Crypto recovering, Steemit enters South Korea, LG builds Monachain

Steemit, to enter South Korea marketSteemit, the blockchain-social media and curation platform is entering South Korea

Crypto markets have recovered from bitcoin’s drop to $8,225, which dragged some coins down as much as 20% yesterday. Bitcoin is currently trading at $8,577. Nevertheless, market participants are expecting a more positive stance as we start the new week because of the beginning of the Consensus conference in New York, which is usually a catalyst for higher volumes and prices.

Ethereum and bitcoin are now both down 10% over the week, with Bitcoin Cash and Litecoin both off 17%. Today, however, Eth is up 3.4% on Coinbase. The UpBit exchange raid in South Korea continues to weigh on the market despite CNBC crypto host Ran NeuNer’s tweet a couple of days ago that seems to indicate that the “fraud” regulators were thought to be investigating is in fact  a liquidity issue at the exchange and involves its transactions with other exchanges:

The Financial Supervisory Service, Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) are now all involved in the investigation. It sounds like the regulators need to get some people on their teams that know how crypto exchanges work.

LG blockchain and Steemit enters South Korea

It is not all bad news from South Korea though. A subsidiary of the LG the electronics conglomerate has announced the creation of its own blockchain. Called Monachain, South Korea’s Yonyap news agency says its use cases will include logistics for finance, manufacturing and communications with authentication, supply chain management and payments.

That news comes just as Steemit enters South Korea for the first time, joined by Singapore blockchain startup IOS, which has started looking for blockchain developers in the country, and the largest dating site in South East Asia, Lunch Actually, rolls out “Viola AI”  in South Korea, “which combines artificial intelligence (AI) and blockchain technologies”, according to Yonhap.

China blockchain index

Staying in Asia, the Chinese government will begin publishing a Global Public Chain Assessment Index to rank crypto and blockchain projects.

A statement read in part: “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute”.

The first coins/networks to be assessed are as follows:

Bitcoin, Ethereum, Ripoco [Ripple], Litecoin, Bitcoin Cash, Cardano, Starcoin, NEO, Iota, Monroe Currency, Dash, New Currency, Ethereum Classic, Quantum Chain, Nano, Application Chain, Big Zero Coin, Verge, Stratis, Cloud Storage, Stimco, Bit Stock, Bitcoin, Coin, Decred, Super Cash hcash, Komodo and ARK.
The index will be published by the government-backed China Electronic Information Industry Development Institute. More here (Google Translates required):

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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