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#CryptoCorner: Bitcoin Back Below $10K but May Have Long Term Bull Prospects

MoneyGram (NasdaqGS:MGI) Launches Real-Time Transfers Without Blockchain,

Boerse Stuttgart's Blocknox Makes Crypto Custody Services Available and China Sees Expansion of Blockchain Amid Coronavirus Outbreak

 

Point Roberts, WA and Delta, BC - February 18, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings 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:

https://www.investorideas.com/Audio/Podcasts/2020/021820-CryptoMarket.mp3

#CryptoCorner: Bitcoin Back Below $10K but May Have Long Term Bull Prospects

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Stocks discussed: (NasdaqGS:MGI) (NYSE:V)

Since the last Crypto Corner, Bitcoin (BTC) has fallen from its heights above $10K and dragged much of the wider crypto market along with it. Specifically, Bitcoin got as high as around $10,430 on Wednesday last week, but then gradually tumbled over the week and weekend to a trading price of $9,766 at press time, according to data from CoinMarketCap. Traders may have been put off by the rapidity of Bitcoin's rise to and above $10K, followed by a 600BTC deposit reported in a tweet by TokenAnalyst. In any case a long term bullish trend is still anticipated, particularly with Bitcoin's block reward halving in May. Despite the downtrend witnessed over the weekend, the market is actually quite green today. Ethereum (ETH) in particular, which remains the largest altcoin, is enjoying growth of 7.3 percent at press time.

MoneyGram International, Inc. (NasdaqGS:MGI) has announced a real-time remittance solution called FastSend, which does not utilize blockchain, but rather uses "Visa's [NYSE:V] Direct Original Credit Transaction to deliver funds to bank accounts through Debit card deposit," according to a report from Cointelegraph. MoneyGram does have a blockchain partner in Ripple, however, and according to the former's Chief Operating Officer Kamila Chytil, MoneyGram does leverage blockchain in other areas:

"Today, MoneyGram is utilizing Ripple's On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It's a back-end treasury function that's not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs."

For those interested, MoneyGram stock is up some 16 percent today.

CoinDesk reports that Blocknox, a subsidiary of Germany's second-largest stock exchange Boerse Stuttgart, has made its crypto custody service available to users of Boerse Stuttgart's BISON app and its digital assets exchange, BSDEX. Ulli Spankowski, managing director of Blocknox and chief digital officer for Boerse Stuttgart, explained:

"As a pioneer in Germany, Blocknox has already been operating as a custodian of cryptocurrencies for more than one year. Now we want institutional clients to benefit from our experience and set-up as well. They can use Blocknox's reliable custody as a building block for their own services around digital assets."

An article from local Chinese outlet People's Daily reports the recent spread of blockchain technology in the country in response to the Coronavirus outbreak. For the first half of this month alone, "at least 20 applications based on blockchain were launched to tackle the emerging challenges." An excerpt from the article outlines the particular utility of blockchain for this situation:

Local authorities say blockchain makes information on the platform tamper-proof and traceable. It achieves precise collection of epidemic data and dispels rumors, helping citizens to cope with the epidemic in a positive and reasonable way.

Sam Mowers, Investorideas

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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