South Korean Crypto Wallet BitBerry Calls it Quits

South Korea Crypto News

South Korean Crypto Wallet BitBerry Calls it Quits


Popular South Korean crypto wallet, Bitberry, is closing down soon. The CEO of Bitberry’s parent company cited “market deterioration and uncertainty in the blockchain industry” as the reason for discontinuing the app.


Bitberry falls victim to the bear market blues

South Korean cryptocurrency wallet app, BitBerry, is closing down for good on the 29th of February, 2020 at 3:00pm. According to a local outlet, all support for the app will be terminated.

Bitberry gained significant traction among the crypto community because it allowed users to sign in with a Kakao talk ID.

Kakao Talk is one of the most popular messenger apps in S. Korea, and BitBerry simplified the complexities of sending and receiving coins and allowed users to receive crypto payments to a mobile number.

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BitBerry was owned by parent company Root One Soft, who’s CEO Jang Sung-hoon issued a statement on the closure:

We decided to close the business due to the market deterioration and uncertainty of the blockchain industry.

BitBerry ran into financial struggles during the crypto winter, two-year bear market that began in December of 2017. The company had trouble restructuring, and decided to close up shop.

BitBerry was in discussions with Lambda 256, the research arm of Dunamu. Dunamu was also the company behind Upbit, South Korea’s largest cryptocurrency exchange. These talks however, have now ceased due to BitBerry’s closure.

The crypto winter caused massive industry layoffs, many startups closed

The fallout from the crypto winter is still being felt now, as evidenced by Bitberry’s closure. The South Korean crypto markets have been hit especially hard. Business Korea reported that 97% of Korean crypto exchanges were close to insolvency and bankruptcy.

Korea once had one of the highest rates of crypto adoption, one of the leading cryptocurrency markets, and a high rate of blockchain investment and startups. The South Korean government has been a leader in blockchain friendly regulation, and the nation’s military is even adopting a blockchain ID and authentication system.

The South Korean market wasn’t the only market hit hard by crypto winter. Consensys, Circle, Coinfloor and Steemit all had substantial layoffs. Some of these companies laid off 50% or more of their staff.

Many blockchain projects have laid off employees or shut down also. Lisk’s parent company Light Curve laid-off almost half of their staff also.

Most recently, True Story, a blockchain to fight fake news led by Preethi Kasireddy, also shut down and returned the capital they raised to investors. They also cited uncertainty in the market.

We may still see startups and blockchain projects close their doors due to the market uncertainty that forced Bitberry to close down. Only time will tell.

What do you think about BitBerry’s closure? Let us know in the comments!


Images via Shutterstock, Twitter @iam_preethi @

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What can I do to prevent this in the future?

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BitFlyer Now Offers US Users 0% Fees When Buying Bitcoin With USD

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What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Italy: AS Roma Partners DLT-Based Digital Trading Card App Sorare

Italy: AS Roma Partners DLT-Based Digital Trading Card App Sorare

According to a report by Insider Sport published on January 30, 2020, Italian Serie A football club AS Roma has inked a deal with blockchain-based digital trading card app Sorare for better fan engagement.

AS Roma Enters the Blockchain Race

Following moves of several other rival football clubs, Italian football club AS Roma has now officially entered the budding distributed ledger technology (DLT) space by partnering with blockchain digital trading card app Sorare.

For the uninitiated, Sorare allows users to buy, sell, or trade digital cards with values depending on the players’ real-life performances. With this, Roma joins a list of more than 30 football clubs to have ventured into the blockchain space, including the likes of Schalke, West Ham, and Napoli.

Commenting on the development, Nicolas Julia, CEO, Sorare, said:

We are very proud to have signed this agreement with such an Italian heavyweight, and we thank them for their trust in Sorare. We see this as a new, key step in our vision to work with the best football clubs from around the world.

Notably, Sorare is invested by Joseph Lubin-led ConsenSys. The app allows users to sell digital cards as cryptocurrencies and also auctions special cards such as “player of the week.”

Sorare’s line-up comprises of five cards where users can win weekly prizes in tournaments. Every player is issued with a “unique” card, 10 “super rare cards,” 100 “rare” cards, along with unlimited free common cards. The rarity of the card, as expected, plays a crucial factor in determining how well a user’s side has performed.

In 2019, Sorare was officially accepted into Ubisoft’s Entrepreneur Lab accelerator program.

As part of the AS Roma partnership, Sorare will soon commence its pre-sale for Roma rare collectibles which are expected to arrive soon on the blockchain card gaming market.

Sports and Blockchain

Emerging technologies such as blockchain are making their presence felt across all facets of businesses the world over, including the sporting pitch.

BTCManager reported on December 31, 2019, how blockchain startup had concluded its Christmas auction of Ethereum-based FC Bayern Munich non-fungible tokens (NFTs), bringing in over 240 ETH in winning bids.

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Litecoin Closing Above This Key Level Will Make it a “Screaming Buy”

Litecoin has seen some incredibly bullish price action over the past week, with the cryptocurrency rallying from seven-day lows of $53 to highs of $70. Although LTC faced some resistance at this level, its market structure is clearly growing increasingly bullish.

After setting these fresh 2020 highs of $70 yesterday, the cryptocurrency has only retraced slightly, which comes as the aggregated crypto markets are facing a steep ongoing selloff.

In the near-term, it does appear that Litecoin is on the cusp of closing above a key technical level that could catalyze its next major bull movement, which means the coming few days could elucidate its mid-term trend.

Litecoin Hovers Just Below Year-to-Date Highs as Crypto Markets Face Steep Selloff 

At the time of writing, Litecoin is trading up nearly 5% at its current price of $67, which marks a climb from daily lows of $63, and a slight decline from highs of just under $70.

Currently, LTC is one of the only major altcoins that is trading up over a 24-hour period, signaling that it currently has greater technical strength than many alternative digital assets.

In the near-term, it does appear that the cryptocurrency could be on the cusp of going on a short-term parabolic rally, as it is currently attempting to confirm a bullish Ichimoku and a daily close above its 200-day moving average.

TraderSmokey – a well-respected crypto trader on Twitter – spoke about the importance of these aforementioned technical formations in a recent tweet, while referencing a chart showing that this confluence of bullish technical factors has historically allowed LTC to incur parabolic rallies.

“Litecoin Daily: Criteria: Bullish Ichimoku + Daily Close above 200MA,” he explained while referencing the chart seen below.

LTC is a “Screaming Buy” If It Holds Above This Key Level

Because Litecoin’s bulls do appear to be particularly strong at the moment, it is possible that they will catalyze enough near-term buying pressure to propel it past its year-to-date highs of $70.

It is also important to note that LTC could soon close above 0.0069 BTC, as today’s Bitcoin drop led LTC’s BTC trading pair to rocket up to 0.0072.

Ledger Status – another prominent technical analyst – noted in a tweet from yesterday that a sustained close above 0.0069 BTC would make Litecoin a “screaming buy.”

“Litecoin is an absolutely screaming buy above .0069 daily close.”

If the cryptocurrency is able to stabilize around its current price levels or even inch higher today, it could soon see a massive upwards swing that allows its uptrend to turn parabolic.

Featured image from Shutterstock.

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If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Bitcoin SV Volume is Heavily Manipulated, Data Finds

bitcoin sv wash trading News

Bitcoin SV Volume is Heavily Manipulated, Data Finds


Timothy Peterson, CFA at Cane Island Alternative Advisors, tweeted about Coinmetrics’ recent findings on Bitcoin SV (BSV) transactions, which show extremely high levels of wash trading.


Bitcoin Satoshi’s Vision, or Bitcoin Scam Version?

Bitcoin SV, the cryptocurrency led by self-proclaimed Satoshi, Craig Wright, seems to have heavily manipulated transaction data, according to a report by Coinmetrics. Bitcoin SV has been controversial since its inception, not only because it was created as a contentious fork which caused a messy split of the Bitcoin Cash (BCH) blockchain, but also because of the involvement of Craig Wright and Calvin Ayer with the project.

Looking at the data, Timothy Peterson noted that the average transaction amount on the BSV chain is smaller than 1/10th of a cent. Furthermore, the network currently reports that it handles around 700,000 transactions of these extremely small transactions each day.

 

This can lead to only two conclusions, either BSV is being used to process almost a million micro-payments every day, which eclipses the volume of the Lightning Network, or the volume is being spoofed by trading bots to fake activity. Seeing that there are only 40,652 active BSV wallet addresses, it’s highly unlikely that these transactions are genuine.

Do People Even Use BSV?

Craig Wright has claimed to be the anonymous creator of Bitcoin, Satoshi Nakamoto, for years but has been called out many times. He has been unable to provide conclusive proof to substantiate his claims, and much of the proof he has provided has been completely discredited.

With new data hinting that transactions are being faked on the BSV chain, it calls into question just how much usage the chain actually has, if any at all. Most of the onchain transactions on BSV come from a single weather app, with as much of 96% of transactions being from this one app.

Bitcoin SV claims to have a lot of different apps, but it seems that only the weather app is being used at all. Even the weather app’s purported usage is spurious, detractors say it’s just taking data from a weather data site and writing it on the BSV blockchain. It’s not that Bitcoin SV users are obsessed with the weather, and using the app constantly to check the forecast.

Bitcoin SV has been jokingly called an intelligence test by the rest of the crypto community because of the poor reputations of its main supporters, the controversy surrounding Craig Wright’s claims to be the creator of Bitcoin, and because of the strange data surrounding BSV transactions.

Do you think BSV is spoofing it’s transaction data? Let us know in the comments!


Images via Shutterstock, Twitter @ndrchvzz @danheld @nsquaredcrypto, charts by Coinmetrics