Day: June 22, 2018

Bitcoin Price Drops to Within $100 of 2018 Low

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The price of bitcoin fell to its lowest point since February today. As of press time, the leading cryptocurrency’s price went as low as $6,063, according to CoinDesk’s Bitcoin Price Index (BPI), a significant drop considering the day’s opening price of $6,717.20. The near-$700 decline (which saw prices decline roughly 10 percent) effectively brought bitcoin to within $100 of its 2018 low of $5,947, reached February 6. At the time, bitcoin was in free-fall amid regulatory uncertainty, with the decline occurring during the week in which the heads of major U.S.…

Bitfinex’s Chief Strategy Officer Leaves Crypto Exchange

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Phil Potter, chief strategy officer for cryptocurrency exchange Bitfinex, has reportedly left the company. Reuters reported Friday that Potter, who is also a director of the ‘stablecoin’ issuing company Tether, will be temporarily replaced by Jan Ludovicus van der Velde, Bitfinex’s CEO. Following the publication of this article, a representative for Bitfinex provided CoinDesk with a statement from Potter. He said: “As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive…

Litecoin Sinks to Lowest Price in 7 Months

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Litecoin’s (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse. The world’s sixth largest cryptocurrency by market capitalization fell to $84.39 at 14:00 UTC – its lowest level since November 29, according to CoinDesk’s Litecoin Price Index – and was last seen at $84.99, down more than 12 percent on the day. Litecoin Price Index At press time, LTC is the third-biggest loser among top 10 cryptocurrencies by market capitalization and is reporting a 13.26 percent week-on-week drop, according to CoinMarketCap. Further, its market capitalization stands at…

Mt Gox to Enter Civil Rehabilitation in Major Win for Creditors

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Creditors of the defunct bitcoin exchange Mt. Gox just won a big victory. According to a Friday release from Mt. Gox trustee Nobuaki Kobayashi, the exchange’s ongoing bankruptcy proceedings have been paused and a civil rehabilitation process will commence. The Tokyo District Court issued an order on June 22 approving a petition to begin civil rehabilitation, which was initially submitted in November of last year. Those seeking to recoup funds from the exchange – once the world’s largest by trade volume before it dramatically collapsed in 2014, resulting in hundreds of millions…

Bitcoin Eyes Bear Revival After Key Support Breached

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Bitcoin’s (BTC) bears may be building for a strong comeback, having pushed prices to a eight-day low below $6,300 earlier on Friday. The price fell to $6,286 on Bitfinex at 09:50 UTC, the lowest level since June 14, and, at press time, was changing hands at $6,326, down around 6 percent over 24 hours. As discussed yesterday, the cryptocurrency’s persistent failure to scale the $6,800 mark in a convincing manner had raised the prospects of another leg down in bitcoin prices. It seems that process is now underway. Bitcoin breached the key…

Japan’s Financial Watchdog Orders AML Shake-Up at 6 Crypto Exchanges

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Japan’s financial watchdog has issued business improvement orders to six licensed cryptocurrency exchanges following on-site inspections conducted over recent months. According to an announcement made by the Financial Services Agency (FSA) on Friday, the regulator is ordering bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau and Bit Point to enhance their internal-auditing and user-protection systems. As a result, bitFlyer has announced that it has temporarily stopped accepting new customers in order to reexamine the IDs of “certain customers.” The firm told CoinDesk that “bitFlyer (Japan) is working closely with the FSA and…

$17 Billion Deleted From Crypto Market in 24 Hours as Ethereum Falls 7%

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The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS. EOS recorded the largest loss amongst major digital assets, demonstrating a loss of more than 10 percent overnight. Ethereum, Bitcoin Cash, Litecoin, Stellar, and Cardano fell behind EOS, falling by just over 7 percent. What Triggered the Sell-Off? On previous reports, CCN noted that the cryptocurrency market is still in a bear cycle and that it had only initiated…

Bithumb Hack ‘Doesn’t Change the Fundamentals of Bitcoin’: Charlie Lee

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Charlie Lee, the founder of Litecoin, went on CNBC’s Fast Money program on Wednesday to discuss the recent hacking of South Korea’s cryptocurrency exchange Bithumb, among other developments in the crypto sphere. Speaking via telephone, the founder of the world’s fifth-largest cryptocurrency by market cap pointed out that while it is normal for cryptocurrency investors to panic when an exchange gets hacked, such an act does not change the fundamentals of crypto assets. “Whenever there’s an exchange hack, people get scared and the price drops. It happens all the time. The…