Crypto Exchange Archives - 2100NEWS

UrbanJanuary 9, 2019
bitcoin-creative-sign-crypto-currency-electronic-money-finance-1280x800.jpg

5min946
  • Bitcoin price corrected lower and settled below USD 4,000.
  • Ethereum and ripple started a short term downside correction.
  • DEX and ELA declined more than 12% today.

After a decent upward move above USD 4,000, bitcoin price started a downside correction. BTC/USD declined below USD 4,000 and USD 3,980 supports levels. The price is currently (UTC 08:30 AM) consolidating above USD 3,900 and USD 3,920 support and it could soon resume uptrend. Similarly, ethereum declined below the USD 150 support and it may correct further towards the USD 140 support. Ripple price struggled to hold gains above the USD 0.370 support and later corrected below the USD 0.362 and USD 0.360 supports. The current price action is slightly bearish, but dips in bitcoin and altcoins remain supported.

Total market capitalization

Bitcoin and Altcoins Remain Supported On Dips 101
Source: coinmarketcap.com

Bitcoin price

There is no successful close above the USD 4,000 level in bitcoin price . BTC/USD started a downside correction below USD 4,000 and declined below the USD 3,980 support. The price tested the USD 3,925 support and it is currently consolidating losses. To bounce back, the price must break the USD 3,980 and USD 4,000 resistance levels.
On the downside, an initial support is at USD 3,925, below which the price may decline further towards the USD 3,900 or USD 3,875 support level.

Ethereum price

Ethereum price started a downside correction below the USD 155 support. ETH/USD is down more than 4% and it is currently trading near the USD 146 support.
If the price declines further, it could test the USD 142 and USD 140 support levels. On the upside, an initial resistance is at USD 150 (the previous support), above which the price may move back in a positive zone towards USD 160.

Bitcoin cash, eos and ripple price

Bitcoin cash price declined recently below the USD 160 support. BCH/USD is down more than 4% and it may continue to move down towards the USD 152 and USD 150 support levels. On the upside, the main resistance is at USD 160, above which it could test USD 165.
EOS declined below the USD 2.75 support recently. It must stay above the USD 2.60 support to start a decent recovery. Resistances are seen at USD 2.75 and USD 2.82.
Ripple price failed to stay above the USD 0.370 support and declined below USD 0.365. The next major support is at USD 0.350, which could produce a short term bounce in XRP.

Other altcoins market today

During the past few hours, a few small cap altcoins declined more than 10%, including DEX, ELA, WAVES, WTC and LINK. Out of these, DEX dived more than 16% and ELA is down close to 12%. Meanwhile, Ethereum Classic is down by 7% after it has suffered a serious attack on its network.

Overall, bitcoin price is currently consolidating above the USD 3,900 support. As long as BTC/USD is above USD 3,900 and USD 3,850, it could bounce back and move past USD 4,000. If not, there is a risk of a downside move in bitcoin and altcoins in the coming days.


UrbanOctober 14, 2018

4min523

On October 12, CCN reported that BK Global Consortium, the parent company of Singapore-based BK Medical Group, has acquired a 50 percent stake in Bithumb, South Korea’s largest crypto exchange.

Kim Byung-gun, a prominent plastic surgeon and blockchain investor, finalized the deal between BK Global Consortium and Bithumb, officially acquiring the leading cryptocurrency trading platform at a valuation of $350 million.

Investors Highly Optimistic in the Deal
For many years, despite three high profile security breaches that have led to the loss of tens of millions of dollars in user funds, Bithumb has been able to secure its position as the most dominant digital asset trading platform in South Korea alongside Upbit.

In late 2017, Dunamu, a subsidiary of Kakao, the largest Internet conglomerate in the country that has over 80 percent market share in fintech, payments, online stock brokerage, ride-hailing, and messaging, launched Upbit to compete against Bithumb and Korbit.

Currently, Upbit is engaging in a tight competition against Bithumb, often demonstrating a higher daily trading volume possibly due to its listing of more than 100 cryptocurrencies.

But, the sophisticated platform of Upbit, that has been audited several times for transparency and investor protection, has not been enough to overtake Bithumb and its loyal user base.

Korea Bitcoin

The majority of investors in South Korea remain highly optimistic in the acquisition of Bithumb by BK Global Consortium because with the deal, now every major cryptocurrency exchange in the country is operated by large-scale conglomerates.

Upbit is run by Kakao, Gopax is run by the country’s largest commercial bank Shinhan, Korbit is run by $15 billion Nexon, and Bithumb is operated by BK.

One commonality amongst major cryptocurrency exchanges operated by leading multi-billion dollar conglomerates is that none of the platforms have experienced security breaches and successful hacking attempts. Korbit, Upbit, and Gopax have not been hacked in their entirety, because of their focus on security and investor protection.

For conglomerates in South Korea, it is of utmost importance to protect their name value and brand image due to the psychology of local investors. More often than not, when a local conglomerate begins to demonstrate a downtrend and loses the support of local consumers, it fails to survive in the long run.

With the involvement of BK, investors are anticipating a re-established focus on security, internal system management, and overall improvement in investor protection, which will help legitimize the cryptocurrency exchange market of South Korea.

Prior to the acquisition of Bithumb by BK, the publicly listed exchange was owned and operated by a talent agency and a couple of non-finance related businesses, which led investors to speculate that the exchange was being forced to maximize profits at the cost of security and system stability.

What Investors Can Expect Next
Binance and Upbit have recently announced their plans to expand to the cryptocurrency exchange market of Singapore, subsequent to the decision of the government to provide stable banking services to crypto-related businesses and develop the local blockchain industry.

Given the strong connections of BK with the Singaporean market, investors are expecting Bithumb to expand its services to Singapore in the months to come.



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