#CryptoCorner: BTC Rallies to $7500 with Record Trading Volume, Binance to Re-open Tomorrow, Boerse Stuttgart Lists XRP and LTC ETNs
Point Roberts WA, Delta BC, May 13, 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 13 Crypto Corner
Stocks discussed: (TWSE:2498)
As we enter a new week total market capitalization sits at $229 billion USD, according to data from CoinMarketCap. That’s a full $37 billion more than when we left off on Friday’s Crypto Corner. This of course follows a rollercoaster weekend, in which we saw a dramatic return of the Bitcoin (BTC) bull market. After a steady climb, Bitcoin broke the $6000 support level on Wednesday, only to skyrocket to a peak of just under $7500 late Saturday. Currently, Bitcoin is trading for $7750 with a market cap of $137 billion, comprising 59 percent of the total crypto market. This rally was accompanied by a record high in trading volume for Bitcoin set on Sunday, May 12. Blockfyre founder Jonathan Habicht tweeted:
$29 Billion in $BTC volume was traded today. The previous high of $25.5 billion was set on Jan 8, 2018.
Technically more BTC could have been moved as prices have historically been lower. But today was record volume.
This all occurred despite the biggest crypto exchange by trading volume, Binance, being shut down following a hack on May 7. In a blog post yesterday, however, Binance CEO Changpeng Zhao (CZ) confirmed that the exchange will open back up for withdrawals and deposits tomorrow:
Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.
We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.
CoinDesk reports that Boerse Stuttgart, Germany’s second-largest stock exchange, has listed two exchange-traded notes (ETNs) allowing XRP and Litecoin (LTC) to be traded against the Swedish Krona (SEK) and the Euro (EUR). Jürgen Dietrich, Boerse Stuttgart’s director for blue chips & funds trading, said “There is a lot of interest in cryptocurrencies”, and that these ETNs will enable tracking of “future price developments”.
Cointelegraph reports that Taiwanese electronics giant HTC (TWSE:2498) has announced a smartphone with Bitcoin full node capability. The Exodus 1S will be released at the end of Q3 this year, and develops on the company’s first generation smartphone, the Exodus 1. Phil Chen, decentralized chief officer at HTC, said:
“Full nodes are the most important ingredient in the resilience of the Bitcoin network and we have lowered the barrier to entry for any person to run a node, [...] participating in a global bitcoin network that propagates transactions and blocks everywhere.”
Sam Mowers, Investorideas
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