Despite the bearish market that we are all part of lately, it seems like exchanges are making most of the cryptocurrency prices and trading. One proof for that is UPbit – which is South Korea’s biggest crypto exchange.
According to the data released by the mainstream media outlet Yonhap, the exchange saw a profit of over $100 million in the third quarter of 2018, while Bithumb, which is the country’s second-largest trading platform, recorded a $39 million profit.
This gives UPbit a massive advantage and at the same time marks one of the best quarters for the exchange since 2017, demonstrating a profit margin that is nearly three-fold larger than the one of Bithumb.
Meanwhile, last year Bithumb reported a profit of $400 million – but apparently lost the track and is less than 20% of that in 2018. However, the Bithumb hack stopped the exchange from making big profits – and prevented it from recording around $70 million in profits.
With this, UPbit officially surpasses Bithumb and becomes the largest crypto trading platform in the country based on volume, user base, corporate assets as well as revenue. According to analysts, the involvement of Kakao and its sub-platform Dunamoo played a vital role in this growth – and provided Upbit with a status of legitimacy and decades of track record.
Even two months after the government of South Korea raided the offices of UPbit in Seoul, seizing the servers, computers and hard drives – it was found that the exchange had no illicit trading or suspicious activities whatsoever.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
Tech Giant Kakao May Introduce Millions Of People To Crypto
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