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Aug. 15, 2019, 12:51 p.m. EDT

CryptoCorner: Market Gets Red, Walmart Applies for Blockchain-Based Drone Patent, Ripple Invests 1 Billion XRP Into Coil and Mining Ware Company CoinMine Scores $2.5 Million Seed Round

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Aug 15, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 15, 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.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2019/081519-CryptoMarket.mp3

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https://www.investorideas.com/rss/feeds/Podcasts-Crypto.xml

Crypto Corner

The crypto market is red this morning folks, with nearly all of the top 100 coins listed by market cap having lost value in the last 24 hours, according to data from CoinMarketCap . At press time, Bitcoin ( BTC ) is trading for just over $10,000 USD, having dropped as low as roughly $9,650 overnight. This is minor, however, when compared to leading altcoins Ether ( ETH ), XRP and Bitcoin Cash ( BCH ), which all dropped 9 to 10 percent in the past day. Consequently, despite its own downtrend, Bitcoin still dominates the market, accounting for over 68 percent of crypto's total market capitalization.

What is causing this downtrend? Dovey Wan, founding partner of crypto asset holding company Primitive Ventures, tweeted that large scale sell-offs from a Chinese ponzi scheme called PlusToken could be moving the needle. Wan claims PlusToken started selling off its crypto in July:

A security audit firm Peckshield has done a graph analysis of the money flow from PlusToken's wallet in early July, and figured out abt total ~1000 has gone into Bitrrex and Huobi. So basically the sells off has started around early July

She goes on to tweet:

Chinese traders are saying someone has been dumping 100BTC non-stop on Binance, will post here once I find the chat detail.

Which i suspected related to PlusToken as well

Walmart ( NYSE:WMT ) has filed a patent application with the United States Patent & Trademark Office for a blockchain-based drone communication system called CLONING DRONES USING BLOCKCHAIN . The application abstract describes the technology:

A method of drone-drone communications using blockchain includes: determining operational parameters of a first drone; encrypting the operational parameters of the first drone; storing the encrypted operational parameters of the first drone in a block of a blockchain; determining when a second drone is in proximity of the first drone; retrieving the encrypted operational parameters of the first drone from the block of the blockchain; decrypting the encrypted operational parameters of the first drone; retrieving the operational parameters of the first drone based on the decryption; and configuring the second drone with the operational parameters of the first drone.

Xpring, Ripple's investment subsidiary, has granted 1 billion XRP to micropayments processor startup Coil, according to a press release today. Coil is striving to make monetization easier for content creators in various types of media. Xpring vice president Ethan Beard wrote in a blog post :

Partnering with Coil is a natural fit for us not only because of the team's DNA - which includes folks like Stefan Thomas who served at Ripple's CTO for many years and is a co-creator of ILP [Interledger Protocol] - but also for its natural alignment with XRP and ILP. The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method, and to have a positive impact on content creators.

Elsewhere, CoinDesk reports that crypto mining hardware and software producer CoinMine scored a $2.5 million seed round. This comes during "a period of 50 percent growth month over month since April" and "nearly 10 percent of customers become repeat purchasers". The company's CEO, Farbood Nivi, said:

"This latest round of financing will help us accelerate our mission of getting more people to experience how easy it is to earn Bitcoin and other cryptocurrencies."

Sam Mowers, Investorideas

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