Charlie Lee: Bithumb Hack Does Not Change Fundamentals Of Bitcoin

The founder of Litecoin, Charlie Lee, reveals in an interview that whenever an exchange is hacked investors panic and prices go down, it is natural. However, this does not change the fundamentals of crypto asset.

Mr. Lee also added that security improvements should be made in exchanges to avoid similar hacks that have been plaguing the nascent industry.

He was also quick to point out that exchanges are still in the learning stages and improvements constantly being made.

In the same interview Mr. Lee was asked how long the bear market would last but relented to give a clear answer as he said that he has seen bear markets lasting up to 3-4 years.

Fundstrat Analyst: $6000 Rebound an “Oversold Bounce”

Robert Sluymer, technical analyst head at fundstrat reveals that Bitcoin (BTC) and Ethereum (ETH) are at an important inflection points and need to push above their downtrends near $7000 for BTC and $550 for ETH to indicate more than an oversold bounce back from a downtrend that began early in May.

Basically he is saying that the price of BTC should push beyond the price of $7000 to signal the next bull market and thus not a dead cat bounce.

Earlier this June Sluymer made a statement that Bitcoin was beginning to bottom at the key support around $7000 and made the recommendations that short sellers should be reducing their short exposure and start adding long exposure.

Record Bitcoin Buying Spree In Venenzuela

Venezuela has been experiencing Hyperinflation due to international sanctions on the regime of Nicolas Maduro.

The government and its citizens have turned to cryptocurrencies to help mitigate this problem.

Last February the government of Venezuela released a cryptocurrency that is backed by oil (Petro) but sales figures have been questioned since there is zero transparency surrounding the coin.

Many also do not trust the Petro since it was initiated by the same government that has caused the hyperinflation.

Citizens meanwhile have turned to cryptocurrencies to seek some sort of refuge from the hyperinflation which would surpass 13,000% this year.

According to LocalBitcoins, trading volume (OTC) has jumped significantly and it was revealed that a Venezuelan who bought bitcoin during its ATH is still better off compared to one who is holding Bolivar.

Robinhood Wants To Be A Bank

Robinhood wants to become an official banking platform that will be able to cater the needs of its 4 million strong user-base.

Currently a stock trading platform it is asking the Office of Comptroller of the Currency (OCC) for the necessary licenses allowing it to receive a national banking charter. However, getting this charter is very hard to get as this effectively classes the platform as a bank.

If it successfully does this they will be able to offer services in cryptocurrency, stocks and fiat making it a one-stop-shop for finance.

At present, Robinhood is currently registered with FINRA as a broker-dealer and is regulated by the securities and Exchange Commission (SEC).

Trading Bots Boom In South Korea

Trading bots are starting to play a big role in the world of cryptocurrency.

South Korea has seen trading bots making their mark and it is well worth to keep an eye on since the country has overtaken both Japan and China in trading volume for quite some time now.

Two of the trading bots gaining much popularity in South Korea are Coinsum and Watchbot. Both of these softwares were designed to buy and sell cryptocurrencies by monitoring market movements.

It is expected that more trading bots will be coming out in 2018 and early 2019.

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