And the Nano development team has been hit by a class action lawsuit in New York per the BitGrail hack in early February.
Nano Hit by Class Action Lawsuit in New York
The Nano development team has been hit by a class action lawsuit filed in New York. Nano is alleged to have promoted BitGrail as a safe exchange to trade its RaiBlocks cryptocurrency. Nano changed the name of RaiBlocks to ‘Nano coins’ in January of this year. BitGrail was hit by a large hack in early February, which allowed cyber-criminals to steal a huge amount of coins worth millions of U.S Dollars. Nano claimed when the hack took place, that it placed the blame on faulty BitGrail technology and was not responsible. However, this lawsuit alleges that Nano is responsible for money lost by traders because it promoted and endorsed the BitGrail exchange.
Bitcoin Cannot Escape Clutches of Bear Trend
Although Bitcoin was able to climb on Sunday and early Monday from lows made late last week, the cryptocurrency has found itself confronted with another shortage of buyers and is testing critical support levels again. Bitcoin is near 6700.00 U.S Dollars and it is essentially trading below early February levels which caused a massive amount of concern. Should Bitcoin continue to be confronted, its next vital support level could be the 6200.00 juncture. For speculators with a strong stomach, the 8000.00 mark looks like it could be a resistance target. Unfortunately for Bitcoin, it has not been able to escape the clutches of its bear trend, and traders should brace themselves brace for additional tests.
Cryptocurrencies a Fundamental Tool of Blockchain
As cryptocurrencies continue to be battered by declining prices, voices in the industry are calling for a balanced approach regarding regulations which will let the technology to thrive and innovate. Blockchain continues to get a growing amount of attention from businesses and investors, and the fundamental tool of cryptocurrencies is an important aspect of Blockchain. Regulations will certainly make cryptocurrencies more transparent and this could create an improved trading environment long term.
Initial Coin Offerings and Blockchain Conference in UAE
The World Blockchain Forum will get underway in Dubai early next week on April the 16th. It will include seminars on Initial Coin Offerings and Blockchain.
- April 16th – 17th, UAE, World Blockchain Forum in Dubai
Yaron Mazor is a senior analyst at SuperTraderTV.
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