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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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