Day: June 11, 2018

UK’s FCA | Issues Letter to Banks Over Crypto Risks

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The UK’s Financial Conduct Authority (FCA) issued a letter on Monday to bank CEOs over the potential risks that they face when dealing with cryptocurrencies. A Letter from the FCA Criminal activities are synonymous with cryptocurrency use and the letter is said to suggest “good practice” that banks can follow to be vigilant against these activities. According to the FCA, the letter details how firms should handle financial crime that may occur as a result of “cryptoassets,” which the FCA defines as cryptocurrencies or any type of “publicly available electronic medium of…

Bitcoin Price Watch | BTC/USD Crashes Below $7,000

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Bitcoin price crashed down below $7,000 after the South Korean cryptocurrency exchange Coinrail was hacked over the weekend. The cyber attack sent BTC/USD down by approximately 10%. Currently, the digital currency is trading at close to $6,730, near its two-month low. BTC/USD Crashes Below $7,000, On Bearish Trend On Monday morning, Bitcoin price continued to trend downward following the latest cyber intrusion, which caused a loss of about 30% of the coins traded on the Coinrail exchange. Bitcoin price fell more than 10% as a result, now trading near a…

$6K Next? Bitcoin Bear Market Back After 10% Drop

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The bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000. The cryptocurrency dropped nearly 10 percent on Sunday, hitting a two-month low of $6,619 on Bitfinex, having spent the last two weeks trading in the narrow range of $7,000–$7,800. Across the media, the price drop has been put down to a hack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a big move was expected…

Bitcoin Price Dips to Two-Month Low Below $7K

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The price of bitcoin dropped $500 in a single hour Sunday to hit a two-month low below $6,700. According to CoinDesk’s Bitcoin Price Index, the world’s largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10. Indeed, data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647. For traders, this means bitcoin’s two-month uptrend appears to be in question. Trading at…