CryptoCorner: Total Market Cap Highest Since November, Facebook (NASDAQ: FB) In Talks to Launch Fiat-Based Crypto, ICE (NYSE: ICE) Buying Cryptoassets While Cheap in Bear Market
Point Roberts, WA and Delta, BC - May 3, 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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#CryptoCorner: Total Market Cap Highest Since November, Facebook ( $FB) In Talks to Launch Fiat-Based Crypto, ICE Buying Cryptoassets While Cheap in Bear Market
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Stocks discussed: (NasdaqGS:FB) (NYSE:V) (NYSE:MA) (NYSE:ICE)
As we enter the weekend, the crypto market is surging, with a current market cap of $187 billion - the highest this year and since November 2018 - according to CoinMarketCap. This follows a roughly $10 billion drop on April 25 that left the market cap at $168 billion. Bitcoin's (BTC) market cap alone is sitting at $103 billion with a trading price of $5840 at press time. Most of the top listed altcoins are in the green as well with Ether (ETH) and XRP ranking behind Bitcoin with market caps of $18 billion and $13 billion and trading prices of $169 and $0.31, respectively.
A report from the Wall Street Journal via CoinDesk reports that Facebook (NasdaqGS:FB) has been in talks with Visa (NYSE:V) and Mastercard (NYSE:MA) to fund a fiat-backed cryptocurrency. "People familiar with the matter" claim that the project, which is codenamed "Project Libra", will enable users to transfer money and make online purchases. Facebook may also pay users in the cryptocurrency for viewing ads and allow them to spend it on advertising.
Reuters reports that NYSE-owner Intercontinental Exchange (NYSE:ICE) has been buying cryptoassets during crypto winter for its upcoming crypto exchange Bakkt. ICE CEO Jeffrey Sprecher said that the bear market has bought time for Bakkt to consolidate more before launching.
"It's really been helpful that the cryptocurrency industry sort of went into what they call a winter. That took some of the heat off of the timetable to launch."
Research published by Fidelity Investments finds that 22 percent of institutional investors have exposure to digital assets. In the same report, 40 percent of respondents said that they would be open to investing in digital assets in the next five years. Tom Jessop, president of Fidelity Digital Assets, said:
"We've seen a maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments. More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets - new and old - becomes more readily apparent."
Sam Mowers, Investorideas
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