#Crypto Corner: Market Drops, UPbit Raided, Mt. Gox Dumps 8000 #BTC and #Facebook ($FB) May Launch #Cryptocurrency
Point Roberts, WA and Delta, BC - May 11, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - May 11, 2018
Market Drops, UPbit Raided, Mt. Gox Dumps 8000 BTC and Facebook ($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.""
Get the Crypto Corner News by email Get Crypto Corner News
Crypto Corner Sponsors:
Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
View our growing Bitcoin, Blockchain and Digital Currency Stocks Directory
Join our LinkedIn Group Blockchain and Digital Currency Stocks and ICO's - Latest News and Commentary https://www.linkedin.com/groups/13560073
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. Disclosure: this newsletter is sponsored content by featured companies NXt-ID (NASDAQ: NXTD) on behalf of Flip and GoverMedia Plus Canada Corp. (CSE: MPLS). More info: http://www.investorideas.com/About/News/Clientspecifics.asp
Investorideas.com news content is not meant to be a solicitation to buy or sell cryptocurrencies and Investorideas.com does not directly sell cryptocurrencies; but acts as a news and research resource for interested investors following the blockchain sector.