CryptoCorner: Altcoins Pick Up BTC Momentum, Outflows Exceed Inflows from Major Exchanges, Hong Kong and Thailand Central Banks Sign MOU
Point Roberts, WA and Delta, BC - May 16, 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.
Listen to today's Crypto Corner Podcast:
#CryptoCorner: Altcoins Pick Up #BTC Momentum, Outflows Exceed Inflows from Major Exchanges, Hong Kong and Thailand Central Banks Sign MOU and Huobi Launches OTC Desk
Subscribe to Podcast RSS feed:
Bitcoin (BTC) is trading at roughly the same price as we left it on yesterday morning's Crypto Corner - about $7950 - despite having peaked at $8319 yesterday, according to data from CoinMarketCap. Total market capitalization has still grown in the past 24 hours, owing to the surge of major altcoins like Litecoin (LTC), Bitcoin Cash (BCH) and especially Ether (ETH), which has in turn driven Bitcoin's market dominance down further to about 56 percent. Ether is up nearly 13 percent at press time, with a $27.7 billion market cap and a trading price of $261.
A report from Bloomberg yesterday cites data from TokenAnalyst, which indicates that, despite the current crypto rally, withdrawals from major exchanges are actually exceeding inflows. Outflows from exchanges such as Bitfinex, BitMEX, Binance and Kraken surpass inflows by around $622 million over the past five days. John Griffin, a finance professor at the University of Texas at Austin explained in an email to Bloomberg that Bitcoin's rally may be due to capital flight from less stable cryptos:
"So smart customers will not custody their funds on exchanges and pull their crypto off exchanges. This could put further upward pressure on Bitcoin prices as one would rather take fake money and exchange it to Bitcoin."
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MOU) to spark collaboration between the two central banks in fintech innovation. One project mentioned in the press release is that of a central bank digital currency (CBDC), which would bring together research from the HKMA's Project LionRock and the BOT's Project Inthanon. HKMA chief executive Norman Chan said:
"The HKMA and BOT are long-time partners in a number of important financial initiatives. Today I am pleased to have signed a fintech MoU with Governor Santiprabhob to take our collaboration to the next level. The signing of this MoU not only demonstrates our mutual interests in developing collaborative fintech initiatives, but also underlines our on-going efforts in cross-border collaboration between central banks in promoting innovation and enhancing experience sharing. The HKMA looks forward to working together with BOT and seeing the positive outcome from our joint effort."
An official blog post yesterday revealed that Singapore-based crypto exchange giant Huobi has launched a regulated OTC desk for institutional investors. The service will allow both crypto-to-crypto trading and fiat-to-crypto trading. Jeff Adams, Senior Sales Manager for Huobi Global, said:
"We see a lot of appetite out there from players in more established financial markets when it comes to digital assets but many are still uncomfortable jumping into unregulated trading environments. We also see an unfilled need for services aimed at those looking to make large volume transactions. Huobi OTC Desk is a big step forward to filling both of those needs."
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
Get the Crypto Corner News by email Get Crypto Corner News
Crypto Corner Sponsors:
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
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
More info on the sector:
Investor Ideas is positioning as a leader in blockchain and crypto content with its Bitcoin and Blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news and press releases plus we create original financial content. Learn about investing in stocks and sector trends from Investorideas.com with our news alerts , articles , podcasts and videos talking about cannabis, crypto, technology including AI and IoT , mining ,sports biotech, water, renewable energy and more . Investorideas.com original branded content includes the daily Crypto Corner and Podcast, Play by Play sports and stock news column, Investor Ideas #Potcasts #Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change Podcast and the AI Eye Podcast and column covering developments in AI.
The Investorideas.com podcasts are also available on iTunes, Spotify, Tunein, Stitcher, Spreaker.com, iHeartRadio and Google Play Music.
Visit the Podcast page at Investorideas.com:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Disclosure: this newsletter and podcast is sponsored content by featured companies NXt-ID (NASDAQ: NXTD) on behalf of Flip and GBT Technologies . More info: http://www.investorideas.com/About/News/Clientspecifics.asp
Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Investorideas.com news content is not meant to be a solicitation to buy or sell cryptocurrencies and Investorideas.com does not directly sell cryptocurrencies; but acts as a news and research resource for interested investors following the blockchain sector.
Copyright and ownership: Crypto Corner is an Investorideas.com content brand
Learn more about our news, PR and social media services at Investorideas.com
Follow us on Twitter https://twitter.com/Investorideas
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas