CBX Weekly Newsletter // 3 April 2019
- Bitcoin Breaks Resistance
- Bithumb Hacked for $13 Million
- Vanessa Cao joins CBX!
Bitcoin Breaks Resistance
Bitcoin has finally done a significant move, this time to the upside forcing bears to liquidate shorts and shifting momentum in favor of the bulls.
For the last couple of months, we have been discussing the $4,200 price level for Bitcoin that has acted as strong support since Q4 2018 when the price was plummeting down to new lows.
After almost 2 quarters later we finally see a convincing move upwards reaching almost $5,000 on most known exchanges with strong volume which is more than 20% gains compared to last week.
Will we have a scenario like in April 2018 when the price of BTC and many other altcoins surged? We will have to wait and see! But of course, there are a few technical indicators that can give the market a taste of what might happen.
Taking a look at the Daily chart we see a clear break of resistance from the ascending triangle that was forming for a couple of weeks. If we do a Fibonacci extension we can see the price reaching up to the 1.1618 level ($5,200).
The next price levels to watch out on the daily chart is the $5,000 psychological handle, $5,200 which is the last high and also the support from November 2018. $5,500 which also acted as support and resistance during the last drop in 2018. And last but not least $6,000 which was, of course, the strong support during 2018.
On the weekly chart, take into consideration short and long term simple moving averages (SMA).
The overall market of cryptocurrencies is valued at $163 Billion according to CMC (coinmarketcap.com) and Bitcoin’s dominance is at around 51.4%. Other cryptos have also seen increases in price, altcoins like Litecoin (LTC), EOS (EOS), Ethereum (ETH) have gains of over 12%.
You can buy Bitcoin now at $4,925 on CBX.
Bithumb Hacked for 3 Million EOS
Another crypto exchange has breaking news, but for getting hacked!
South Korean crypto exchange Bithumb has lost around 3 million of EOS tokens due to a hack last Saturday. The company released a statement confirming the hack followed by a suspension of deposits and withdrawals on the platform.
“All the [stolen] cryptocurrency is owned by the company, and all members’ assets are under the protection of a cold wallet.” — Said a representative from Bithumb.
Based on data from CBX, EOS is currently trading a $4.7 which makes those 3 million EOS worth over $14 million.
The company mentioned in the statement that they suspect the hack was conducted by a person inside the firm, although they didn’t provide any evidence to support the claim.
Bithumb has notified government agencies and other exchanges in the industry to conduct an internal investigation in hopes of recovering at least some of the lost funds.
This is not the first time Bithumb has been hacked, almost a year ago they lost around $30 million worth of cryptocurrencies.
Vanessa Cao joins CBX!
We are excited to announce that Vanessa Cao officially joins CBX Exchange as a managing director!
Vanessa Cao, The former managing director of JRR, will be responsible for the exchange’s market operations, media relations and listing positions. Vanessa has previously worked for Sequoia Capital for an extensive period.
CBX adheres to regulatory requirements in the United Arab Emirates. The CEO, Mr. Shu Meng Chan, was the former Director of the Dubai Gold and Commodities Exchange. CBX shall focus on finding high-end blockchain projects and plans to list STOs by utilizing the many advantages of the Middle East financial opportunities both for investors and institutions.
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