Staying updated on the ever-changing cryptocurrency market doesn’t have to be as tough as keeping up with the Kardashians. I’ve rounded up the latest set of news to help y’all stay in the loop.
First off, here’s a snapshot of how bitcoin and its buddies have fared in the past seven days as of May 18, 3:00 am GMT.
South Korea’s UPbit under investigation
‘Twas yet another rough start for cryptocurrencies as news broke out that UPbit, South Korea’s largest crypto exchange at $910 million in daily trading activity, is under investigation for alleged fraud.
Apparently, the firm underwent a surprise investigation by regulators during the previous week on suspicion that it has faked its balance sheets. UPbit is reportedly conducting an internal audit but has yet to publish their results to disprove allegations.
A few days later, it was reported that the country’s top financial regulator will be joining the ongoing probe into local cryptocurrency exchanges. The Vice Chairman of the Financial Services Commission (FSC) Kim Yong-beom even called upon other regulators worldwide to step up their game in coordinating crypto regulation.
More love for Ethereum?
Over the past few weeks, there have already been whispers on how Ethereum can overtake bitcoin in terms of percentage gains or even market value at some point mostly thanks to better capabilities.
Investors in China appear to be banking on this as the country’s Ministry of Industry and Information Technology recently reported that Ethereum ranked first while bitcoin came in at 13th place in its official cryptocurrency ratings.
These rankings were based on scores from local crypto experts on three indices: technology, application, and innovation.
The top five comprised Ethereum, Steem, Lisk, NEO, and Komodo among a list of 28 digital assets. Bitcoin scored low on technology and application but beat most of its rivals in terms of innovation.
Over in the U.S., the CME Group announced a partnership with Crypto Facilities to provide a CF Ether-Dollar Reference Rate and Real Time Index for users to have “a standardized reference rate and spot price index.” Some speculate that this could be in preparation for launching ETH futures down the line.