Point Roberts, WA and Delta, BC - August 6, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
Listen to today's Crypto Corner Podcast:
http://www.investorideas.com/Audio/Podcasts/2018/080618-CryptoMarket.mp3
#CryptoCorner: Market Lowest Since Mid-July, #Coinbase Gives Deadline for #Ethereum Classic, Starbucks NOT Accepting #Bitcoin for Transactions, Argo Blockchain the First Crypto Company Listed on LSE and Bithumb Resumes Transactions
Crypto Corner
Market Lowest Since Mid-July, Coinbase Gives Deadline for Ethereum Classic, Starbucks NOT Accepting Bitcoin for Transactions, Argo Blockchain the First Crypto Company Listed on LSE and Bithumb Resumes Transactions
Stocks discussed: (NYSE:ICE) (NasdaqGS:SBUX)
The crypto market has continued to decline over the weekend. The total market cap slid from a peak of $268 billion USD on Friday to just $253 billion USD at press time. This is the lowest we've seen since July 15. Bitcoin (BTC) is trading at $6997 USD, after having remained above $7000 USD since July 17. As we begin the week, most of the top coins have lost trading value over the last 24 hours, or else are showing very modest growth. All data is from CoinMarketCap.Ethereum Classic (ETC) is one of the coins that is decidedly in the green with about 5 percent growth in the last day. This is surely related to news from crypto exchange giant Coinbase, that their engineering team is doing final testing of support for Ethereum Classic. The blog post indicates that the company expects this last round of testing to be finished by August 7. Coinbase intends to introduce Ethereum Classic trading gradually across its various services.
Due to news on Friday of Intercontinental Exchange's (NYSE:ICE) digital asset platform Bakkt working with Starbucks (NasdaqGS:SBUX), many conflated their relationship as meaning consumers would be able to buy coffee with crypto. Sadly a Starbucks spokesperson told Motherboard via email that this was not the case.
"It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves. Customers will not be able to pay for Frappuccinos with bitcoin."
The Telegraph reports that crypto mining firm Argo Blockchain (LSE:ARB.L) became the first crypto company to be listed on the London Stock Exchange. The company raised £25 million GBP ($32 million USD) upon debut which gave it a valuation of £47 million ($61 million USD).
After being hacked in June which resulted in the theft of about $31 million USD, South Korean crypto exchange Bithumb has recently announced the resumption of withdrawals and deposits. The announcement outlines the improvements Bithumb has made to the platform to avoid such hacks in the future.
"Recently, Bithumb has been undergoing system security check and security enhancement upgrades in order to secure our customer's assets. And as the security check and upgrade has completed, we would like to re-open cryptocurrency deposit and withdrawal services."
Sam Mowers, Investorideas
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