Singaporean Blockchain Consortium Takes Majority Stake in Bithumb After $350 Million Deal

The State Of The Market — October 12, 2018BTC: $6,300.44 (+0.23%)ETH: $197.32 (-1.89%)XRP: $0.425 (+4.34%)

Yesterday the cryptocurrency market began to stabilize after pulling back sharply on October 10. The sharp correction appears connected to a surprise downturn in the Dow, S&P 500 and Nasdaq. As global markets recover from yesterday’s beating, analysts are beginning to question if Bitcoin is inversely correlated to traditional markets as the common assumption suggested that Bitcoin would rally if global markets corrected.

In other news, U.S. Senators on the Committee on Banking, Housing and Urban Affairs had the privilege of hearing testimony from New York University economist Nouriel Roubini, who is also known as “Dr. Doom”. Roubini is reported to have referred to altcoins as “sh*tcoins” when describing how a “70% capital loss was a “good” deal compared to thousands of altcoins that have lost on average 95% of their value since the peak.” Also, as the November launch of the Bakkt cryptocurrency trading platform approaches, The Block reported that former Coinbase executive Adam White has joined Bakkt as their new chief operating officer.

1) Popular South Korean exchange Bithumb, which saw a volume of $1.13 Billion in the last 24 hours has sold its majority control for $354 Million. BK International Consortium has acquired a 51% share in the exchange, thus giving them complete control. The Consortium is a blockchain investment company formed by BK International, a plastic surgical procedures clinical team in Singapore. Bithumb posted a profit of $35 Million in the first half of 2018, though it lost $40 Million from a hack in June. (Read More)

2) Cryptocurrency exchange Gemini, run by the Winklevoss twins has announced the listing of Litecoin. The exchange received approval from the New York State Department of Financial Services (NYDFS) to list Litecoin. Users can begin depositing Litecoin on October 13, at 13:30 UTC and full trading will begin on October 16 against USD, Bitcoin, Ethereum, and Zcash. Litecoin (LTC) is priced at $53.63, gaining 1.68% in the last 24 hours. (Read More)

3) Coinbase Pro, Coinbase’s professional trading platform has announced the listing of 0x Protocol (ZRX). Deposits are open right now, and trading will be enabled after 12 hours. ZRX will be tradeable against USD, BTC, and EUR. ZRX is not yet available on Coinbase.com or the Coinbase iOs and Android Apps. Coinbase Pro users will be able to deposit ZRX and the Coinbase team intends to make a separate announcement when ZRX is available across the other platforms. (Read More)

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