Bithumb Cryptocurrency Exchange Will Enter Singapore Market Via Local Platform BitHolic

Bithumb, a prominent South Korean cryptocurrency exchange, is set to enter the crypto market of Singapore soon. According to a local media outlet …

Bithumb, a prominent South Korean cryptocurrency exchange, is set to enter the crypto market of Singapore soon. According to a local media outlet called News1 Korea, the company has acquired a regulated company in the country to buy its entrance in the market.

The selected company is BitHolic. The media outlet affirmed that BitHolic has recently changed its name to Bithumb Singapore, which is pretty much a great hint of what happened.

An anonymous source who was interviewed by News1 Korea, the equity structures of the deal were not revealed, but Bithumb is trying to advance to international markets and it will start with this close market by acquiring the other company and using it as a base to quickly enter Singapore with licenses already in place.

Part of the reason for choosing BitHolic might because of Park Jeong Hun. He worked as a director on the South Korean company some years ago and now represents the Singaporean company, so he probably acted as the bridge during the deal.

This is a clear move in a very popular trend: move internationally to get more clients because crypto is getting popular. Several companies such as Coinbase and Binance are doing it, so the South Korean giant could not lose this chance.

Despite the expansion, Bithumb is far from being in its best year ever. Earlier in 2019, the company was hacked and it lost USD 19 million, mostly on XRP and EOS tokens. The hack was smaller than the previous one, though, which saw the exchange losing around USD 30 million.

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Some of the most popular Cryptocurrencies around the world

Bitcoin. Bitcoin is the first cryptocurrency to be launched, it was launched in 2009 by Satoshi Nakamoto. It is the most popular virtual currency in the …

Bitcoin

Bitcoin is the first cryptocurrency to be launched, it waslaunched in 2009 by Satoshi Nakamoto. It is the most popular virtual currencyin the world because it has the highest market capitalization value, thehighest number of users across the globe and the highest amount of tradingvolume. Bitcoin price rose to an all-time high of $20,000 in December 2017.today’s price is over$10,000. Even though the price is not stable, the coin isstill remains the best performing cryptocurrency.

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Ethereum

Ethereum is just as popular as Bitcoin. It was created in2015 by Vitalik Buterin. Ethereum has a market capitalization of $25.13 billionand its current price is $236. Ethereum has atransaction speed of a few seconds against the 10 minutes or more of Bitcoin.

Bitcoin Cash

In 2016, the developer community of Bitcoin couldn’t come toan agreement regarding the changes required in Bitcoin’s code, so Bitcoin cashwas forked from Bitcoin and it currently ranks amongst the bestcryptocurrencies. Bitcoin Cash transactions are muchfaster than Bitcoin transactions because its block size was increased to 8MB ascompared to the 1MB of Bitcoin. Bitcoin cash price grew from about $500 in July2017 to about $4,000 in December 2017. This gave it a return of around 10,000%in less than 6 months.

Litecoin

Similar to Bitcoin, and launched in 2011, Litecoin is apeer-to-peer digital currency which has a large network across the world. it offers instant transactions,security, and its widespread adoption around the globe. Litecoin has a market cap of $4.9 billion, and itscurrent price is $99.38.

Ripple token

Ripple token was lunched by the co-founder of opencoin CEOChris Larsen and CTO Jed McCaleb. The cryptocurrency is becoming increasinglypopular because it offers a quick, seamless and borderless platform for fundtransfer. It was designed as a centralized transaction network to be used bybanks for money transfers.

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This Small Bitcoin Rival Is Up Over 200% So Far This Year—Here’s Why

Tezos, which currently ranks as the 16th largest cryptocurrency according to CoinMarketCap data, has also made gains of more than 200% since …

Bitcoin has been beating out almost all of its rivals so far this year with bitcoin’s dominance, a measure of bitcoin’s value compared to the wider crypto market, approaching 70% for the first time since early 2017.

The bitcoin price has risen by over 200% since the beginning of the year, but it isn’t the only cryptocurrency to make serious gains in 2019.

Tezos, which currently ranks as the 16th largest cryptocurrency according to CoinMarketCap data, has also made gains of more than 200% since January, with its market capitalization approaching $1.5 billion.

bitcoin, bitcoin price, tezos, tezos price, image

The bitcoin price has climbed sharply so far this year, though most other major cryptocurrencies have failed to match its gains.

LightRocket via Getty Images

Tezos’ latest gains this week, adding just over 15% to the tezos price, were in part caused by eToro, a U.K.-based bitcoin and crypto brokerage, rolling out trading support for tezos, shortly after Coinbase, the largest U.S. bitcoin and crypto exchange, adding the token to its platform just last week.

“As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments, which is why we’re excited to be adding coins like tezos to eToro,” said eToro co-founder and chief executive, Yoni Assia.

The latest positive developments for tezos follows a number of high profile wins for the smart contract and security token focused blockchain, which supports the XTZ cryptocurrency, following its rocky but successful 2017 fundraising initial coin offering (ICO).

“[Tezos] seems like a really cool blockchain,” eToro’s senior market analyst Mati Greenspan wrote in a note to clients following the addition of tezos to eToro.

The tezos ICO raised a record-breaking $232 million, though it wasn’t without its hurdles, with Greenspan describing it as “shrouded with controversy and plenty of drama.”

Tezos came close to collapse in late 2017 due to dispute between tezos’ two young founders– Arthur and Kathleen Breitman–and Johann Gevers, the president of a Swiss foundation the couple helped establish to handle the ICO and promote and develop the tezos computer network, it was reported by Reuters at the time.

In June, major Brazilian investment bank BTG Pactual announced plans to shift its security token offerings onto the tezos blockchain, while investment platform Dalma Capital is also planning to use tezos to tokenize a variety of assets from real estate, equity, and lending, to sports clubs.

bitcoin, bitcoin price, tezos, tezos price, chart

The tezos price has risen 21% over the last month adding to its already strong gains for the year and almost matching bitcoin.

Coinbase

“We see tezos as one of the critical protocols for the burgeoning security token market, and look forward to securing future deal flow on the tezos blockchain,” said Zachary Cefaratti, Dalma Capital chief executive.

Meanwhile, Tezos hired a former PwC executive as the company’s CFO in June.

Bitcoin and cryptocurrency investor Tim Draper has also talked up tezos, calling recent developments “exciting” and saying: “We are believers in the tezos project and see a strong use case for security tokens.”

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Coinbase To Answer To Lawsuit From Bitcoin Cash Buyers

A California judge ruled that cryptocurrency exchange Coinbase has to deal with a negligence lawsuit from people who purchased bitcoin cash (BCH) …

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A California judge ruled that cryptocurrency exchange Coinbase has to deal with a negligence lawsuit from people who purchased bitcoin cash (BCH) following a listing that was allegedly fumbled on the exchange during the 2017 bull market, Coindesk reported on Wednesday (Aug. 7).

U.S. District Judge Vince Chhabria of the Northern District of California rebuffed Coinbase’s request for arbitration and would not dismiss buyers’ claims of negligence. The judge said it is “plausible” that Coinbase “breached its duty to maintain a functional market,” Coindesk reported.

“For starters, the fact that Coinbase halted trading within three minutes of the launch is indicative of dysfunction,” Chhabria wrote in the ruling Tuesday (Aug. 6).

Former Coinbase user Jeffrey Berk of Arizona launched the lawsuit, claiming insider trading Dec. 19-21, 2017. Prices for BCH soared just ahead of Coinbase announcing trading options on Dec. 20. Berk brought the case on behalf of other traders, although two earlier versions of his complaint were dismissed, according to Coindesk.

Chhabria threw out theories about insider trading, saying the plaintiff did not provide “causation.” Two law firms hired by Coinbase last year to probe insider trading found no wrongdoing.

Coinbase maintained it was their “duty” to project market swings, but the judge said it still has to prove it did everything possible to prevent any harm to users, the article said.

The judge’s order replied, “the interpretation that the California Supreme Court would be most likely to adopt — is that Coinbase indeed had a duty to maintain a functional marketplace.”

Coinbase “encouraged traders to enter the market,” by promoting the BCH launch, and held a “position of trust” when processing users’ transactions.

Sellers can refile if additional evidence is discovered.

In April, Coinbase closed its Chicago office and laid off 30 engineers after saying it opened the office too fast.

“We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago,” the company said. “We will look to relocate a small number of Chicago-based matching engine employees to San Francisco.”

Ethereum Falls to Below 8% of Entire Cryptocurrency Market

The market capitalisation of the Ethereum network has fallen below the levels observed prior to its epic price run up in 2017. The total value of all Ether …

The market capitalisation of the Ethereum network has fallen below the levels observed prior to its epic price run up in 2017. The total value of all Ether (ETH) tokens in existence now accounts for just less than eight percent of the entire cryptocurrency market.

At the height of Ethereum hype, the smart contract platform accounted for over a third of the wider digital currency market. This caused its proponents to claim that it would overtake Bitcoin in a so-called “flippening”.

Ethereum’s Fall from Grace

As highlighted by Twitter user @StopAndDecrypt earlier today, Ethereum’s share of the entire cryptocurrency market has fallen to just 7.86 percent. This is the lowest it has been since early March 2017.

Ethereum “dominance” at 7.86%: pic.twitter.com/PWQR0VFYng

— 🎀𝒮𝓉𝑜𝓅𝒜𝓃𝒹StackSats™🎀 (@StopAndDecrypt) August 7, 2019

High profile interest in the smart contract platform caused a lot of the hype that saw Ethereum’s rise to over a third of the entire digital currency market by June of the same year. Early announcements from the newly-formed Enterprise Ethereum Alliance announced the interest of big companies to investors eager to realise the kind of gains early Bitcoin speculators had seen. The likes of Toyota, Delottie, and the Royal Bank of Canada joined a host of other household names and blockchain startups as members of the organisation.

At a similar time, infighting over how to scale the network plagued the Bitcoin community. This likely contributed to Ethereum’s rising share of the market as many people diversified Bitcoin holdings into other projects fearing that a new technology would usurp Bitcoin’s position at the top before the number one cryptocurrency could address its own issues.

However, the so-called “flippening” (Ethereum overtaking Bitcoin), championed by many Ethereum proponents the time, never happened. Money flowed back into Bitcoin following its successful hard fork and those not aligned with its road path departed to work on Bitcoin Cash and later Bitcoin SV. Updates from the Enterprise Ethereum Alliance also slowed down and it emerged that many companies were interested in using private versions of Ethereum. Thus their involvement in the group would be unlikely to drive prices up with the launch of some killer application as many had hoped.

What’s more, the shortcomings of the Ethereum network were very publicly demonstrated at the tail end of the 2017 too. The first truly popular decentralised application launched on the blockchain, CryptoKitties, caused such a spike in network use that it ground to a halt. Clearly, Ethereum was a long way from supporting the kind of world-changing, never-stop applications that lured many early investors to back the project.

Since then, apart from a few blips, Ethereum’s market share has gradually declined to its current point before the Enterprise Ethereum Alliance made its big announcements. The bear market years, along with a lack of meaningful updates from developers and still no world-changing applications has caused investor interest to drop significantly. The beneficiary of this drop, and those of other so-called alt-coins, has been Bitcoin, which recently rose to its highest point of market dominance in over two years.

Related Reading:Bitcoin Dominance Moves to 2019 High: Is This The Start of Crypto Decoupling?

Featured Image from Shutterstock.

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