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Possible Mt. Gox Bitcoin (BTC) Dump Occurring Atop Upbit News

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BTC
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Another theory has been postulated by CCN.com with regards to the current loss of over $50 Billion in market capitalization in the entire crypto market. Less than 24 hours ago, the total market cap was sitting comfortably at levels of $440 Billion but now that figure has dropped to levels of $389 Billion at the moment of writing this. This has in-turn affected all the values of the coins and tokens in the markets with the top coins not being immune to the dip. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tron (TRX) and other top coins have been affected with most showing decreased price values of between 7% to 25% in the last 24 hours.

With regards to the Mt. Gox possible dump of over 8,200 BTC as reported by CCN.com, there are four alleged wallets of the Mt. Gox trustee that have moved around 2,000 BTC each. They have sent over 8,000 BTC in total in the past 24 hours.  The Mt. Gox trustee had been ordered by Japanese authorities to sell off over 200,000 BTC and convert to Japanese Yen in a bid to reimburse creditors. This means that if the transactions are confirmed, the BTC funds are most likely being sold on cryptocurrency exchanges.

Back in March, another selloff was orchestrated by Mt. Gox as they set out to reimburse the same Mt. Gox’s creditors. Being the trustee, Noboaki Kobayashi had this to say about the sell-off back in March:

“I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of the sale. I plan to consult with the court and determine further sale of BTC and BCC”

When you add the Upbit news of South Korean officials raiding their headquarters and taking away books and hard-drives for audit purposes, you get the feeling that today was perhaps a not so good day in the Crypto-verse. The exchange is being accused of actually trading without having the actual cryptocurrencies at hand. Everything has been doctored and traders are not aware. What the exchange has been accused of doing, is carrying out fake balance sheets to deceive traders and investors.

Many traders have probably withdrawn their funds from the exchange in a panic causing the current market dip.

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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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Blogs

TRON Partnership Involves Cloud Computing

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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.

It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.

The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.

China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.

Furthermore, the country has adopted several…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.

About Ravencoin

Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.

Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.

Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.

Ravencoin got listed on Binance prior to MainNet launch

Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.

Getting listed on Binance has brought Ravencoin to the top…

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