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:
Korea, Upbit: The irregularity being investigated is in regards to liquidity issue. The issue involves sharing/ pooling liquidity with other exchanges. It seems to be that the regulators did not understand the share liquidity. My source (an employee) claims there is no issue.
— Ran NeuNer (@cryptomanran) May 11, 2018
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.
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.
Staying in Asia, the Chinese government will begin publishing a Global Public Chain Assessment Index to rank crypto and blockchain projects.
The first coins/networks to be assessed are as follows:
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