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Crypto Corner Episode 447: Bitcoin Tumbles After Meeting $12K Resistance, SBI Holdings (OTC: $SBHGF) to Launch Blockchain-Powered Securities Exchanges

 

Point Roberts, WA and Delta, BC - September 4, 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.

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Crypto Corner Episode 447: Bitcoin Tumbles After Meeting $12K Resistance, SBI Holdings (OTC: $SBHGF) to Launch Blockchain-Powered Securities Exchanges

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Crypto Corner Episode 447: Bitcoin Tumbles After Meeting $12K Stocks discussed: (OTC:SBHGF)

Despite briefly poking its head above $12,000 earlier this week on Tuesday (Sept 1), Bitcoin (BTC) quickly retreated to a trading price of about $11,300 by Wednesday before tumbling dramatically yesterday to a low of about $10,180, according to data from CoinMarketCap. A report from Cointelegraph cites: increased selling pressure brought on by miners "sending higher-than-normal amounts of BTC to exchanges," a rally in the USD, $12,000 acting as a strong resistance for BTC as key reasons for the drastic drop in trading price. On the connection with miner outflow, the piece quotes Ki Young-Ju, the CEO of CryptoQuant, who wrote:

"Miners send a certain amount of BTC to exchanges periodically, so they already have a large amount of BTC in the exchange. Whenever they decided to sell, it seems they move a relatively significant amount of BTCs to other wallets, and some of them are going to exchanges."

Regarding the connection with the USD rally, the article points out the similarly steep decline witnessed in the price of gold concurrent with Bitcoin's fall.

Japanese financial giant SBI Holdings, Inc. (OTC:SBHGF) plans to launch blockchain-powered digital securities exchanges, according to a report from Crypto News. The company's President and CEO, Yoshitaka Kitao, said the exchanges will be located in two new "smart city" fintech hubs in Kobe and Osaka. Kitao also announced plans for "digital stock exchange based on blockchain (distributed ledger) technology" launched at the sites, with the aim of attracting fintech companies.

Brazilian outlet Correio Brazilienese reports that Brazil's central bank is eyeing a CBDC (central bank digital currency) for 2022. Chief central banker Roberto Campos Neto said:

"To have a digital currency, you need an instant payment system that is efficient and interoperable; an open system, where you can create competition; and a currency that has credibility, is convertible and international. After that, I think you have all the ingredients to have a digital currency. We think we will have this in 2022."

Campos Neto said digital currency was a consequence of the "process of digitization and modernization of the financial system," and the central bank said that the issuance of a CBDC "may be a possibility to improve the current model of commercial transactions between people and even between countries."

Sam Mowers, Investorideas

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