CryptoCorner: Crypto Market Plummets Following 5K BTC Dump, Amazon Awarded Merkle Tree Patent, Coinbase in Talks to Acquire Xapo
Point Roberts, WA and Delta, BC - May 17, 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: Crypto Market Plummets Following 5K BTC Dump, Amazon Awarded Merkle Tree Patent, Coinbase in Talks to Acquire Xapo
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The crypto market has seen a significant correction as we head into another weekend. Virtually all of the top 100 coins listed by market cap are in the red. Data from CoinMarketCap indicates that Bitcoin (BTC) bottomed out this morning at just under $7100, but CCN puts the figure as low as $6400. Major altcoins such as Ether (ETH), XRP and Bitcoin Cash (BCH) have sustained 24 hour losses around 10 percent.
The sudden drop in the market seems to have been triggered by a 5,000 BTC sell order on Bitstamp. Three Arrows Capital CEO Su Zhu, who spoke to CCN following the $35 million BTC dump, believes the market will recover promptly:
"This is a purely market structure related move, I expect it to be bought up extremely quickly."
Amazon (NasdaqGS:AMZN) has been awarded a patent by the U.S. Patent and Trademark Office (USPTO) for a project that would allow the company to generate Merkle trees as a proof-of-work solution. Merkle trees are a data structure variation that is adjacent to blockchain technology, and any intentions the company may have with regard to blockchain remains ambiguous.
The Block reports that crypto exchange giant Coinbase is in talks to acquire crypto custody provider Xapo for $50 million. Xapo, which provides cold storage vault custody of bitcoin, is rumoured to have as much as $5.5 billion of assets under custody. An excerpt from the article reads:
The addition of several billion of AUC [assets under custody] would be a huge shot in the arm for Coinbase. Under Xapo's current business model, customers are not charged for storing their bitcoin. Rather, they generate revenue by enabling over-the-counter (OTC) trades for customers using the bitcoin under custody.
The Economic Times reports that tech lobby groups are pressuring India's central bank to recognize crypto startups in its regulatory sandbox for fintech. IT industry representative NASSCOM commented:
"Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox. The decision to keep cryptocurrencies, trading of cryptocurrencies and initial coin offerings out of the purview of the regulatory sandbox is still not clear."
Sam Mowers, Investorideas
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