#CryptoCorner; #Bitcoin Misses $10K and Drops; How Much was Warren Buffett Factor?
#CryptoCorner; #Bitcoin Misses $10K and Drops; How Much was Warren
Buffett Factor?
South Korea’s New FSS Chief to
Improve Regulations and Japan’s FSA Tightens Exchange Regulations
Point Roberts, WA, Delta BC – May 7, 2018 - Investorideas.com,
a leader in crypto and blockchain investing news reports on what’s driving the
cryptocurrency markets with today’s edition of Crypto Corner.
After reaching nearly $10,000 USD on Saturday,
Bitcoin (BTC) has dropped to about $9300 USD at press time. Most other coins
followed suit as the market
cap dropped by roughly $20 billion USD in the last 24
hours.
Billionaire and CEO of Berkshire Hathaway, Warren
Buffett may have or may not have impacted the price of Bitcoin as he continued
his bashing of the cryptocurrency comparing it to rat poison. With all respect
to Warren, he only invests in what he understands and has said numerous times
he does not understand cryptocurrencies .
He also did not like internet stocks and missed out on a little company called
Amazon (NASDAQ: AMZN).
A piece in CCN explains
that available metrics don’t indicate an overselling or buying over the weekend
and that the market could fall further if Bitcoin doesn’t hold at $9300 USD:
“Technical
indicators of bitcoin including the Relative Strength Index (RSI) and Williams’
Percent Range (WPR) demonstrate a neutral zone, showing that bitcoin has not
been oversold or overbought in the past 48 hours. But, simple and exponential
moving averages show a negative short-term trend for bitcoin and if the
dominant cryptocurrency fails to hold its volume and momentum in the $9,300
mark, it may be possible for the bitcoin price to record another 2 to 4 percent
decline in the next few days.”
The
Korea Times
reports that the new chief of the Financial Supervisory Service (FSS), Governor
Yoon Suk-heun, is looking to improve current cryptocurrency regulations in
South Korea. Declining to be too specific, Yoon told reporters: "There are
a lot of issues that need to be addressed and reviewed. We can figure them out
but gradually."
“"Regarding
cryptocurrencies, there are some positive aspects," Yoon told reporters
after President Moon Jae-in approved the nomination of Yoon to lead the
government agency, submitted by the Financial Services Commission (FSC). The
FSC directs the FSS.
"The
FSS will collaborate with the FSC when an inspection on policies and financial
institutions has different configurations associated with different scopes. FSC
inspects policies, while the FSS examines and supervises financial institutions
but with the oversight of the FSC," the new FSS head said.”
Japan’s
Financial Services Agency (FSA) is implementing tighter regulation for crypto
exchanges according to a recent report in Nikkei Asian Review.
In a bid to prevent a Coincheck style heist from occuring again, the FSA is
“imposing stricter
review standards for cryptocurrency exchange operators that register with it”.
“"We need
to introduce a new perspective in reviews of registrations," an official
from the FSA said in a meeting this April. The registration process would go
beyond mere documentation and include preliminary visits that make detailed
investigations into how operations are managed.”
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