Crypto Update: Punches Coming from Different Directions

Some U.K banks have begun banning the use of credit cards to trade cryptocurrencies. Tether is under scrutiny. And North Korea is a suspect in the Coincheck hack ten days ago.

SEC and CFTC Testifying Before Congress Today, Tether in Trouble

Cryptocurrencies continue to be under duress. The Securities Exchange Commission and the Commodity Futures Trading Commission will testify today, before a U.S Congressional committee about cryptocurrencies and Initial Coin Offerings. And U.K banks have started to crack down on the use of credit cards to purchase cryptocurrencies. It is also being reported the cryptocurrency Tether has not been able to produce an audited accounting, regarding its claim it was banking U.S Dollars as a reserve currency to safeguard its value.

Buyers Hard to Find as Pain Increases for Bitcoin, Storm Clouds Darken

Bitcoin’s value is under siege again. The current value is around 6,600.00 U.S Dollars per coin. Important support appears to be around 5,800 for the cryptocurrency, resistance looks to be 8,200.00. Bitcoin is now below key levels in which it started to add robust value mid-November. While some cryptocurrency ‘gurus’ continue to suggest buying on dips, cynics can be quickly heard asking – which dip they mean? The pain threshold for Bitcoin is certainly being tested, and buyers have been hard to find the short term. All major cryptocurrencies such as Ethereum, Ripple, Cardano, Bitcoin Cash, IOTA and more take double digits loss at the time of writing.

North Korea Suspected in Coincheck Hack, South Korea Spy Agency Claims

North Korea is again in the news, the nation is now the prime suspect regarding the hack of Coincheck in Japan nearly ten days ago, in which over 530 million U.S Dollars’ worth of the cryptocurrency Nem were stolen. The claim was made by South Korea’s spy agency earlier today before a parliamentary hearing.

Oversight Role of SEC and CFTC on Virtual Currencies

The leaders of the SEC & CFTC will speak to a U.S Congressional Bank Committee today on ‘oversight’ of Cryptocurrencies and ICO’s and this may impact the markets further.

• 6th, U.S, Congressional Bank Committee – SEC & CFTC

Yaron Mazor is a senior analyst at SuperTraderTV.

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