Connect with us

Bitcoin

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

Published

on

crypto
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

Published

on

BTC
READ LATER - DOWNLOAD THIS POST AS PDF

On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

Continue Reading

Bitcoin

4 things you should know about bitcoin casinos

Published

on

Bitcoin casinos
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

Continue Reading

Press Release