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UpBit Under Investigation, Crypto (BTC, ETH, XRP, BCH) Market Dips

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The crypto market is in the RED. Completely Red! ladies and gentlemen. The total market capitalization of the entire crypto verse has dropped from $440 Billion to current levels of $389 Billion at the moment of writing this. This is within a time frame that is less than 24 hours. The loss is a huge 11.6% decrease in market capitalization in such a short time period. The big coins of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and EOS (EOS) have not been spared.

BTC is down 8.33% and trading at levels of $8,578. Ethereum is also under $700 and trading at $682 after a decline of 10.63% in the last 24 hours. XRP is at $0.68 and down 15.15%. Bitcoin Cash is down 16.42% and trading at $1,384. EOS is down 17.7% and trading at $15.14. Litecoin has also not been spared with an 11.33% drop and trading at $139. Basically, most coins and tokens are bleeding between the ranges of 7% and 25%: with the latter being the case for Bitcoin Diamond (BCD).

So what exactly is going on?

News reaching GlobalCoinReport.com indicate that popular South Korean exchange, Upbit, has been raided by Officials over suspicions of orchestrating fraud.

In the report, investigators from the S. Korean Prosecution office of the Southern District of Seoul searched Upbit’s head office due to accusations of selling cryptocurrency to customers that it does not actually hold. The authorities have confiscated books and hard disks for further auditing that is expected to take days. This has, in turn, caused traders using the popular exchange, to withdraw their funds en masse in fear of their funds being locked up or not actually existing on the platform.

Looking at Upbit’s current daily trading volume on coinmarketcap.com, the exchange is doing $2.157 Billion in trade at the moment of writing this. The question now lies as to whether these are actual figures or doctored numbers by the team at Upbit. Only the auditors via the South Korean regulators will be able to answer this for us.

The prosecutors were quoted as saying the following with respect to the investigation:

“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further.”

The South Korean regulators have been carrying out investigations on exchanges in the country since March. This was after the Cyrpo-verse was bombarded by news of Chinese banning crypto trading and the South Korean regulators planning on doing the same during the same time period. It has truly been a tumultuous time with many Crypto traders hoping for a bounce in the markets once this issue at Upbit is cleared up in a timely manner.

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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.

Image courtesy of Marco Verch via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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