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Aug. 7, 2019, 12:41 p.m. EDT

CryptoCorner: BTC Cracks $12K... Again, ECB to Monitor Crypto Market with More On-Chain Analytics and Samsung Launching 2 New Services for Blockchain and DApps

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Aug 07, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 7, 2019 (Investorideas.com Newswire) 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 bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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At press time, Bitcoin ( BTC ) is trading at just over $12,000 USD, according to data from CoinMarketCap . It briefly traded above $12K yesterday before slipping back down to around $11,500 for the remainder of the day. Most of the major altcoins have seen little movement, however, in the last 24 hours. Bitcoin's price bump this morning extends its market dominance now to a market share of 68.8 percent. Bitcoin's market cap of $214 billion is almost nine times that of the biggest altcoin, Ethereum ( ETH ), with the latter sitting at $24 billion.

A newly published report from the European Central Bank (ECP), titled: Understanding the crypto-asset phenomenon, its risks and measurement issues, outlines how it intends to monitor the market using more on-chain analysis. An excerpt from the report's conclusion explains:

Looking ahead, the ECB will continue to work on indicators and data by dealing with the complexity and growing challenges encountered in analysing on-chain and layered protocol transactions. Furthermore, investigation will continue regarding the new data sources for information on interlinkages of crypto-assets. With respect to the off-chain transactions, amid a multitude of methodological options, further work will focus on increasing the availability and transparency of the reported data and the methodologies used, harmonising and enriching the metadata and developing best practices for indicators on crypto-assets.

Business Korea reports that the country's financial watchdog, the Financial Intelligence Unit (FIU) plans to directly regulate cryptocurrency exchanges. As it stands, exchanges are regulated indirectly through administrative guidelines to banks. Lee Tae-hoon, head of administration and planning at the FIU, explained:

"If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF's [Financial Action Task Force] international standards for cryptocurrencies, passes the National Assembly, it will be possible to prevent money laundering through cryptocurrencies."

"If the amendment is approved by lawmakers, we can raise the effectiveness of regulations by shifting from the current indirect regulation through commercial banks to direct regulation."

Cointelegraph reports that Samsung ( KSE:005930 ) is launching two new services for its blockchain and decentralized application (DApp) kit. The company has integrated a digital analytics DApp called "Jupiter" and a QR code-based password wallet called "Mars" into the Galaxy S10 and newer version of Samsung smartphones. According to the press release:

"Jupiter utilizes TrustVerse's artificial intelligence powered price prediction and analytics build on Microsoft ( NasdaqGS:MSFT ) Azure architecture. The DApp enables users to track volatility of digital assets - including Bitcoin (BTC) and Ether (ETH), among others - by analyzing past records of market movements."


"...Mars, lets users conduct peer-to-peer cryptocurrency transfers through QR code. "Complex address input can be avoided just by clicking on a QR code and therefore, typo error or entering wrong address can be avoided."

Sam Mowers, Investorideas

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