#CryptoCorner: BTC Breaks $8K, XRP Rockets 28%, Samsung to Extend #Blockchain and #Crypto Services to Budget Galaxy Phones and HTC Announces ERC-20 Swaps on Native Wallet
Point Roberts WA, Delta BC, May 14, 2019 - 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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May 14 Crypto Corner
Stocks discussed: (KSE:005930) (TWSE:2498)
When we left off on yesterday’s episode of Crypto Corner, Bitcoin (BTC) was trading for about $7750, according to data from CoinMarketCap. Since then it has broken past $8000 and is trading for $8050 at press time, after peaking around $8265 earlier today.
But even though Bitcoin still holds a near 60 percent market dominance, its 6.5 percent 24-hour growth is dwarfed by XRP, which boasts a gain of 28 percent in the last day. This is possibly a result of yesterday’s news, also featured in Crypto Corner, of German stock exchange Boerse Stuttgart launching an XRP exchange-traded note. Additionally, crypto exchange giant Coinbase tweeted that XRP was now available for trading for users in New York.
Commentary from Ben Waters, Head of International Markets at blockchain platform IOST, outlines some background for the current bull run we’re seeing:
There are multiple factors contributing to the latest bitcoin price surge that are based on bitcoin’s strong fundamentals and recent market-moving news. Back in November 2018, a number of events including the Bitcoin Cash “hash war” flooded the market with an increased supply of bitcoin at a time when there was little interest in cryptocurrencies, driving down the price down from $6,000 to $3,000. At this point, the price of bitcoin to many was undervalued, resulting in smart money taking advantage of the dip and entering the crypto market. In the past three to four months, we have also seen institutional players such as Bakkt and Fidelity Investments make significant traction in the space, further indicating mainstream acceptance and legitimizing of crypto as a burgeoning asset class. During that time, many of the popular crypto projects that have survived through crypto winter are finally materializing.
More recently, investors are looking at bitcoin as a way to diversify their portfolios against the volatile equities market, which is currently being exacerbated by geopolitical tensions such as the U.S.-China trade wars. In addition, yesterday saw a flurry of bullish news, including Microsoft deploying an identity network on the Bitcoin Blockchain, Bakkt set to launch BTC settled futures contracts with custodial solutions next week, Wholefoods and Starbucks now accepting Bitcoin, and rumours of Ebay moving into the space. With record daily transactions, trading volume, low fees and continued development including Lightning network and segwit adoption, Bitcoin’s fundamentals are stronger than ever. Bitcoin is now back on the radar of savvy investors and the crypto asset class may just be getting started.
Business Korea reports that Samsung (KSE:005930) will expand its crypto and blockchain functions to their budget line of Galaxy phones. These features were previously only available on the recently launched Galaxy S10. Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics' Wireless Business Division, said:
"We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States and Canada. "
Cointelegraph reports that the Exodus 1 smartphone from HTC (TWSE:2498) will allow users to directly swap between Ethereum (ETH)-based ERC-20 tokens supported on the phone’s native wallet. This will be achieved through a partnership with cross-token trading platform Kyber Network.
Sam Mowers, Investorideas
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