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CryptoUK Assures British MPs That Customers’ Crypto Assets Are Safe

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Do you think MPs have cause for concern? Let us know in the comments below.

British MPs have been assured by the country’s Bitcoin website operators that consumers’ crypto assets are secure after security concerns were raised by members of a parliamentary committee.

CryptoUK Answers MPs Questions

The concerns follow the recent hack at South Korean crypto exchange Bithumb, reported on yesterday. According to the report, thieves were able to steal $32 million in cryptocurrencies after the exchange changed its wallet service. A source from the report believes that the crypto assets were stored in hot wallets, making them more susceptible to hacking attempts. Bithumb has said that it will reimburse customers’ lost assets.

However, CryptoUK, the self-regulatory body that represents many of the websites were digital currencies can be bought and sold, answered concerns raised by MPs on the U.K.’s Treasury Select Committee. Iqbal Gandham, the chairman of CryptoUK, explained that it required 90 percent of crypto assets to be stored in cold wallets, reports The Telegraph. He added:

Security is improving.

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Bithumb To Fully Compensate Investors after Hack

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Right after Bithumb confirmed it had been hacked via twitter, the exchange would also announce on the same platform that it would compensate all affected users on its exchange. The announcement was later retracted from the platform. The announcement read as follows before it was deleted:

We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet

However, the exchange has since confirmed that it would be compensating users on any lost funds. The new announcement was also made via twitter by the exchange.

The Bithumb team also announced that it reported the issue to KISA (Korea Internet and Security Agency) for further investigations.

After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected.

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Dismissing Bitcoin is ‘Too Arrogant,’ Says Goldman Sachs’ CEO

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What do you think about the CEO of Goldman Sachs’ comments? Let us know in the comments below! 

While Lloyd Blankfein doesn’t own any bitcoin himself — nor does his American multinational investment bank and financial services company — the CEO of Goldman Sachs still believes that critics shouldn’t dismiss the first and foremost cryptocurrency’s future.

‘Why couldn’t you have a consensus currency?’

While speaking at The Economic Club of New York, Blankfein was far from bearish. Instead of sweeping Bitcoin under the rug like most ‘nocoiners,’ Goldman’s CEO believes it’s possible to envision a future in which Bitcoin and cryptocurrencies replace fiat currencies — much like how fiat currencies replaced gold and precious metals. He explained:

If you could go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?

And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened.

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Litecoin Futures are a Go on UK Crypto Exchange

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Litecoin (LTC) derivatives are a go in the UK. Trading platform Crypto Facilities announced that as of Friday, June 22, their new dollar-denominated service will allow investors to trade in futures contracts which have Litecoin as the underpinning collateral, with weekly, monthly and quarterly maturities.

Litecoin Futures Ready to Go in the UK

The announcement comes only a month after the UK based platform launched Ethereum based contracts, increasing the number of crypto-based products already on offer for investors to long or go short including Bitcoin and the Ripple token XRP.

Litecoin creator Charlie Lee commented on the move, saying,

“Litecoin futures will open up LTC trading to more institutional investors. This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin.”

Timo Schlaefer, CEO of Crypto Facilities, said:

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US Congressional Members Ordered to Disclose Crypto Holdings

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The House Ethics Committee has informed all US Congress members that they must disclose any investment worth more than $1,000 as of June, 18. All lawmakers on Capitol Hill make an annual financial disclosure but a new memo has informed them that any cryptocurrency purchase or sale that exceeds $1,000 must be reported within 45 days.

Congress Must Disclose Digital Holdings

Cryptocurrency, and it’s most well known token Bitcoin, came to be as a means to disrupt the global banking system. Many of those who initially embraced it were distrustful of the government and saw using the fiat alternative as a way to keep control of their own finances without federal interference. As its popularity rose and then exploded in late 2017 people from all walks of life were pulled into the investment craze.

This new memo from the Ethics Committee means that the public will know if their member of Congress is trading in digital assets, even as regulatory rulings over their status are still being debated. Some see the decision as a way to protect against future conflicts of interest, as when voting occurs on any bill that may affect the way cryptocurrency is officially seen by federal regulatory bodies.

Representatives elected to Congress, and their staff have been required to disclose personal assets for decades, including real estate and investments. In 2012 that was tightened further to include a full disclosure of any holdings in stocks, bonds or derivatives by members of Congress or their family members. Now as investments in digital assets such as Bitcoin become more popular questions of how they should be reported have arisen since, in many cases, they remain unregulated and undefined by the federal government.

The recent memo from the House Ethics committee also included guidelines on crypto related side jobs. Members of Congress are limited to earning $28,050 from employment apart from their work in the house. The memo has informed them that this cap includes crypto mining.

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IOSToken (IOST), Ethereum Classic (ETC) and NANO are Top Performers In The Last 24 Hours

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The cryptocurrency markets are showing some signs of much needed life following the Bithumb hack that rocked the crypto-verse early Wednesday morning. Many crypto traders noted that Bitcoin (BTC) managed to hold its own this time round during the hack. The King of Crypto only decreased in value by 1.3% and has since continued to rise to current levels of $6,769: an increment of 1.72%.

With the stability of Bitcoin (BTC), the total market capitalization has increased by around $10 Billion from levels of $282 Billion only yesterday, to current levels of $290 Billion. It is a huge step forward in the much needed market recovery.

In the past 24 hours, a few major cryptocurrencies have led the rest in impressive gains.

IOSToken (IOST) is one of the digital assets that has performed well in the last 24 hours. The token had earlier peaked to levels of $0.033 before settling to current levels of $0.0313. IOST has increased by 6.42% in the last 24 hours and helped the crypto markets gain the much needed volume for a recovery.

Ethereum Classic (ETC) has also been doing pretty well since Coinbase added the coin to its list of digital assets on the platform. The coin is currently trading at $17.09 and up 13% in the last 24 hours. Nano (NANO) has also shown tremendous improvement in the last 24 hours. The coin is currently up 10% in the same time period and currently trading at $2.97. Basic Attention Token (BAT) is also outshining the rest with a 12.55% increment in the last 24 hours. The token is currently valued at $0.277.

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Ripple Price Analysis: XRP/USD Hesitates, But More Gains Likely

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Ripple price is holding the $0.5200 and $0.5050 support levels well very against the US Dollar. XRP/USD may perhaps move past the $0.5640 barrier for more gains.

Key Talking Points

Ripple price is struggling to move above the $0.5600 and $0.5640 resistance levels against the US Dollar. There is a short-term contracting triangle forming with support at $0.5400 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). The pair may soon make the next move either above $0.5600 or below $0.5400.

There was a decent support base formed above $0.5050 in Ripple price against the US Dollar. The XRP/USD pair also formed an intermediate swing support at $0.5200, which is acting as a key buy zone.

Looking at the chart, the recently made an attempt to surpass the $0.5620 resistance zone, but it failed. It also failed to move above the 61.8% Fib retracement level of the last decline from the $0.6026 high to $0.5037 low.

However, the price is well supported above the $0.5300 and $0.5200 levels, and the 100 simple moving average (2-hours). At the moment, there is a short-term contracting triangle forming with support at $0.5400 on the 2-hours chart of the XRP/USD pair.

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Ethereum (ETH) Price Analysis: Ready for a Rising Wedge Break?

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Ethereum appears to be gaining a bit more traction on its climb as it formed higher lows and slightly higher highs, creating a rising wedge. Price is testing resistance so it could be due for a move back to support.

Price is also approaching the peak of the formation so a breakout could take place soon. The 100 SMA is above the longer-term 200 SMA to suggest that the path of least resistance is to the upside or that a break higher is more likely to happen.

However, RSI looks ready to turn lower to indicate a return in selling pressure. Similarly stochastic is moving down from overbought levels to show that sellers are regaining control while buyers take a break.

A move below the $530 level could be enough to signal a downside break and set off a drop that’s the same height as the chart pattern. On the other hand, a move past the $550 level could signal an upside breakout and spur a rally of around $90-100.

Cryptocurrencies are slowly recovering from earlier declines as the mood in the industry is improving a bit. Although there have been reports of a Bithumb hack, investors appear to be dealing with this news better compared to their reaction to the Coinrail hack.

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Bitcoin (BTC) Price Analysis: Slow and Steady Climb

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Bitcoin formed higher lows and higher highs to create an ascending trend channel on its 1-hour time frame. Price is currently hovering around the middle of the channel, still deciding whether to continue the climb to the top or pull back to support.

The 100 SMA has crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the rally is more likely to resume than to reverse. In addition, the moving averages are close to the bottom of the channel to add to its strength as a floor.

However, RSI is already starting to turn lower to indicate that buyers are tired and may let sellers take over. Stochastic is also heading south so bitcoin price could follow suit.

Bitcoin appears to be on much better footing these days though, as it shrugged off news of Bithumb’s hack and the loss of millions’ worth of cryptocurrencies. This was a different reaction compared to the one for the hack of Coinrail, which is a smaller exchange wherein lesser-known altcoins were affected.

Perhaps the sentiment has improved overall thanks to indications that Tether might not have been used to manipulate bitcoin price last year. This eases some investor fears while US regulators conduct a probe into price manipulation practices among top altcoins.

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Litecoin Price Analysis: LTC/USD Eyeing Upside Break

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Litecoin price held the $95 support and recovered against the US Dollar. LTC/USD is likely to move higher towards the $100 and $103 resistance levels.

Key Talking Points

Litecoin price found support above the $95 level and bounced back (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted important ascending channel is intact with support at $97.00 on the hourly chart of the LTC/USD pair. The pair is supported on the downside and it could move up towards $103 barrier in the near term.

Yesterday, we saw a nice support around the $95 level in litecoin price against the US dollar. The LTC/USD pair formed a base above $95 and started an upside move towards $100.

Looking at the chart, the price succeeded in moving above the $96 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the last decline from the $101.53 high to $95.22 low.

However, the upside move was capped by the $100 resistance zone. Moreover, the 61.8% Fib retracement level of the last decline from the $101.53 high to $95.22 low also acted as a resistance.

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