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Crypto Corner Episode 443: Bitcoin Low Might Give Rise to Fresh Rally and FTX Exchange Acquires Blockfolio for $150 Million

 

Point Roberts, WA and Delta, BC - August 26, 2020 (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 cryptocurrency stocks and the crypto market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/082620-CryptoMarket.mp3

Crypto Corner Episode 443: Bitcoin Low Might Give Rise to Fresh Rally and FTX Exchange Acquires Blockfolio for $150 Million

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Stocks discussed: (OTC:SBRCY)

Bitcoin (BTC) reached its lowest point since August 11 yesterday, dipping to a trading price of about $11,230, according to data from CoinMarketCap. Despite this seemingly bearish move, a CoinDesk article by writer Omkar Godbole argues that it "has forced out weak hands in the derivatives market and potentially opened the doors for a more sustainable rally." This "shaking out" of "weak hands", the piece contests, may cause stronger buying pressure to emerge, "leading to a re-test of recent highs above $12,000."

Crypto derivatives exchange Bybit has announced an expansion of its Fiat Gateway options to Japan and South Korea. This allows users to buy crypto on the Bybit platform with Japanese yen and South Korean won, bringing the number of supported fiat currencies to 43. This was made possible through the company's newly announced partnership with fintech firm MoonPay. Ben Zhou, Bybit's CEO, said:

"We are pleased to bring on MoonPay as a service provider to the Bybit Fiat Gateway to make buying crypto easier for our users who use JP¥ and KRâ‚©, while the newly launched in-language support allows us to better serve our Vietnamese-speaking users. These efforts deepen our ties with Asia, and demonstrate our continued commitment to better serve our users in more and more localities."

Russian outlet Kommersant reports that Sberbank (OTC:SBRCY) and S7 Airlines are collaborating on a blockchain platform for selling tickets. A loosely translated excerpt from the article reads:

S7 ticket sales agents with accounts with Sberbank will be able to instantly make settlements through smart contracts using tokens. This is the first time such a solution has been used in Russia; the service will be available in September, the airline said.

Cointelegraph reports that crypto derivatives exchange FTX has acquired crypto news and tracking company Blockfolio for $150 million. Sam Bankman-Fried, co-founder and CEO of FTX, said:

"From the beginning, our goal at FTX has been to build the best quality trading experiences with the deepest liquidity for the widest possible cross section of traders. Blockfolio has built trusted relationships with millions within the crypto community, and we're thrilled to be able to work with them to develop new and interesting experiences for that audience."

Sam Mowers, Investorideas

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

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