BTC slumps despite wider UK investor adoption

Another morning of flux for the cryptocurrency market, as prices slipped back into the red for the third day in a row. BTC fell 4.22 percent on the day, trading at $7,602.44, down $160 in a 24 hour period. The bears have moved in to drive prices down, with Ethereum losing 2.61 percent to trade at $425.75, while Litecoin fell 0.81 percent to trade for $78.06. Ripple is one of the only major cryptocurrencies to see a small gain this morning, rising 3.19 percent to trade at $0.449440.

Investors fear that bitcoin may be destined to stagnate between the $6,000 – $7,000 range after the Securities and Exchange Commission (SEC) rejected what would become the first exchange-traded fund (ETF). However, talking to CNBC’s Fast Money, Susquehanna head of digital assets Bart Smith believes the digital token is ready to drive forward and burst up into the higher price range.

Mr Smith said: “A lot of traders see the $6,800 level is something it needs to break through. We have lower highs and lower lows, and we need to break out of that. You look forward to a new bitcoin ETF coming out and there is a lot of enthusiasm. The price goes all the way up to $8,400. The ETF gets rejected and it goes down again. “We need to see higher highs and higher lows, so the continuation to breakthrough and hold at $7,500 and bounce higher, I think is probably very bullish.”

The recent hack on ICO platform KickICO proves that startups dont consider security of their service when setting up, according to crypto expert and global solutions architect for Netskope, Paolo Passeri.

Speaking exclusively to Express.co.uk, Mr Passeri said: “Another week, another crypto company falling foul of hackers. Last Friday, ICO platform, KickICO, became one of the latest businesses to suffer a breach when 70 million KICK tokens were stolen. At the time of the attack, this quantity of tokens amounted to a cool $7.7 million, which was lifted from a number of wallets across the platform.”

“In this case, the hackers were able to execute the attack because they gained access to the KickCoin smart contract private key. This access allowed them to directly influence the trading of the tokens, destroying 40 wallets and instantaneously recreating them in different locations.”

“Although the breach was detected and further damage prevented, it doesn’t lessen the concern caused by the hijacking of the private key. Instances like this confirm to threat actors that security is still not being seen as a priority among crypto startups – a very dangerous oversight. The ICO landscape is uncharted territory, with around 81% of the ones launched in 2017 turning out to be scams, and because of this the remaining 19% could also be putting themselves at risk of being breached.”

Related Posts