SCI Daily: Holding On
September 7, 2018
Bitcoin (BTC) remained steady overnight, consolidating its losses after the sharp drop. BTC is more likely to continue sliding as buyers may have been spooked after BTC gave back all its gains for the past three weeks in just a few hours. The $5,800-$6,200 support is getting tested again and while it has held every time this year, the continued pressure may be weakening the said support levels.
Support levels are at $6,200 and $5,800 while resistance levels are at $6,700 and $6,900.
BTC/PHP: 361,580 / 335,770
USD/PHP: 54.05
BTC Market Cap: $113B
Crypto Market Cap: $208B
*Microblogger and crypto trader Alex Kruger said that a Bithumb user is allegedly making roughly $150,000 a day from wash trading on the exchange. Exploiting the exchange’s 120% fee payback, an opportunistic trader is currently wash trading 31,000 BTC on the exchange at 11AM daily, which is around KRW 278 billion, or around $250 million in fake volume. The trader then collects the full KRW 1 billion rebate that Bithumb offers daily as part of their ongoing marketing campaign.
*A South Korean insurance company, Hanwha Insurance, is reportedly introducing insurance for cryptocurrency exchanges for hacking damages. With the demand for more insurance coverage growing in South Korea, Hanwha plans to start negotiations with exchanges next month. Several cryptocurrency exchanges, such as Upbit, Bithumb, Coinone, and Korbit, already have insurance, although their policies do not cover hacking, and coverage amounts are low.
*A presidential decree legalizing the activities of cryptocurrency exchanges in Uzbekistan has been signed by the country’s president, Shavkat Mirziyoyev. This decree introduces a licensing regime and details the requirements needed to be met to be allowed to operate in the country. Foreign trading platforms looking to establish themselves in the country also need to establish a local subsidiary and abide by the relevant laws and regulations.
SCI.ph | Rebit.ph | BuyBitcoin.ph | Citadax
