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Bitcoin Price: $6,800 Seems to Hold Despite More Imminent Bearish Pressure

The uneasy situation affecting all cryptocurrency markets will remain in place for some time to come. Despite some minor gains for most currencies, it seems there is still plenty of negative pressure. As such, the question becomes whether or not the Bitcoin price will remain above $6,800 today. So far, it’s not looking too promising.

Another Rough Day for Bitcoin Price Watchers

Watching the Bitcoin price for several hours a day tends to inflict different emotions on people. It is usually a mix of uneasiness, optimism, despair, and every emotion in between. Throughout most of 2018, the negative feelings have taken center stage first and foremost, and it seems that situation will remain in place for some time to come. This is not the year of Bitcoin so far, although anything can happen in the coming six months.

Even so, the Bitcoin price has shown some positive momentum earlier today. With a minor 0.99% price increase, things are not looking all that great, for rather obvious reasons. Over the past 24 hours, there has been a Bitcoin price dip to $6,700 and slightly below, even though the value has recovered to $6.861. Maintaining a foothold above $6,800 will not be easy by any means, but it needs to become the new level of support regardless.

It remains to be seen how the Bitcoin price evolves in the coming hours and days. As of right now, the negative pressure is more than capable of pushing the Bitcoin price to $6,500 in the coming days. At the same time, it may recover to $7,000 and beyond. There is no sanity in the world of cryptocurrency, nor should anyone expect anything more.

One thing that is well worth keeping an eye on is how the overall Bitcoin trading volume evolves. As of right now, that volume has taken a $1.5bn decline compared to yesterday despite the Bitcoin price going up ever so slightly. A peculiar trend which doesn’t instill a lot of confidence in the market by any means. Without trading volume, there will be no Bitcoin price recovery to speak of anytime soon.

Despite the declining trading volume, Binance’s USDT pair remains extremely popular. It is well ahead of OKEx’s USDT pair, whereas Bitfinex’s USD market only comes in third place. LBank is the surprising fourth entrant and Huobi adds another USDT pair to the top five. Nothing about this list is exactly impressive, albeit there is zero reason to be overly concerned. The markets will head in either direction regardless of what people may want to see happen.

As is always the case where the Bitcoin price is concerned, anything can happen in the blink of an eye. With a massive amount of money wiped out over the past seven days, it is evident the recovery process will take equally as long or potentially much longer. For now, it seems maintaining the status quo near $6,800 is a lot more favorable compared to chasing quick profits. Whether or not the rest of the market agrees, is a different matter altogether.

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US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft

A U.S.-based cryptocurrency investor and entrepreneur has filed a multi-million-dollar lawsuit against telecommunications firm AT&T. Michael Terpin believes that he became the victim of a theft in which a large amount of digital currency was taken from him due to the company’s negligence. Terpin Believes He Was the Victim of a SIM Swap Fraud Michael Terpin has brought legal action against the U.S. telecommunications provider AT&T. The investor and early cryptocurrency advocate filed a 69-page complaint with the U.S. District Court in Los Angeles. During the document, Terpin claims that a large number of digital coins and tokens were stolen from him on January 7, 2018. It goes on to state that AT&T are guilty of gross negligence and fraud, which resulted in the loss of a substantial amount of cryptocurrency. According to Reuters, AT&T responded via email to the complaint by stating: “We dispute these allegations and look forward to presenting our case in court.” The filing claims that Terpin was the victim of a SIM swap fraud that was made possible by the negligence of AT&T. Such a scam involves fraudsters convincing a mobile phone provider to switch a user’s phone number to another SIM card which is under their control. Scammers can then use the number to reset login information for various accounts, allowing them to access them. Michael Terpin is the co-founder of BitAngels – an early angel group for Bitcoin investors. He also helped to set up the first digital currency fund, the BitAngels/Dapps fund in 2014. Today, Terpin is one of the Alphabit Fund’s top advisers. According to the court documents, a total of three million digital tokens were taken from Terpin. Back in January, these were worth around $23.8 million collectively. The filing also states that Terpin is seeking an additional $200 million in punitive damages. Whatever the outcome of Terpin’s court case, it illustrates the dangers of keeping large amounts of digital assets anywhere but in properly secured cold storage. The precise details of the storage of Terpin’s tokens are not currently known. However, any solution which could be comprised by SIM swap fraud is evidently not secure enough. Terpin’s missing funds join the other $1.2 billion plus of cryptos stolen from poorly secured storage solutions since 2017. The case also highlighted a need for adequate custody services in the cryptocurrency industry. This is seen by many as one of the most important steps to opening cryptocurrencies to a wider group of investors. Many do not have the technical knowledge required to set up totally secure paper wallets. Others simply shirk the responsibility of being the sole participant responsible for the safety of their digital wealth. The industry is responding, however. Already this year, NewsBTC has reported on efforts by Circle, Coinbase, and Blockchain to facilitate secure storage for large net-worth individuals and institutions. Featured image from Shutterstock. The post US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft appeared first on NewsBTC.

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