The exchange, Youbit, announced on its website that it had been hacked at 4.35 a.m. "If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action."Ĭompounding the day of bad news in the crypto world, a South Korean exchange on Tuesday said it was shutting down and filing for bankruptcy after being hacked for the second time this year, highlighting concerns about security as trade in bitcoin and other virtual currencies boom. This will be interesting, because then it becomes an institutional game, not a retail game."Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter," Coinbase's CEO, Brian Armstrong, said in a blog post. Because of this, I believe that we are getting close to the end of the massive run a higher and the overextension of buying pressure. I think that once the markets stabilizing get used to the idea of a futures market that is regulated, that perhaps Bitcoin will act more like a currency. In general, I think that we are going to continue to see a significant amount of volatility because of new money coming back into the marketplace. The volatility in this market should continue, as the futures markets have obviously attracted a lot of institutional money, and of course, has put the idea of Bitcoin in the crosshairs of the major media.
Longer-term, I believe that the $20,000 level is probably going to be targeted as well. Ultimately, if we do breakout to the upside, then I think that the next obvious target will be the $18,000 level.
If we were to break down below the $15,000 level, that could lead to a rather significant bounce around and perhaps a longer-term buying opportunity. Currently, it looks like the market is respecting the 20 SMA on the hourly chart, and because of this, I think that we will continue to see buyers look at pullbacks as buying opportunities. Bitcoin rallied significantly during the trading session on Monday, reaching towards the $16,500 level on the BITSTAMP exchange, and as a result it’s likely that the market should continue to try to break out to the upside, and as a result I think that we will eventually test the $17,000 level, and perhaps even go higher than that.
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