Crypto Update: Apprehension as SEC and Hacking News Swirl, Bitcoin under Pressure
Japan has continued its crackdown on exchanges. And Binance is battling persistent rumors of a hack on its platform.
SEC Issues a Waring Regarding Registration of Crypto Exchanges
The Security Exchange Commission of the U.S essentially said most cryptocurrency exchanges will have to officially register with the government agency yesterday. A clear mandate has not been issued yet, but the news has made traders nervous and caused additional downside pressure in a marketplace which had been acting cautiously already. The possibility of greater SEC oversight would certainly start to limit the capabilities of American traders, and others outside of the States to make transactions with any cryptocurrency exchanges based on U.S soil. And in other news, Japan has continued its crackdown on non-compliant exchanges and caused several to suddenly cease operations.
Bitcoin Battling Short Term Lows, Downside Pressure Prevalent
Bitcoin has fought off lows seen late on Wednesday but continues to display signs of distress as the broad cryptocurrency market deals with news impacting the market. Bitcoin remains within a vulnerable trading range and important support looks to be around 8,950 U.S Dollars per coin, while strong resistance has persisted near 11,500.00. The current price of Bitcoin is approximately 10,000 U.S Dollars, but downside action has been prevalent the past couple of days.
Binance Disputes Claims of Being Hacked as Clients Complain
Binance, which is a large cryptocurrency exchange has been plagued by rumors since yesterday it has been hacked. Binance is disputing this allegation, but many clients who use its platform are claiming their cryptocurrency coins which were not Bitcoin – are being automatically converted into Bitcoin at market rates. This is a developing story and should be monitored.
Finovate Fintech Get Together in London
The Finovate European FinTech conference will continue today and tomorrow in London, and is being attended by many industry leaders.
- March 8–9th, U.K, Finovate Europe Conference
Yaron Mazor is a senior analyst at SuperTraderTV.
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