Price
Weekends gave us bitcoin sold off to near the lows we saw at the beginning of the year. As usual, such event drag whole crypto market lower, opening the week almost in all-red. Fro now the fall stopped near the 6650.0 level and went into a narrow lateral movement slightly above it. 6000.0 – 6500.0 zone should play as s strong support, as we saw the last time when the price reached such lows. From the upside, the breakthrough of the Bearish Trend Line or even rise above 7600.0 level would be required to consider buying in near-term. So who do we have to thank, Coinrail or CFTC?
Today forecast
Trading in the 6000.0 – 7000.0 zone. High risk of further fall-down.
Latest news
Weekends gave us bitcoin sold off to near the lows we saw at the beginning of the year. As usual, such event drag whole crypto market lower, opening the week almost in all-red. Fro now the fall stopped near the 6650.0 level and went into a narrow lateral movement slightly above it. 6000.0 – 6500.0 zone should play as s strong support, as we saw the last time when the price reached such lows. From the upside, the breakthrough of the Bearish Trend Line or even rise above 7600.0 level would be required to consider buying in near-term. So who do we have to thank, Coinrail or CFTC?
Today forecast
Trading in the 6000.0 – 7000.0 zone. High risk of further fall-down.
Latest news
- Korean Exchange Hack
The news of another hacked South Korean crypto exchange is widely blamed for the drops across the markets.
Coinrail, a lesser known Korean trading venue, has reportedly been the victim of a hack – costing the clients of the exchange over $40 million worth of ICO tokens. The hacker stole $19.5 million in NPXS (Pundi X’s ICO tokens), $13.8 million of Aston X, $5.8 million in tokens of Dent, over $1.1 million of Tron, and at least five other tokens, all just from exchange users not the projects themselves. In response to the event, Coinrail has announced it suspended trading and moved the remaining 70% of its client assets to cold storage, as well as notified the police. While the figures involved are much smaller than past events, many link this incident to the markets bleeding red over the weekend.
- CFTC Subpoenas Leading Exchanges for Trading Data
According to anonymous sources cited by The Wall Street Journal, The United States Commodity Futures Trading Commission (CFTC) is coordinating with the U.S. Justice Department in conducting investigations into price manipulation in the spot BTC markets. The report claims that the CFTC launched a criminal probe into BTC price manipulation after several cryptocurrency exchanges rejected a request from Chicago Mercantile Exchange (CME) for the exchanges to share trading data CME.
The investigation is legitimated by bitcoin’s designation as a commodity, juridically granting the CFTC jurisdiction over the commodity markets underscoring derivative markets overseen by the regulator. CME spokeswoman, Laurie Bischel, stated: “All participating exchanges are required to share information, including cooperation with inquiries and investigations.”
