Crypto Corner Market Stays Put with XRP Correction, ZRX Rallies with Coinbase Adoption, Singapore’s BK Global Consortium Buys $352 Million Stake in Bithumb and Gemini Announces Support for LTC
Following yesterday’s $16 billion USD market cap drop, the crypto market appears to have stabilized somewhat heading into the weekend. Data from CoinMarketCap indicates that total market capitalization remains as it was 24 hours ago at $202 billion USD. Bitcoin ( BTC ) and Ether ( ETH ) are trading more or less the same as well at about $6300 USD and $197 USD, respectively. Notably, XRP has shown a strong correction, growing nearly 5 percent in the past 24 hours.
Another success story is the altcoin 0x ( ZRX ), which has seen 15 percent growth in the last day, gaining $68 million USD for market capitalization of $434 million USD at press time. This is due to its becoming available to trade on Coinbase Pro yesterday.
A Coinbase blog post announced the news that trading was fully live with trading pairs including ZRX-USD, ZRX-BTC and ZRX-EUR initially available.
Bloomberg reports that Singapore-based BK Global Consortium has bought 50 percent plus one share of BTC Holding Co., the largest investor in the operator of one of South Korea’s biggest crypto exchanges, Bithumb. BK, which is led by plastic surgeon and startup investor Kim Byung-gun, acquired the stake for 400 billion won ($352 million USD).
A spokesperson said the transaction will be completed in February of 2019.
Crypto exchange Gemini announced via Medium that the platform will now offer buying and trading of Litecoin ( LTC ).
Saturday, Oct 13 will be the first day users can deposit Litecoin into their Gemini accounts, while Tuesday will be the first day that trading becomes available. Gemini’s VP of engineering, Eric Winer, also indicated that the company intended to launch Bitcoin Cash ( BCH ) trading today as well, but the possibility of forking has delayed their decision.
“We also had planned to announce support for Bitcoin Cash (BCH) today as well. However, there has been much uncertainty lately within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November.
Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash. Because of this situation, we are delaying our launch of Bitcoin Cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the Bitcoin Cash ecosystem. Until then, you may see some “coming soon” pages for Bitcoin Cash deposits, withdrawals, and trading on our website and APIs.”
Sam Mowers, Investorideas
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