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Cryptocurrency Daily Roundup - Oct. 12


Cryptocurrencies are a mixed bag Friday morning after Thursday's highly volatility that saw Bitcoin falling nearly 5 percent intra-day and the market capitalization getting wiped off by about $6 billion.

In some news, economist Nouriel Roubini, also called Dr. Doom for predicting the global financial crisis, called cryptocurrencies "the mother of all scams." He made the remark at a senate hearing. Crypto-enthusiasts, including Ethereum co-founder Vitalik Buterin, fought back on Twitter and other social media.

Overall cryptocurrency market capitalization was $202.14 billion and the Bitcoin dominance rate was 53.9 percent as of 8:42 am ET on CoinMarketCap.

Here is a wrap of the main news from the cryptocurrency space over the past 24 hours.

South Korea's Bithumb Sells Majority Stake To Blockchain Consortium

South Korean cryptocurrency exchange Bithumb sold more than a third of its interest to Singapore-based BK Global Consortium for 400 billion won or $353 million, according to local media outlet Yonhap news. BTC Korea Holdings, which owned a 75.99 percent stake in Bithumb, has agreed to sell 50 percent plus 1 share of the ownership to blockchain investment consortium BK Global, headed by plastic surgeon Kim Byung Gun. The acquisition is over 38 percent stake in Bithumb, valued more than 1 trillion or $880 million.

Bitcoin Whales May Be Stabilizing Crypto Market: Study

A study by a cryptocurrency market watchdog shows that bitcoin's largest holders are a diverse group that may be stabilizing, rather than destabilizing the market. The results of an analysis of bitcoin's 32 largest wallets by research firm Chainalysis, comes in the wake of rumors that a $2 billion whale, or out-sized bitcoin holder, was suspected of single-handedly setting off a 15 percent plunge in bitcoin's value by selling more than 50,000 coins in a month.

Binance To Donate Listing Fees To Charity

Binance, the world's largest cryptocurrency exchange by market capitalization, has decided to donate all fees associated with the listing of a cryptocurrency token to charity, starting immediately. The project team has been given the prerogative to decide the amount of the listing fee, or what now is called a donation by Binance. There is also no minimum required listing fee.

China Plans To Draft Three Blockchain Standards

The Chinese Government is planning to create national blockchain standards to give a fillip to the development of blockchain and distributed ledger technology (DLT) in the country, according to local news outlet chinamoneynetwork.com. Despite the Chinese government's aversion to cryptocurrency, the nation has been using blockchain technology more than the U.S.

Current Prices

As of 8:43 am ET, Bitcoin was higher by 0.17 percent at $6,218.48, while Ethereum was lower by 1.33 percent at $195.71 on Coinbase.

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