#CryptoCorner: BTC Slips Below $10K amid High Sell Pressure, Iran Legalizes #Crypto Mining, Germany Approves $280 Million ETH-based Real Estate Bond
Point Roberts, WA, Delta BC July 23, 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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The cryptocurrency market is more or less red across the board this morning with most of the top 100 coins listed by market cap posting 24-hour losses, according to data from CoinMarketCap. Crucially, Bitcoin (BTC) has fallen below its $10,000 support level, after failing to rise above an $11,000 trading price over the past few days. The flagship cryptocurrency is trading for about $9,960 at press time, with a 24-hour loss of around five percent. On CCN crypto analyst Joseph Young writes that despite robust fundamental factors in the market such as the highly anticipated Bakkt platform’s testing, sell pressure may lead to short term volatility.
Despite strong fundamental factors, bitcoin has shown weak short term trend as of recent, which some analysts have indicated that the sell pressure in the market may be too strong for fundamental factors to turn around.
In the near term, analysts expect large volatility in the bitcoin market, opening the possibility of short squeezes.
According to an official document, the government of Iran has put crypto mining on the track to legalization. On Sunday, the government’s economic commission approved a mechanism to facilitate crypto mining despite the practice’s having been illegal in the country in preceding months. Cheap electricity in Iran has contributed to a surge in the amount of illegal mining farms. The country’s Deputy Minister of Energy Homayun Haeri said “a plan to apply the exported electricity rate for mining farms will soon be discussed and voted on by the government ministers”.
Cointelegraph reports that an Ethereum-based real estate bond of security issuance firm Fundament Group has been approved by the German Federal Financial Supervisory Authority (BaFin). The bond is backed by a portfolio of properties in German cities valued at $280 million USD (€250 million EUR). According to the report, Fundament Group aims to bring liquidity to the real estate market through tokenization and its solution “leverages standardized and regulated financial instruments to build a real estate-backed asset that can be traded worldwide independently of banks”. The company’s co-founder, Florian Glatz, explained:
“As the first company to receive approval from the German Financial Market Authority for a blockchain-based real estate bond, we are excited to enter the sales process for the Real Estate Security Token, while already preparing the tokenization of other highly attractive assets.”
IP business media platform IAM published a piece today analyzing blockchain patent trends around the world. The data indicates that, as of April 30, 2019, there are “10,628 Derwent patent families in the blockchain field, corresponding to 14,035 patent applications”, with a compound annual growth rate (CAGR) of applications from 2013 to 2018 coming in at 285.6 percent. While China and the U.S. dominate the global market in terms of blockchain innovation and patent applications, South Korea leads the world in patent grants with an approval rate of 54 percent.
Sam Mowers, Investorideas
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