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Bitcoin Price Watch: Currency Sits at $7,600

At press time, nothing has changed regarding the bitcoin price. The father of cryptocurrencies is sitting at $6,700 – a price it has held for roughly 24 hours, and recovery doesn’t appear imminent anytime soon.

The mega-drop that hit the asset during yesterday’s morning hours stem from two likely sources. The first is the hack of South Korean digital exchange Coinrail, which is not one of the country’s largest cryptocurrency platforms, but still ranks amongst the top 90 across the globe.

During the morning of June 10, Coinrail executives released the following statement on the company’s website:

“Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking at it with an investigative agency, related exchanges and coin developers.”

Coinrail alleged that most of the cryptocurrencies it was housing were placed in a secure wallet. Unfortunately, the thieves still managed to get away with over $40 million worth of assorted tokens, and bitcoin – along with several other forms of cryptocurrency such as Ethereum, Ripple, bitcoin cash and EOS – all lost approximately five percent or more of their respective values.

The next big hit came by way of the Commodity Futures Trading Commission (CFTC). The organization is now opening a probe into bitcoin price manipulation, and is asking four major exchanges for bitcoin futures trading data from January 2018 and on. The exchanges – which at press time are Coinbase, itBit, Kraken and Bitstamp – are refusing to cooperate with the request, explaining that submitting such information would hurt their customers’ privacy.

Following the announcement, bitcoin tanked hard, falling from $7,300 to $6,700 in just 30 minutes, and all major digital assets are trapped in the red.

Securities and Exchange Commission (SEC) chairman Jay Clayton also warned against the selling and trading of any unregulated cryptocurrencies:

“I caution against promoting or touting the offer and sale of coins without first determining whether the securities laws apply to those actions. Selling securities generally requires a license, and experience shows that excessive touting in thinly-traded and volatile markets can be an indicator of ‘scalping,’ pump-and-dump, and other manipulations and frauds.”

At press time, bitcoin is now being hit with another negative move as computer king Apple recently announced at the Worldwide Developer Conference that all iPads and iPhones could no longer be used to mine cryptocurrencies. As stated by Apple Insider, the new rule explains that “apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”

The move comes after a wave of recent backlash against bitcoin by major internet companies such as Facebook, Google and Twitter, all of which have recently banned crypto and ICO-related advertisements on their platforms. As bitcoin’s price continues to plummet, it is continuing to garner mistrust from major institutional players, and Apple is just the latest mega-player to strike against the digital asset space.

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“Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018)

With every slide in the cryptocurrency market, Bitcoin dominance increases. As a matter of fact, Bitcoin ball park control stands at 40 percent in the last seven days or so. That’s when bears took more than $30 billion despite supportive news from the SEC. Going forward, it could be worse for cryptocurrency portfolios because any break below $6,000 and we might see BTC valuation dropping 85 percent from its ATHs to $3,000. Let’s have a look at these charts: From the News It is attack after attack but in the case of BitGrail, ordinary account holders are set to suffer. A while back, this Italian exchange was hit by hackers who made away with $187 million worth of Nano coin. Even though the operations of the exchange took a hit, they resumed normal services a few days later. However, with formal announcement by the exchange that they were not in a position to reimburse user funds because they strongly believe hackers took advantage of Nano’s blockchain weakness, the Nano Foundation refutes these claims. We have temporarily disabled the BitGrail exchange pending further notice. — BitGrail Exchange (@BitGrail) May 2, 2018 This inevitably means the court is the only center of arbitration and now through the orders of a Florence Court, where bankruptcy petition for BitGrail is on-going, BitGrail’s digital assets are under state custody. We cannot make solid conclusion as the hearing continues. 3000 users of the #BitGrail fiasco have filed a petition asking an Italian court to declare the entities that operated the Bitgrail exchange bankrupt.https://t.co/x3wfor4qe1 — DeusExMachina (@d1rtydan) April 27, 2018 Then again the CEO of BitGrail has been clear that there is nothing since the exchange is following court orders. Regardless, it’s clear that the exchange is in a poor financial situation and probably won’t repay victims. As litigation continues in Italy, authorities in South Korea are planning on creating a special economic zone for blockchain companies in the city of Busan. “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland” This comes at the back drop of the country’s initial steps of totally banning ICOs and fostering an environment that isn’t supportive for crypto traders in general. #SouthKorea intends to launch a #blockchain center in Busan city to incubate companies and projects working in the sector. Modeled as “#Crypto Beach,” the development is reportedly inspired by Switzerland’s “Crypto Valley” in Zug.#Bitcoin #btc $btc $bitcoin #ETH #EOS #ICX — Hitman (@Hitman637) June 17, 2018 Because of this, most blockchain start-ups in South Korea offer their ICOs in other countries. So, to prevent loss, the only approach is to thaw their regulatory grip by creating such blockchain friendly zones. Of course, all things constant, this is positive for Bitcoin in the long haul. Bitcoin (BTC) Technical Analysis Weekly Chart Bitcoin Weekly Chart by Trading View Talking of Bitcoin hitting $3,000 may be pessimistic but here is the thing: Any break below $6,000 this week or within the next month and it would be catastrophic for coin holders in general. The web might even spread considering the positive correlation between Bitcoin prices and altcoins as we have been seeing in the last couple of days. Besides, even Trustory CEO thinks BTC prices are yet to bottom out and unwind the effect of Q3 and 4 2017 Tether pump. Price wise, it’s clear that BTC prices are trending around a key inflection point, a double bottom as the weekly chart shows. Overly, bears are in charge and we can draw a simple trend line between Q1 and recent Q2 highs to demonstrate that. In our previous projections, any up-thrust that lifts BTC prices above $8,000 will mean bulls are in charge and buying in line with the new shift of trend is practical. Conversely, it will be a journey back to $3,000 if sellers break below $6,000 as we have mentioned before. Daily Chart Bitcoin Daily Chart by Trading View Announcement by the SEC on June 14 was by all means timely. As we can see from the daily chart, that’s right at the main support line and initial bear targets at $6,500. Now, our trade plan based on these new events proposes buying but only when buyers push prices ideally past $7,000 and for conservatives at $7,800. Of course, with the past three candlesticks moving within tight trading ranges, patience would be an asset and would mean buying only once our trade conditions are met. On the reverse side where sellers drive below $6,000 and it would be a slide to $3,000. The post “Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018) appeared first on NewsBTC.

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