Kimchi Premium – Price Difference for BTC in Asian Markets

Kimchi Premium

“Kimchi Premium” – $ 1000 price difference for Bitcoin in Asian markets

Over the past 48 hours, Bitcoin has fallen below the $ 10,000 mark on European and North American markets. In the Asian markets, however, its value remained above this value.

For example, the price difference between the Bithumb and Coinbase platforms reached $ 1048 on Sunday. This difference is known as “Kimchi Premium” and is the highest level since February 24, 2018.

This difference confirms the hypothesis that Asian traders generated the price increase last week.

Currently, BTC is currently trading at an average of $ 9,900, according to CoinMarketCap.

The Bitrue Exchange returns online within 24 hours of hacking

The Bitrue exchange platform in Singapore returned online just 24 hours after hacking on June 27th. The company’s representatives confirmed that the affected users’ funds were returned and the systems are working normally.

After yesterday’s breach, we got back online within 24 hours and compensated all stolen assets. FYI in case you want to update your stories @coindesk @ZDNet @mashable @cointelegraph @thenextweb @CryptoGlobeInfo

– Bitrue (@BitrueOfficial) June 28, 2019

Rapid solution of the situation has boosted the representatives of the crypto community, including Binance CEO Changpeng Zhao. He said Binance will implement a similar response system in the event of security incidents.

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Attackers managed to steal 9.3 million XRP and 2.5 million ADA. Bitrue immediately sent an alert to the other exchanges, and Huobi Global, Bittrex, ChangeNOW and Binance blocked the accounts that received the funds from this theft.

Calibra calls BitLicense in New York

The Facebook branch that will manage financial services based on Cryptomonda Libra, Calibra, is doing steps to get a worldwide operating license.

So far, Calibra has received a license from FinCEN to act as a payment processor. He also began work on BitLicense in New York.

The company has filed similar requests with the UK Financial Regulatory Authority, the Bank of England and FINMA in Switzerland FINMA.

Analysts point out that the Libra project will require authorizations from numerous financial authorities to operate internationally.

Several countries, like France and the US, have voiced concerns over the Libra project, arguing it is a threat to the existing financial system. Other countries, however, intend to treat the Libra as any other crypto project.

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For example, the Russian Finance Ministry said Libra will be treated in Russia as any other digital payment means. A similar feeling was expressed by the regulators in Switzerland.

Sberbank, disappointed by the blockchain project developed by the Central Bank of Russia

The Central Bank of Russia has developed a blockchain dedicated to the domestic banking system called Masterchain. It was launched in 2017 by the FinTech Association, founded by the central bank.

Five banks are currently participating in a pilot project testing the new system for managing interbank transactions: Sberbank, Alfa Bank, VTB, Raiffeisenbank Russia and Otkritie.

The largest Russian bank, Sberbank, however, said the Masterchain is too slow and too centralized to be effective.

“Masterchain does not meet the requirements for using Sberbank, so for all future explorations we will use entreprise blockchains such as Hyperledger Fabric or Quorum,

said Oleg Abdrashitov, head of Sberbank’s blockchain lab.


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