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Crypto (BTC, ETH, XRP) Markets In The Green after Upbit’s Internal Audit Reveals No Fraud

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The crypto markets have generally been in the green from yesterday when the Consensus Summit started in New York City. Bitcoin (BTC) is currently trading at $8,789; Ethereum (ETH) has found a footing above $700 and trading at $734; Ripple (XRP) is trading at $0.745; Bitcoin Cash (BCH) is currently valued at $1,446; and EOS (EOS) is showing some remarkable recovery at $14.19. All these top 5 coins are showing daily gains of between 2% to 5%: not bad increments considering the market dip that was experienced when news hit the crypto-verse that Upbit was under investigation for fraud.

The South Korean exchange was raided by local police and investigators on allegations that it was cooking its books. The investigations further dug deep to conduct allegations of suspicious movement of funds from the Upbit exchange to the personal accounts of Upbit executives.

This announcement, on the 10th of May, caused a major dip in the crypto-markets that saw the total market capitalization drop from a stable $440 Billion to levels of $389 Billion in a time period that was less than 12 hours. This happened as more and more traders received the above news and started withdrawing their digital assets from the exchange for fear of it falling apart or being closed by South Korean authorities. This news was coincidentally reported at the same time there was fear of a Mt. Gox Bitcoin (BTC) dump that was worth over 8,200 BTC: Double FUD in a day!

The above two events caused a panic that rocked the markets throughout the weekend, and into Monday when the Consensus 2018 event kicked off in New York City, bringing a much-needed increment in volume in the crypto-markets.

News reaching Global Coin Report indicates that an internal audit by Upbit has come up with preliminary findings that distance the South Korean exchange from any wrongdoings. The exchange is still operational as we speak and continues to process transactions for its traders. Upbit is very confident that the issue will be resolved 100% once the South Korean officials also reveal similar findings.

This show of confidence by Upbit has brought some much-needed relief that will allow traders to continue using the exchange without fear of further panic. Upbit is currently ranked 5th on coinmarketcap.com and according to daily trade volume in USD. The exchange is currently doing $718.53 Million in daily trade volume at the moment of writing this with EOS being the highly traded asset on the exchange. The token makes up 15.63% of the daily trade volume on the exchange.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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