US stock market slump pushes dollar down

Posted 11 October, 2018

The US dollar has lost grounds against the majors affected by observed stock sell-offs on the fears of the interest rate increase in the USA.

The US Dollar index decreased to 94.84 on Thursday, falling below the overnight bottom of 94.88.

The euro showed restrained strengthening against the US dollar since Rome and EU negotiators still cannot come to terms regarding the draft budget for 2019 in Italy. The rate reached 1.1574.

The sterling-to-US dollar rate went up to $1.3232. The increase is said to be mainly driven by doubts about successful Brexit deal conclusion before the official date of EU leaving.
The greenback decreased vs the Japanese yen to 112.25, while earlier it hit the 3-week low at 111.98.

At the European trading, the rates dropped following the plunge of Asian indices with the major US stock market slump recorded over the past 8 months. Demand for risk assets reportedly slackened due to soaring US Treasuries.

Seeing Wall Street collapse, Donald Trump once again attacked US Federal Reserve regarding its monetary policy. Specifically, it is expected that the Central Bank may speed up revision of the rate amid a positive state of country's economy.

As for the Japanese yen, the currency posted gains making use of the IMF report released early this week in which the fund downgraded its global economic outlook citing that trade conflicts strongly depress the world economy.

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12 October, 2018 11:10

← BK Global Consortium becomes major shareholder in Bithumb

The major crypto trading platform in South Korea – Bithumb – reportedly sold 38% stake to Singapore's BK Global Consortium, the investment division of BK Global holding. The companies signed the agreement on Thursday, October 11, as Bithumb representative confirmed. Under the contract, BTC Holdings Company (76% interest in Bithumb) sells 50%+1 share in the platform to investment blockchain division of BK Global, BK Global Consortium. As a result, BK Global will become the major shareholder of the South Korean crypto exchange. The contract cost amounts to some $880 million (JPY 1 trillion).

BK Global Consortium becomes major shareholder in Bithumb

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11 October, 2018 14:38

Seoul to determine legalize or not to legalize ICO this November →

Seoul is going to consider a lifting of the ICO ban in the country this November. The corresponding statement was made during the annual governmental audit by the head of state policy coordination department Hong Nam-ki. Hong Nam-ki stated that the government may decide on the ICO issue following the research that has been started by South Korea's Financial Services Commission in September and may last till the end of October. The legal ICOs are believed to boost development of the blockchain sector in South Korea. However, the representative of the financial authority expressed some concerns about ICO legalization, citing that despite the prevailing notion about the need for ICO, it comes in tandem with still unsolved problems.

Seoul to determine legalize or not to legalize ICO this November
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