Crypto Corner: #Cryptocurrencies Fall with Tech Stocks, India Drafting Crypto Legislation and Singapore’s Parliament Introduces Bill to Regulate Digital Payments
November 20th) #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 20, 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: #Cryptocurrencies Fall with Tech Stocks, India Drafting #Crypto Legislation and Singapore's Parliament Introduces Bill to Regulate Digital Payments
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Cryptocurrencies Fall with Tech Stocks, India Drafting Crypto Legislation and Singapore’s Parliament Introduces Bill to Regulate Digital Payments
Stocks discussed: (NasdaqGS:FB) (NasdaqGS:GOOG)
Since yesterday's Crypto Corner, the market has lost an additional $14 billion USD as coins continue to see red. That puts total market capitalization at just $155 billion at press time, according to data from CoinMarketCap. Bitcoin (BTC), Ether (ETH) and XRP have all lost between 7 and 8 percent in the last 24 hours, trading at $4770, $143 and $0.46, respectively. But the hard-forking Bitcoin Cash (BCH) was hit the hardest with a loss of 28 percent since yesterday.
The free fall in the crypto space is mirrored by severe losses seen today by FAANG companies and the tech sector more broadly. CNBC reports that collectively, FAANG stocks have lost over $1 trillion today, with Facebook (NasdaqGS:FB) and Alphabet (NasdaqGS:GOOG) posting year to date losses.
Mati Greenspan, Senior Market Analyst at eToro, considers the seemingly shared fate of crypto and tech to be a "retracement" of an "exceptional year" in 2017. He connects the current downtrends to the 2008 financial crisis, which gave birth to Bitcoin in the first place.
"The simple answer is that everything we're seeing across all markets is still the aftermath of the 2008 financial crisis.
The world's governments and central banks have pumped very large amounts of money into the system over the last 10 years in order to stabilize the financial system. Much of this money has by now found its way into various markets, often times with little research on the part of the investor as to what the value of the assets should logically be.
With this in mind, it's important to note that a lot of this cash is still on the sidelines looking for a home. So, whenever these markets do find themselves their respective bottoms, there's still a mountain of capital that could potentially be put to work. The only question that nobody can answer with certainty is exactly where those bottoms may be.
If things turn around now, it would certainly be a very bullish sign, but it's also entirely possible that this could last a while longer."
Local outlet Quartz reports that India is currently working on a draft report for crypto legislation. A counter-affidavit filed in the supreme court reads:
"...currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month."
The Straits Times reports that Singapore's parliament has a new bill that could streamline the regulation of digital payments. The Payments Services Bill will expand the regulatory framework to encompass cryptocurrencies under the rule of the Monetary Authority of Singapore, the country's central bank.
Sam Mowers, Investorideas
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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (<NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
Genesis Exchange and Wallet App by Genesis Blockchain Technologies (GBT)
GBT is a powerful cryptocurrency centralized / decentralized exchange which will include a broad range of services and benefits from cryptocurrency and blockchain markets development, while avoiding complications and risks arising from crytocurrency ownership, transfer, and exchange. You can Download the Genesis Exchange and Wallet App at Google Play and on the Apple App Store. Learn more at http://www.mygenesis.io
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