BitMarket Closes Down, Binance in Singapore: The Weekly Show

The news never sleeps in the cryptocurrency industry. This week, two cryptocurrency exchanges were launched and at the same time, Polish crypto exchange BitMarket closed down its operations unexpectedly. For an in-depth look at the top events, take a look at our most recent edition of The Weekly Show.

Here’s what we discussed.

Binance launches fiat-crypto exchange in Singapore

Cryptocurrency exchange Binance announced this past week that it has launched its third fiat-crypto exchange in Singapore, which will allow users to buy and sell Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with Singapore dollars (SGD).

As Finance Magnates reported, initially, traders can access Bitcoin, Ethereum and Binance Coin on the new exchange but there are plans to add more cryptocurrencies in the near future.

ShapeShift launches non-custodial crypto management platform

Digital asset trading platform ShapeShift announced the launch of a non-custodial crypto management platform operating across multiple blockchains this past week. The company was developing the new platform for the last six months and was it tested under a private beta program for a while before the official launch.

The platform supports 50 digital currencies including Bitcoin, Ether, and Litecoin. And to give the users control over their funds, the platform integrated support for multiple hardware wallets – Tezor and KeepKey. According to ShapeShift, this will eliminate security risks to the platform.

BitMarket shuts down unexpectedly

This past week, BitMarket suddenly closed down its operations, citing “loss of Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term” as its reason. At the time of this interview, it was suspected that the exchange had been hacked, however, nothing had been confirmed.

Since then, a company director, Marcin Aszkielowicza, released a statement suggesting that hackers were behind the crypto exchange's demise, as Finance Magnates reported.

Are you falling behind on your crypto news? Check out our previous episode of The Weekly Show to stay up to date with your crypto news.