Coincheck Hack Raises Cybersecurity Concerns

However, cryptocurrencies have been trading in a relatively stable range the past few days, Bitcoin among them.

Coincheck Reacts Quickly to Hacking News, Promises to Reimburse Traders

Coincheck which operates in Japan was targeted and over 530 million U.S Dollars’ worth of cryptocurrency has reportedly been stolen. However, Coincheck admitted the hack promptly and has promised to reimburse traders. Also, it should be noted the broad cryptocurrency market reacted in a tranquil manner and range trading has been prevalent in the short term.

Calm before the Storm for Bitcoin, Bitcoin Enjoys Short Term Stability

Bitcoin has produced relatively calm trading the past ten days. The price of Bitcoin is near 11,300 U.S Dollars per coin. Resistance continues to look like 12,500 and support appears to be around 10,000 U.S Dollars. The stability of Bitcoin appears to be consolidation as traders await the next breakout. And the question being asked, is if Bitcoin will find more buyers in order to propel it higher, or if this is the calm before another selling storm?

Bitcoin 4H Chart
Bitcoin 4H Chart

Due Diligence Remains Vital for Traders

News of the Coincheck exchange hack in Japan has spurred on more talk about the need for regulation globally. However, the real concern which traders need to consider is the cybersecurity of the exchange they are using. Due diligence when trading cryptocurrencies are vital.

Geneva Blockchain & Bitcoin Event on February

It has been announced Geneva, Switzerland will host a Blockchain & Bitcoin conference late in February, which will also focus on Initial Coin Offerings.

  • 21st, Switzerland, Blockchain & Bitcoin Conference

Yaron Mazor is a senior analyst at SuperTraderTV.

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Yaron Mazor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology and education. Ten years ago, Yaron sold all of his businesses and became a trader. Yaron started an education provider that taught thousands of people worldwide how to trade. Since then, he has traded every single day across every imaginable financial instrument Organic Trading System (OTS) is an unprecedented, new paradigm of trading technique, developed by Yaron Mazor. The trading system utilizes a combination of essential resources of market data (Fundamental, market participant sentiment and the basic concepts of trends), which are harmonically coordinated, in order to enable a relatively fast, simple and easy way to decide which side of the market to be trading from – the Buy side or the Sell side.