Categories: Bitcoin Business

#CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting #Crypto Payments

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Crypto Corner

Stocks discussed: (NasdaqGS:FB)

The crypto market has once again slipped into the red, with Bitcoin (BTC) and virtually every altcoin dropping in price over last night, according to data from CoinMarketCap. Bitcoin, specifically, went from a peak trading price of about $10,830 yesterday, to as low roughly $9,960 earlier this morning. It has recovered slightly to a present trading price of $10,047. But even as Bitcoin loses steam, altcoin trading prices are reflecting the same downward trend. Consequently, Bitcoin still enjoys a market dominance of 69 percent. The total crypto market cap fell from $279 billion to $260 billion at press time.

A report from Bloomberg indicates that Facebook's (NasdaqGS:FB) Libra project is being probed by EU antitrust regulators. An excerpt from the report reads:

The European Commission is "currently investigating potential anti-competitive behavior" related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire sent out earlier this month.

Officials said they're concerned about how Libra may create "possible competition restrictions" on the information that will be exchanged and the use of consumer data, according to the document, which is a standard part of an early-stage EU inquiry to gather information.

Austrian telecom giant A1 has announced that it will begin accepting cryptocurrency payments in seven of its locations. Markus Schreiber, Head of A1 Business Marketing, commented:

"Paying with digital currencies is becoming more and more prevalent internationally, and every industry is affected. Whether it's the coffee-to-go or the movie ticket, cash is an obsolete model. With our pilot operation in the A1 shops we are testing the demand and acceptance of digital currencies in Austria. As a pioneer, A1 assumes a great responsibility with regard to the digitization of our society. The safety of consumers and trade, as well as compliance with all legal requirements and provisions have top priority. Before the A1 Payment portfolio will be expanded by digital currencies and officially available to business customers, a multi-stage trial will now be carried out, starting with selected A1 shops."

Business Korea reports that an increasing amount of South Korean blockchain startups are listing their crypto and blockchain projects on foreign exchanges. The article cites stricter regulation on the domestic market as a possible reason for listing overseas.

Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges. Excluding the nation's four largest exchanges, some 200 smaller exchanges cannot open real-name virtual accounts. This is one reason cryptocurrency investors cannot benefit from investor protection.

The article also attributes low transaction volumes as a key reason for doing business elsewhere.

Sam Mowers, Investorideas

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