Investorideas.com - #Crypto Corner: Market Drops, UPbit Raided, Mt. Gox Dumps 8000 #BTC and #Facebook ($FB) May Launch #Cryptocurrency
#CryptoCorner; Market
Drops, UPbit Raided, Mt. Gox Dumps 8000 #BTC and #Facebook ( $FB) May Launch #Cryptocurrency
Point Roberts, WA, Delta BC – May 11,2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – May 11, 2018
Market Drops, UPbit Raided, Mt. Gox Dumps 8000 BTC and
Facebook ( $FB) May Launch Cryptocurrency
The crypto market
plummeted by over $50 billion USD in the past 24 hours, with the market cap
dropping from around $440 billion USD this time yesterday to about $390 billion
USD at press time according to CoinMarketCap. Bitcoin (BTC) declined by about
8 percent while altcoins like Ethereum (ETH), Ripple (XRP) and Bitcoin Cash
(BCH) fell roughly 10, 13, 14 percent respectively.
The drop in price
is being partially attributed to the reported police raid on the headquarters
of UPbit, South Korea’s largest crypto exchange. According to a loosely
translated report in CoinDesk Korea, UPbit is suspected of fraud,
selling currency it doesn’t have and that authorities are currently
investigating the company’s books.
“UPbit
is being charged (fraudulent) as if it were holding the cipher money to the
investors who are using UPbit without holding the actual cipher currency.
The
South Korean prosecutor's office said, "We have secured hard disks and
accounting books through confiscation. Analysis is expected to take
days."”
Another major
factor in the market drop is recent evidence that, as before, a Mt. Gox trustee has sold off
around $8000 BTC, in four transactions of roughly 2000 BTC, which at press time
is about $70 million USD. A CCN report criticized the move, arguing that
the trustee could have had less of an effect on the market by selling directly
to large-scale investors.
“Similar to how most institutional traders and retail investors
purchase and sell large batches of cryptocurrencies, the Mt. Gox trustee could
use the over-the-counter (OTC) market and directly deal with large-scale
investors that are willing to purchase thousands of bitcoins.
Instead, the Mt. Gox trustee has opted to sell its funds on
cryptocurrency exchanges, creating a domino effect across all major exchanges
and leading the cryptocurrency market to drop by large margins.”
According
to a report in Cheddar, Facebook
may be considering the creation of its own cryptocurrency.
“Facebook started studying blockchain almost a year ago, when a
member of its corporate development team, Morgan Beller, began looking at how
the social platform could use the emerging technology.”
Although
sources in the piece attest the seriousness of the project, they remain
secretive for the time being.
““They
are very serious about it,” said one of the people, who asked not to be
identified discussing unannounced plans.”
““Like
many other companies Facebook is exploring ways to leverage the power of
blockchain technology," a Facebook spokesperson told Cheddar after this
story was first published on Friday. "This new small team will be
exploring many different applications. We don’t have anything further to
share.””
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