The crypto markets have generally been in the green from yesterday when the Consensus Summit started in New York City. Bitcoin (BTC) is currently trading at $8,789; Ethereum (ETH) has found a footing above $700 and trading at $734; Ripple (XRP) is trading at $0.745; Bitcoin Cash (BCH) is currently valued at $1,446; and EOS (EOS) is showing some remarkable recovery at $14.19. All these top 5 coins are showing daily gains of between 2% to 5%: not bad increments considering the market dip that was experienced when news hit the crypto-verse that Upbit was under investigation for fraud.
The South Korean exchange was raided by local police and investigators on allegations that it was cooking its books. The investigations further dug deep to conduct allegations of suspicious movement of funds from the Upbit exchange to the personal accounts of Upbit executives.
This announcement, on the 10th of May, caused a major dip in the crypto-markets that saw the total market capitalization drop from a stable $440 Billion to levels of $389 Billion in a time period that was less than 12 hours. This happened as more and more traders received the above news and started withdrawing their digital assets from the exchange for fear of it falling apart or being closed by South Korean authorities. This news was coincidentally reported at the same time there was fear of a Mt. Gox Bitcoin (BTC) dump that was worth over 8,200 BTC: Double FUD in a day!
The above two events caused a panic that rocked the markets throughout the weekend, and into Monday when the Consensus 2018 event kicked off in New York City, bringing a much-needed increment in volume in the crypto-markets.
News reaching Global Coin Report indicates that an internal audit by Upbit has come up with preliminary findings that distance the South Korean exchange from any wrongdoings. The exchange is still operational as we speak and continues to process transactions for its traders. Upbit is very confident that the issue will be resolved 100% once the South Korean officials also reveal similar findings.
This show of confidence by Upbit has brought some much-needed relief that will allow traders to continue using the exchange without fear of further panic. Upbit is currently ranked 5th on coinmarketcap.com and according to daily trade volume in USD. The exchange is currently doing $718.53 Million in daily trade volume at the moment of writing this with EOS being the highly traded asset on the exchange. The token makes up 15.63% of the daily trade volume on the exchange.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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