Bithumb Overtakes Binance as Korean Won Dominates the Market
The monthly report of the crypto market analyzer Cryptocompare for November has many intereting insights on the cryptomarket. An interesting development is the fact that Bithumb overtook Binance in November as the largest exchange by volume. It is very likely that this is only a temporary development. Bithumb is the biggest and most popular exchange in South Korea. According to Cryptocompare’s report, the Korean Won also dominated the market with more than 50% of all Fiat-to-Crypto Trades. The report has many more insights and is 44 pages long.
Floridan Mining Hardware Company Sues Bitmain, Kranken & Bitcoin.com
UnitedCorp, a tech-company based in Florida, has sued Bitmain, Bitcoin.com and Kraken.com (main defendants are Jihan Wu and Roger Ver). The case is likely the first of its kind as UnitedCorp sues the two entities for having conspired against them as investors. UnitedCorp accuses the Bitcoin Cash ABC side to have undermined established consensus rules in Bitcoin. First, by renting hash power that was previously uninvolved in the network and that went off again after a secretly mined longer chain had been established. Second, by implementing a reorg protection that effectively centralized a previously decentralized network: UnitedCorp is involved in the mining hardware industry itself and develops its own mining hardware.
OriginalCrypto Rubs Shoulders with Malta and Italy Financial Regulators
Malta is a cryptocurrency island and many companies have set camp there due to the favorable working conditions provided by the government. OriginalCrypto, a new cryptocurrency exchange has rubbed shoulders with Malta’s and Italy’s financial regulators the wrong way.
Scientists Developed AI that Recognizes Pump and Dump Schemes in Advance
Researchers of the Massachusettes Institute of Technology have developed an artificial intelligence that can recognize a pump and dump scheme before it happens. The scientists analyzed known pump and dump schemes in the crypto market and indentified indicators that precede the scheme before it actually happens. The AI is now able to monitor the market and recognize such schemes before they actually happen. The study of the researchers further reveals that pump and dump schemes are negligible for the overall market. Such schemes happen with “obscure coins” with relatively low market cap. The traded volume of such a coin doesn’t exceed the volume of $7 million. As the overall market averages around $15 billion as of now the allegation of manipulated markets due to to pump and dump schemes is erroneous.
Statistics Show that Bitcoin ATMs Have Crossed the 4,000 Mark
The total number of Blockchain Automated Teller Machines (ATMs) has surpassed the 4000 mark to stand at 4060 globally. This is according to a data compilation by a statistics firm known as Coinatmradar. A previous report indicated that the number fell short of the 4000 at 3991 drawing the attention of anti-Bitcoin activists who saw the beginning of the end of BTC. Hence, the surge in number defies the prolonged bear market to indicate that more and more people are adopting BTC as their currency of preference and also as an Asset-based investment.