Bitcoin Today: need more volume to ignite further growth
Price
Yesterday, as the price reached the Bearish Trend Line, the upward impulse supported by high volume broke above the Trend Line but did not trigger any further upward movement and went into a narrow lateral channel. Bias stays positive, but to confirm the breakthrough we will need to see more volumes above the 6650.0 level; otherwise low demand could bring the price down, below the 6650 again. If traders evaluate the current situation as a possible beginning of the growth, then soon we could see a testing of the 7000.0 resistance. Otherwise, support levels are 6650, 6425 and 6000.
Today forecast
Trading in the 6400.0 – 7000.0 zone.
Latest news
Yesterday, as the price reached the Bearish Trend Line, the upward impulse supported by high volume broke above the Trend Line but did not trigger any further upward movement and went into a narrow lateral channel. Bias stays positive, but to confirm the breakthrough we will need to see more volumes above the 6650.0 level; otherwise low demand could bring the price down, below the 6650 again. If traders evaluate the current situation as a possible beginning of the growth, then soon we could see a testing of the 7000.0 resistance. Otherwise, support levels are 6650, 6425 and 6000.
Today forecast
Trading in the 6400.0 – 7000.0 zone.
Latest news
- Bithumb Hack: Exchange Confirms It Will Reimburse All Users
South Korea’s largest cryptocurrency exchange, Bithumb, has confirmed that it indeed lost 35 billion won ($31.4 million) in this week’s high-profile hack — which it will repay to users in full.
In an update posted on June 21, the Bithumb said it was beginning “recovery” processes and that the total losses from the recent hack could ultimately decrease. Officials announced:
“Bithumb is reducing the amount of losses through its ongoing disaster recovery. Future figures are expected to be lower.”
“We remind you once again that there is no damage to you,” Bithumb’s update meanwhile reassures users — reiterating that lost funds would be reimbursed using some of its $450 million in company funds. Bithumb also added that it would publish a financial report for the first half of 2018 in July.
Despite the apparent frequency of exchange vulnerability exploits affecting South Korea, the amounts involved still pale in comparison to neighboring Japan, where Coincheck lost $530 million to hackers in January. That event led to swift reform of the local industry by Japanese regulators, with Coincheck escaping shutdown via a buyout from online broker Monex. - Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks
Following recent reports of multiple security breaches at cryptocurrency exchanges, the South Korean government has revealed the details of the new bill to regulate crypto exchanges, local media report.
Choi Jong-ku, Chairman of the country’s top financial regulator, the Financial Services Commissions (FSC), commented on the Bithumb hack news on Wednesday. He was quoted by Newsis saying:
“In order to prevent this, we need to make the [crypto] transaction system stable and strengthen the protections of the traders by virtual currency handling businesses.”
He explained that an amendment bill to the Act on Reporting and Using Specified Financial Transaction Information has already been submitted to the National Assembly in order to achieve this.
Crypto exchanges are currently “in the blind spot” of the Korean regulators, Newspim wrote, adding that they are “expected to be monitored by the financial authorities through the ‘report system’.” The publication elaborated, “This will block illegal money laundering using virtual currency exchanges and enhance the rules for transactions with commercial banks in cooperative relations such as opening virtual accounts.”
Sanctions will be imposed on any crypto businesses in violation of or failing to comply with the financial regulators’ rules. They include “recommending the dismissal of officers at the same level as banks and securities companies, suspending business operations, warning of institutions, and corrective orders.”
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