crypto in Free Fall, OKEx Abruptly Stops BCH Futures Ahead of Hard Fork, Bank of America Wins Crypto Storage

November 14th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - November 14, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner: Crypto in Free Fall, OKEx Abruptly Stops #BCH Futures Ahead of Hard Fork, Bank of America Wins #Crypto Storage Patent

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Crypto Corner

Crypto in Free Fall, OKEx Abruptly Stops BCH Futures Ahead of Hard Fork, Bank of America Wins Crypto Storage Patent and IMF Managing Director Speaks in Favour of CBDCs

Stocks discussed: (NYSE:BAC)

The crypto market appears to be in free fall with a total market cap loss of $20 billion USD at press time since yesterday, according to CoinMarketCap. Total market capitalization is sitting at $189 billion USD, the lowest since mid-September. Bitcoin (BTC) is down 7 percent in the last 24 hours, and is trading at just under $6000 USD. But it is the altcoins that are really taking a beating with Ether (ETH) down about 14 percent, XRP down 17 percent and Bitcoin Cash (BCH) down a staggering 19.5 percent.

Reacting to the strong volatility of Bitcoin Cash ahead of tomorrow's hard fork, CCN reports that Malta-based exchange OKEx has halted its BCH futures trading ahead of their scheduled expiration dates and provided early delivery to customers. An announcement from the exchange reads:

"Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. OKEx expects an even greater volatility during the hard fork that may cause large-scale impacts, such as cascade liquidation. The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins."

Bank of America (NYSE:BAC) has won a patent for a crypto aggregation system, which would enable them to store enterprise clients' cryptoasset holdings. Background from the patent reads:

Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.

During a speech at the Singapore Fintech Festival today, the IMF Managing Director Christine Lagarde made a case for central bank issued digital currencies (CBDCs).

"...your deposits in commercial banks are already digital. But a digital currency would be a liability of the state, like cash today, not of a private firm.

This is not science fiction. Various central banks around the world are seriously considering these ideas, including Canada, China, Sweden, and Uruguay. They are embracing change and new thinking-as indeed is the IMF."

The speech is supplemented by a paper released on Monday from the IMF titled Casting Light on Central Bank Digital Currencies.

Sam Mowers, Investorideas

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