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Bitcoin drops, South Korea launches inquiry into crypto hacks

Summary:

  • Bitcoin accelerates its fall in early trading Friday, a pivotal technical level at stake
  • South Korean govt launches an investigation into cryptocurrency hacks
  • A musician Akon launches his own cryptocurrency token aimed at creating a futuristic city in Senegal

Major cryptocurrencies have taken a hit over the recent hours with Bitcoin, Litecoin and Ethereum being the most afflicted. From a technical point of view Bitcoin seems to be in a particularly important place, we mean a short-term trend line where the most famous digital currency has stalled thus far. Buyers may count on an increase once the price manages to stay above the mentioned line. If so, a move toward $6800 might be on the cards, but sellers keep pushing one may see a deeper corrective move toward at least $6100. In early trading on Friday Bitcoin is trading slightly below $6500 or over 3% lower on the day.

link do file download linkBitcoin declines in the morning, but a trend line has so far provided a support. Source: xStation5

South Korean govt launches an investigation into cryptocurrency hacks

Earlier this week we wrote about a hack taking place in one of the largest cryptocurrency exchange in South Korea - Bithumb. Even as an immediate decline of Bitcoin and other digital currencies was quickly erased, it does not mean the end of this story. On Wednesday the country’s government formally launched an investigation into the alleged hacks taking place there. The inquiry will concerns two crypto exchanges - Bithumb and Coinrail. In an official statement the authorities wrote "The Ministry of Science and Information and Communication Technology (hereinafter referred to as ‘Science and Technology Ministry’) and the Korea Internet & Security Agency (KISA) said that they are investigating the cause of the accident caused by the virtual currency leak that occurred in Coinrail and Bithumb." As of yet, we have not been offered a confirmation whether the two crypto exchanges were actually hacked.

link do file download linkWhile most of virtual currencies are struggling Ripple is doing quite well, and it’s already successfully tested its crucial support zone. Source: xStation5

A musician Akon launches his own cryptocurrency token aimed at creating a futuristic city in Senegal

Akon is the Senegalese-American singer who takes efforts to create a futuristic city in Senegal that is meant to be a "real-life Wakanda", referring to the fictional highly technologically advanced African nation showed in the recent "Black Panther" movie. He wants to finance this enterprise throughout launching his own cryptocurrency token called Akoin. The musician appeared in a panel in Cannes explaining that "I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people and brings the security back into the currency system. It also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down." The first estimates say the city would be built on 2000 acres of a land gifted to from the country’s president.

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