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Impact of Upbit raid on the cryptocurrency market

Aman Swami

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Impact of Upbit raid on the cryptocurrency market
Source: Max Pixel

All the cryptocurrencies in the market suffered from great decline following the Upbit raid which took place recently. These widespread declines have taken place after it was reported that South Korean authorities raided Upbit, nation’s largest digital currency exchange. Widespread losses were experienced by the entire market and all the top 25 digital currencies were in red at the time of writing.

While Bitcoin had fallen 8.2% over the last 24 hours, several major cryptocurrencies had suffered losses close to twice that high. Stellar [XLM], Cardano [ADA] and EOS, for example, were all down at least 16%. Ripple’s XRP token and Bitcoin Cash [BCH], had dropped by 12.8% and 13.8%, respectively.

Several analysts confirmed that the Upbit raid was the driving force behind today’s crypto losses.

Digital currency investor Marius Rupsys says:

“The main reason seems to be Upbit news. Most are talking about it and if you look at prices in Korean exchanges, they are leading the drop.”

This isn’t the first time that South Korean raids have caused crypto prices to fall, emphasized Joe DiPasquale, CEO of cryptocurrency fund of hedge funds, BitBull Capital.

He noted that:

“The last time South Korea raided their ‘top exchanges’ was on January 10th, and Bitcoin’s spot price saw a -7% decline on intraday trading that day as well.”

Further, he added:

“As is so often the case, an event that should rightfully cause turbulence in a specific region seems to be creating shockwaves globally. The Upbit raid is not the first of its kind, and the markets overreacted in past similar instances as well. As the market continues to mature, these events should grow fewer and farther between, and investors will grow a thicker skin.”

Bitcoin was able to hold up better than many other digital currencies because it is more established than its peers, claimed several analysts.

Shone Anstey, president, and co-founder of Blockchain Intelligence Group stated:

“BTC is the anchor crypto that all other cryptos are tied to in terms of price. Bitcoin is the most stable and dominant cryptocurrency with the largest network effect. Bitcoin is the one to watch, since if it fails they all fail.”

Time will tell if this negative blow will further decline the prices of BTC and other cryptocurrencies, or if the ongoing Blockchain Week in New York will bring back a bull market.

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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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Bitcoin

Deutsche Boerse adopts Bitcoin [BTC] even with the volatile market

Arjun B

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Jeffrey Tessler of Deutsche Boerse adopts Bitcoin even after the volatile market
Source: Pixnio

The Chief Executive Officer of Clearstream and a member of the Executive Board of Deutsche Boerse, Jeffrey Tessler contemplates on offering cryptocurrency products. The executive board member of the German company which provides services for derivative markets and equity trading, in an event on Wednesday, talked about adopting cryptocurrency.

Currently, there are a lot of financial institutions taking a dip into cryptocurrency and blockchain technology, with benefits like cheaper trade fees and peer to peer network. This is due to the total and obsolete emergence of Bitcoin in people’s lives and economic trades companies are adopting the technology.

According to the market report the company has been battling with other derivative companies such as Cboe Global Markets Inc. and CME Group Inc. He believes that there have not been much of regulatory effects from the regional authorities as the market is nascent.

The event was held in London which was organized by the Association for Financial Markets in Europe.

Jeffrey Tessler during the event says:

“Before we move towards the Bitcoin market, we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.”

He also said that the company is working with the cryptocurrency.

Later in the event, he added that:

“We want to understand the volatility and make sure clients are in line and make sure regulators are in line.”

Garisson a Redittor says:

“Crank up and cramped up banks are the way to be behind the crypto-game. The involvement of institutions is a bad sign as more regulatory standards will be I posed…making it further non-decentralized.”

Sara a Redittor says:

“I believe that derivative and equities are dropping into the cryptocurrency and blockchain game because of the emergence of this new industry. Goldman has to lead the way for the stock market to follow now everyone is gonna adopt the new technology of crypto. I believe that the ones who  reject to evolve will have a major market collapse.”

Wesley Willam Cryptocurrency enthusiast tweeted:

“Bitcoin is gonna pop like a big bubble as it is observed that the market is not volatile and is falling at the steep rate. There is hope for blockchain but no Bitcoin. Maybe altcoins have a future.”

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Altcoins

First Dutch company to accept Bitcoin [BTC] and Neo [NEO] – ProSeo

Sarah Rodrigues

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Proseo goes "Pro" crypto- the first Dutch company to accept Bitcoin and Neo.
Source: Wikimedia Commons

In the world where Search goes Digital, ProSeo is a search engine optimization agency which specializes in search engine marketing. It is a Dutch company based in Ireland and is an SEO specialist since 1999.

ProSeo and Web design are the top ranking SEO Companies who provide SEO services in Ireland. The Search Engine Optimization Company is also partnered with Google and is ranked 1st in Google as “Seo Company”, “Seo Agency” and “Seo Services”.

Proseo's tweet. Image Source: Twitter.

Proseo’s tweet.

The company provides professional and presentable services with their experienced Irish Consultants who are aware of their Irish Market. It has a close team of specialists with extensive experience and talents.

The company has gained the title of being the 1st SEO Company to accept cryptocurrency as their payment method. They accept the cryptocurrencies Bitcoin [BTC] and Neo [NEO] for now. However, they are currently investigating whether the company can make payments with other cryptocurrencies as well.

Since ProSeo keeps a close watch of new technological developments in the world, it’s logical for them to apply to the world of digital payment of transactions.

SeaOfDeadFaces, a Reddit user commented:

“My first thought as well. I can imagine that only being able to charge people in increments of NEO means customers are either getting a great deal or shafted, depending on how the company rounds.”

stuartwitherspoon said:

“That’s great but wouldn’t GAS be the better option? I don’t see how this is practical with neo being non-divisible.”

l4ur1ds said:

“I’d love to accept GAS in my neo merch store. Does anybody know how I could accomplish that? The major payment gateways only accept BTC or ETH.”

They reported that Bitcoin and Neo are extremely safe and reliable. They believe that Bitcoin is an investment opportunity in view of the fact of its rapidly increasing value. It is unfortunate that there is a finite number of companies in the Netherlands who accepts cryptocurrency as a form of payment.

Proseo offers a simple method of transaction. The amount of payment by the customer is calculated on the basis of the rate of the largest exchange. Once they complete this, Proseo’s wallet address is sent to the customer to make the payment. The company does not calculate an exchange fee for such transactions.

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