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Glaxo, Pfizer joint venture creates world’s largest supplier of over-the-counter drugs

December 19, 2018 |

GlaxoSmithKline Plc is splitting into two companies and creating a consumer-health joint venture with Pfizer Inc. that will be the world’s biggest supplier of over-the-counter medicines with brands such as Advil and Panadol.

Glaxo will have a 68% controlling stake in the new entity, with combined…


L.A. Times – Business

As aerospace giants grow, suppliers find ‘their largest customer may be their largest competitor’

December 7, 2018 |

With $ 93 billion in 2017 revenue and 141,000 employees, Boeing Co. was massive enough. But over the last year, the aerospace giant has steadily expanded beyond its traditional expertise in commercial jets, big satellites and fighters, gobbling up providers of parts and services.

In October, Boeing…


L.A. Times – Business

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November

December 7, 2018 |

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November

Cryptocompare, the cryptocurrency market data aggregator, has published its monthly exchange review for November 2018, offering insights about the latest changes in the global market using transaction data from over 70 trading venues.

Also Read: IRS to Face Record Number of Crypto-Related Loss Claims

Key Findings in the Report

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in NovemberThe authors of the report found that spot volumes represented 75 percent of the total market volumes in November, with futures volumes making up the remaining 25 percent. Platforms that charge trading fees controlled almost 90 percent of the daily spot volume, with transaction-fee mining exchanges at just 8 percent and venues operating with no-fee models at a mere 2 percent. Trading on fiat-to-crypto exchanges constituted only a third of daily spot volumes, with the rest on pure crypto-to-crypto venues.

“We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis,” said Charles Hayter, CEO of Cryptocompare. “Real-time, accurate cryptocurrency market data remains crucial to our universe of retail and institutional investors, as we see more assets migrating to the digital format due to its immediacy and friction-less global nature. Our report is designed to safeguard data accuracy and integrity, to ensure consistency and confidence in the market.”

Korea Takes the Lead for Now

Cryptocompare found that Korean Won (KRW) dominated BTC to fiat spot volumes last month, representing 50% of all volumes on average. In total, South Korea-based exchanges produced the highest total daily volumes with a combined $ 1.4 billion, overtaking Malta-based exchanges at a combined $ 1.2 billion trading volume during the month of November.

The above follows directly from Bithumb overtaking Binance as the largest spot exchange. The Korean trading platform saw an incredible 284% increase in volumes from the average of $ 323 million for the previous two-month period. Bithumb reached a total of $ 1.24 billion in November, with Binance at just $ 641 million and ZB coming in at third place with $ 560 million.

In contrast, the report also notes that Bithumb attracted a significantly lower number of daily visitors than similarly-sized exchanges and that its daily visitors decreased in November. And an analysis by Cryptocompare into its BTC to KRW volumes shows that the exchange’s trading volumes appear to follow from Bithumb’s “Super Airdrop Festival” and “Special Gift” promotional events.

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November
Cryptocompare’s Aggregate Pricing Index (CCCAGG) Exchanges by 24-hour volume.

Will Korean trading volumes drop down next month? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November appeared first on Bitcoin News.

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CNN

Congo Ebola outbreak is 2nd largest, 2nd deadliest

November 30, 2018 |

The current Ebola epidemic in the Democratic Republic of Congo — with 426 total cases, including 245 deaths — is now the second largest and second deadliest in history, according to Thursday’s report from the nation’s Ministry of Health.
CNN.com – RSS Channel – World

California’s Largest Utility Pummeled by Wildfire Risks

November 15, 2018 |

California’s largest utility suffered its steepest stock plunge in 16 years Wednesday as concerns grew that potential liability costs from destructive wildfires threaten the company’s financial future.
WSJ.com: US Business

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

October 13, 2018 |

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $ 354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bithumb Sold

A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $ 354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:

Bk Global Consortium, led by Kim Byung-gun, plastic surgeon and blockchain platform investor, signed a deal on Thursday to buy 50 percent plus one share in the exchange’s biggest stakeholder, BTC Holdings, for about 400 billion won ($ 354.09 million). The deal makes Bk Global Consortium the largest stakeholder of Bithumb.

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumThe deal will be finalized in February, Bloomberg further quoted the spokesman. Bithumb’s April audit report shows that BTC Holdings was the largest shareholder, with a 75.99 percent stake in the exchange. The second largest shareholder, Vidente Co. Ltd., held a 10.55 percent stake, followed by Omnitel at 8.44 percent, Chosun detailed.

Kim founded Bk Plastic Surgery 23 years ago and is the representative of the Bk Medical Group, which links China, Singapore and Korea, MTN detailed. He also established an ICO platform in Singapore last August.

About Bithumb

South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumBithumb is currently South Korea’s largest cryptocurrency exchange by trading volume. According to Vidente, the exchange posted 218.6 billion won of operating profit and 39.3 billion won of net income in the first half of the year, Bloomberg described. Semi-annual reports of BTC Holdings show that Bithumb’s sales reached 303 billion won in the first half of this year.

In addition, News Asia reported that the price which Bk Global paid for Bithumb is lower than the exchange’s $ 880 million valuation appraised in early February, adding that the consortium’s own valuation of the exchange is even higher, at more than two trillion won plus the management rights premium. The news outlet quoted a Bk Global Consortium official asserting:

We will also promote the introduction of a stable coin to stabilize the payment system. We will be in conjunction with the global exchange scheme to take advantage of the coin linked to the US dollar.

In June, Bithumb said it was hacked and 11 cryptocurrencies were stolen. The estimated damage was about 19 billion won. This week, the exchange launched two indices to track the cryptocurrency markets.

What do you think of Bk Global Consortium acquiring the controlling stake of Bithumb? Let us know in the comments section below.


Images courtesy of Shutterstock and Bithumb.


Need to calculate your bitcoin holdings? Check our tools section.

The post South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium appeared first on Bitcoin News.

Bitcoin News

Social Security Recipients Get Largest Raise in Years

October 13, 2018 |

Tens of millions of Social Security recipients and other retirees will get a 2.8% boost in benefits next year as inflation edges higher, the AP reports. It’s the biggest increase most retired baby boomers have gotten. Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019…
Newser

Largest South Korean Exchange Launches Crypto Market Indices

October 12, 2018 |

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bithumb Launches Crypto Indices

Largest South Korean Exchange Launches Crypto Market IndicesBithumb announced Wednesday the launch of Bithumb Crypto Index (BTCI) which comprises two separate indices.

The exchange detailed:

BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).

BTMI is calculated based on all cryptocurrencies listed on Bithumb while BTAI only takes into account “all non-bitcoin cryptocurrencies” listed on the exchange. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Bithumb began calculating BTCI on July 1. The index is calculated real-time and updated every 10 seconds.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Bithumb is South Korea’s largest crypto exchange by trading volume, according to Coinmarketcap. With 53 cryptocurrencies listed for trading against the Korean won, the exchange has a 24-hour trading volume of $ 726,488,270.

Upbit’s Crypto Indices

The country’s largest crypto exchange by the number of coins listed, the Kakao-backed Upbit, also has a crypto index called Upbit Cryptocurrency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, there are also over 20 sub-indices grouped into three broad categories: market, theme, and strategy.

Largest South Korean Exchange Launches Crypto Market Indices“The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance,” Business Korea detailed at the time and quoted Lee Seok-woo, the president of Dunamu Inc. which operates Upbit, commenting:

The UBCI will become a standard in observing the whole cryptocurrency market…We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.

Largest South Korean Exchange Launches Crypto Market Indices

At the time of this writing, Upbit has a 24-hour trading volume of $ 292,249,180, making it the second-largest crypto exchange in Korea by trading volume, according to Coinmarketcap. The exchange currently has 166 coins listed and supports 276 markets.

What do you think of Korean exchanges’ crypto indices? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Upbit.


Need to calculate your bitcoin holdings? Check our tools section.

The post Largest South Korean Exchange Launches Crypto Market Indices appeared first on Bitcoin News.

Bitcoin News

Nordic Region’s Largest Bank Nordea Suspected of Money Laundering

October 5, 2018 |

Nordic Region’s Largest Bank Nordea Suspected of Money Laundering

Nordea, the largest bank in the Nordic region, is reportedly suspected of being part of a major international money laundering scandal. The scheme allegedly involved a Russian client and took place over multiple years at an international branch of the bank that is now closed.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Nordea Suspected of Money Laundering

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingNordea Bank Abp (Nordea), a financial services group headquartered in Finland, is suspected of money laundering, Cph Post Online reported on Tuesday. The largest bank in the region is allegedly involved in money laundering that took place between 2010 and 2013 “in the bank’s now closed international branch for global clients in Vesterbro [in Copenhagen, Denmark],” the publication detailed, adding:

Nordea is suspected of being part of a major international money-laundering scandal involving a Russian client and a tax company.

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingThe news outlet elaborated that “For almost four years, the fraud squad has tried to pursue a criminal case against a Russian client and a company in Belize in Central America, suspected of having ‘washed’ approximately 322 million Norwegian kroner [~$ 39 million] using bank accounts in Nordea.”

Established in 1820, Nordea currently has around 300 banks with branches, subsidiaries, and representative offices in 17 countries. According to its website, the bank claims to have 1.7 million customers in Denmark, 2.8 million in Finland, 0.9 million in Norway, and 4.2 million in Sweden. “Nordea is the largest financial services group in the Nordic region and one of the biggest banks in Europe,” the bank describes itself.

Response to Alleged Money Laundering

Nordic Region’s Largest Bank Nordea Suspected of Money LaunderingFollowing reports of its alleged money laundering involvement, a Nordea spokeswoman told Reuters in an email on Thursday, “To the best of our knowledge, Nordea is not under investigation from authorities related to money laundering in the Baltics.”

Julie Galbo, Nordea’s chief risk officer, was quoted by Cph Post Online admitting that the bank’s “anti-money laundering procedures at Nordea had been insufficient in the past and ensured that major improvements have been made in recent years.”

Jakob Dedenroth Bernhoft from Revisorjura, whose work focuses on money laundering, commented:

Nordea has been a good bank to open an account at if you want to launder money.
The bank did not investigate unusual transactions.

Recently, Danske Bank has come under fire for allegedly laundering approximately $ 234 billion through its Estonian branch. Reuters reported the largest bank in Denmark saying Thursday that it has “received requests for information from the U.S. Department of Justice (DOJ) in connection with a criminal investigation relating to the bank’s Estonian branch.”

Do you think Nordea is involved in money laundering? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Nordic Region’s Largest Bank Nordea Suspected of Money Laundering appeared first on Bitcoin News.

Bitcoin News

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

September 21, 2018 |

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

The cryptocurrency markets have produced a significant rally today – with just three of the top fifty crypto markets by capitalization posting losses for the last 24 hours of trade action as of this writing. The most notable gainer has been XRP – gaining over 50% in the last day to overtake ETH as the second largest cryptocurrency by market capitalization.

Also Read: China Updates Crypto Rankings, Downgrades Bitcoin

BTC Break Above Resistance at $ 6,500 USD

BTC has broken above the $ 6,500 resistance area, following roughly two weeks of sideways price action between approximately $ 6,000 and $ 6,500.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

As of this writing, BTC is trading for approximately $ 6,700 after appearing to establish roughly $ 6,800 as local resistance when looking at intraday price action. BTC has gained roughly 4% in the last 24 hours.

Looking at the stochastic RSI on the weekly charts shows that momentum is coiling into an increasingly tightening mid-level range – suggesting that the markets may be primed for a strong move in either direction.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BTC/USD – StochRSI – Bitfinex – 1w

Bitcoin Core has a total capitalization of $ 115.7 billion and a market dominance 52%.

BCH Tests $ 500 Area

Bitcoin Cash gained roughly 12% in the last 24 hours – bouncing from approximately $ 430 to currently be trading for $ 483.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/USD – Bitfinex – 4hr

BCH also gained nearly 7% over BTC today – rallying from 0.067 BTC to 0.0735 BTC, before retracing to the current price area of 0.072 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/BTC – Bitfinex – 1d

The BCH/BTC rally appears to coincide with a bounce of the upper-side of the descending trend line that has guided price action since May. BCH currently has a market cap of $ 8.34 billion and a dominance of 3.75%.

Dramatic XRP Rally Elevates Ripple to Second Largest Crypto by Market Cap

XRP posted the largest gains of the top cryptocurrency markets – rallying by 100% before violently retracing to post daily gains of approximately 50% as of this writing. The markets quickly bounced from roughly $ 0.4 to $ 0.8, before retrace to the current $ 0.6 price area.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/USD – Bitfinex – 4hr

XRP posted similarly impressive gains over BTC also – rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/BTC – Bitfinex – 4hr

The dramatic XRP rally drove Ripple to overtake Ethereum to rank as the second largest cryptocurrency by capitalization for the third time in the last 18 months. Ripple currently has a market capitalization of $ 23.5 billion and a dominance of roughly 10.5%.

ETH Bumped Down to Third-Largest Crypto

Despite a slight slide Ethereum’s ranking by market cap, ETH also produced bullish price action today – gaining by over 10% in the 24 hours from $ 210 to currently be trading above $ 230 after breaking the descending trend line that has guided USD price action since May.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Bitfinex – 1d

Looking at the ETH/BTC chart, it appears that Ethereum has broken out of the descending channel in which it has traded since mid-July – gaining almost 5% in the last day to currently be trading for approximately 0.036 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/BTC – Bitfinex – 1d

Ethereum has a market capitalization of $ 23.3 billion and a dominance of roughly 10.5%.

Stellar and Cardano Also Post Double-Digit Gains for Today

XLM and ADA were the second and third strongest performing of the top ten crypto markets by capitalization today.

Stellar’s current price of $ 0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. Stellar is also trading for 0.00003835 BTC and has a market cap of $ 4.72 billion – making it the sixth-ranked cryptocurrency by capitalization.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Kraken – 4hr

ADA gained 13% today – rallying from $ 0.076 to the current price area of roughly $ 0.086. Cardano is also trading for 0.00001300 BTC and is the ninth largest cryptocurrency with a market cap of roughly $ 2.19 billion.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ADA/USD – Bittrex – 4hr

Do you think XRP can hold its position as the second largest cryptocurrency market by capitalization? Or do you expect that ETH will quickly reclaim such? Tell us your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto appeared first on Bitcoin News.

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