- 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.
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.
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.
This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.