Bitcoin News and Price Analysis: Bitcoin Price Plunges After Japanese Regulator’s Order. Friday, June 22
Important Bitcoin News
Why Bitcoin Made A Quick Comeback After Exchange Hack
Bitcoin made a quick rebound Wednesday evening after Bithumb, a South Korean exchange was hacked in the morning of same day. Analysts are saying that the quick response of the exchange to the hack was instrumental to quick market recovery. Halting all withdrawals and putting all coins in cold storage helped Bithumb limit the loss.
The company also used its own funds to refund customers thereby restricting the effect of the news on the market. The company also announced that it has enough reserves and would refund customers shoring up confidence.
Police Seizes 200 Mining Equipments In China for Illegal Bitcoin And Ethereum Mining
The police in China has confiscated 200 computers and arrested a man, Ma, who allegedly illegally installed and mined cryptocurrencies. Ma was said to have bypassed the electricity meter in his mining operation to avoid paying high bills.
The utility company in the Anhui province noticed unusually hike in electricity usage in the region and alerted the police. The police said that Ma had made no profits before he was caught. He was said to have stolen 150,000KWH since he started operation in April. Ma said he decided to circumvent paying bills after he discovered that running the equipments would cost him 6000 yuan ($923) daily.
Bitcoin Price Plunges After Japanese Regulator’s Order
Bitcoin price fell to $6,309 on Friday following news that the Japanese regulatory agency, the Financial Services Agency has ordered exchanges to tighten up on anti money laundering measures. It is the first time the coin has fallen below $6,400 in a week.
One of the exchanges affected by the order, Bitflyer released a statement, saying"Our management and all employees are united in our understanding of how serious these issues are, as well as how serious we are in responding to them going forward."
Bitcoin Price Analysis
In last few days it seemed for many that Bitcoin Price has stabilized, as it was fluctuating very little around $6700 region with very small price amplitudes. On June 19th, BTC managed to reach $6807. It then fell for a day to $6620, then recovered again above $6700. At the end of June 21st BTC started falling very rapidly down to $6148.
BTC/USD Price Chart, Friday June 22nd:
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