Cryptocurrencies Market Overview - May 11, 2018

Today in the news:

• Prosecutors in South Korea have raided the largest cryptocurrency exchange in the country, UPbit.
• 8,200 BTC was moved from a Mt. Gox wallet yesterday.
• The Pineapple fund wrote in a farewell post that they were successful in donating a total of 5104 BTC.
• Huawei is partnering with BTC.com to roll out a cryptocurrency app for their newly launched app store.
• And more crypto news below...

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Latest Crypto News - May 11, 2018

S. Korea’s Largest Crypto Exchange Upbit Investigated By Police, Markets React

Upbit, South Korea's largest cryptocurrency exchange, is being investigated by local police and ten investigators for alleged fraud, local news outlet Chosun reports today, May 11. Upbit is a crypto-only exchange run by a subsidiary of Korean tech giant Kakao, and currently the fourth largest crypto exchange globally by 24-hour trade volume.
_{Read more: cointelegraph.com}

More sources:

• Korea's Biggest Crypto Exchange Raided Over Suspected Fraud
• South Korea’s Biggest Cryptocurrency Exchange Investigated by Local Police, Market Drops
• South Korea’s Biggest Crypto Exchange, UPbit, Raided
• South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud
• UPbit Raid Overnight Spooked Crypto Markets

Bitcoin could soar as high as $64,000 next year, investment research firm Fundstrat predicts

The growth of bitcoin "mining" activity could send the cryptocurrency's price as high as $64,000, investment research firm Fundstrat said.
_{Read more: www.cnbc.com}

More sources:

• Bitcoin Price Could Reach $64,000 in 2019: Fundstrat Analysis
• Fundstrat Sets $64K Price Target for BTC, and This One Relates to Mining

Huawei Releases Bitcoin Wallet In App Store, Pre-Installed On All New Smartphones

Huawei Technologies Co., a Chinese multinational communications technology company, has announced that mobile phone users will be able to download Bitcoin (BTC) wallets on new Huawei devices starting Friday, Bloomberg reported May 10.
_{Read more: cointelegraph.com}

More sources:

• Huawei Poised to Give Chinese Users Easier Access to Bitcoin
• Huawei to Offer First Crypto Wallet App on Latest Smartphones

$55 Million: Pineapple Fund Bids Farewell after Making Final Anonymous Donation

Last year in December, a Redditor decided to give majority of their bitcoins to various charities, calling it the Pineapple Fund. The anonymous philanthropist created a website and began accepting applications from non-profit organizations. The goal was to donate 5057 BTC, worth almost $86 million back when one BTC was valued at $17,539. Today, the benefactor “Pine”, who never disclosed any personal information, announced that they were successful in donating a total of 5104 BTC ($55 million) to 60 different charities.

_{Read more: www.ccn.com}

More sources:

• Pineapple Fund Writes Farewell Post, Reports That All Funds Have Been Donated

8,200 BTC Moved From Mt. Gox Wallet, Possible Sell-Off Affects Bitcoin Price

The Mt. Gox trustee, who was tasked to sell about 200,000 bitcoin after the bankruptcy of the now-defunct cryptocurrency exchange Mt. Gox, is suspected to have dumped another 8,000 bitcoin on the cryptocurrency market.
_{Read more: www.ccn.com}

Venture Capitalist Tim Draper: Bitcoin Is The Most Secure Place To Put Your Money

_{Read more: www.cnbc.com}

Nvidia Had a Blowout Quarter, and Strong Demand From Crypto Miners Was a Factor

Nvidia reported another blow out quarter on Thursday, and that included extremely healthy revenues from crypto miners.
_{Read more: cryptovest.com}

More sources:

• Nvidia Reports First Quarter Crypto Sales, Expects Two-Thirds Drop In Second Quarter

Ethereum Futures Go Live on UK Trading Platform

Digital asset trading service Crypto Facilities is launching ethereum futures contracts. Announced Friday, the U.K. startup claims the news marks the first time futures for ether - the cryptocurrency that powers the ethereum blockchain - will be traded on a regulated platform. Investors will be able to take long or short positions, which will let them "broaden investment opportunities and manage risks more effectively," according to the firm.
_{Read more: www.coindesk.com}

More sources:

• Ethereum Futures Launch on Regulated UK Trading Platform
• Ethereum Futures: British Company Launches Contracts to Bet on the Fate of ETH Coins

Financial Institutions In A Race: Who Will Bring Crypto Trading To The Fiat Masses First?

There is a definite race on now for major banks to start offering clients the chance to trade cryptocurrency through their offerings.
_{Read more: cointelegraph.com}

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