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CryptoCorner: No Rebound for BTC as Market Remains Red, E*Trade Financial (Nasdaq: ETFC) to Introduce Crypto Trading and China to Support “Blockchain City” in Malacca Strait

 

Point Roberts, WA and Delta, BC - April 29, 2019 (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

Bitcoin (BTC) and the broader crypto market largely failed to regain upward momentum over the weekend, with total market capitalization opening this week lower than on Friday at $168 billion USD, according to CoinMarketCap. Despite shedding most of its gains from the previous weeks, Bitcoin has crucially stayed above the hard won $5000 support level for nearly a month now. The flagship crypto is trading for $5232 at press time, and the top altcoins Ether (ETH) and XRP are trading for $154 and $0.29, respectively.

The Australian Competition and Consumer Commission (ACCC) released its tenth annual "Targeting Scams" report today, in which it claims that $6.1 million AUD ($4.3 million USD) was lost to crypto scams. This is a 190 percent increase over the $2.1 million AUD reported in the previous year. An excerpt indicates that:

"Almost 50 per cent of the losses reported where cryptocurrency was the payment method were men in the 25-34 age group. As would be expected for an online phenomenon, 80 per cent of reports involving cryptocurrency identified an online mode of communication ('internet', 'social networking/online forums' or 'email') as the method by which the scammer and victim made contact."

Bloomberg reports that E*Trade Financial Corp. (NasdaqGS:ETFC) may be ramping up to introduce crypto trading. An source familiar with the matter indicated that the financial services firm would with Bitcoin and Ether trading, with the possibility of adding more cryptos in the future. The article said that "E*Trade would be one of the largest securities brokerages to allow crypto trading" and that the "arrival of E*Trade could help to legitimize cryptocurrency trading for wary investors".

Cointelegraph reports that China's government will support the construction of a "blockchain city" in the Malaysian Malacca Strait - an important shipping lane that runs between Malaysia and Indonesia. The project will be called Melaka Straits City, and is jointly backed by construction firm China Wu Yi (SZSE:000797) and investment company SWT International Sdn Bhd. According to the article:

"…the entire infrastructure of the city will be based on blockchain technology, with a so called DMI platform offering its native DMI coin. DMI will be used to pay government-based services within the city and feature an exchange that will enable Melaka Straits City tourists to exchange their fiat currencies for DMI coins."

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 PlatformTM, 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

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