Plagiarism case > The copy-pasterGhost251 BANNEDSince its inception, Bitcoin has exhibited a highly volatile nature. However, during the past few days, Bitcoin’s price volatility has fallen to the lowest level of 2018. The U.S. Securities and Exchange Commission (SEC) will most likely view Bitcoin’s calmer price oscillations favorably.
LOW VOLATILITY SIGNALS THAT INVESTORS ARE NOW HOLDING TO BITCOIN
Bitcoin’s (BTC) $6591.99 -0.15% volatility has been decreasing recently. According to data provided by Highcharts, the Bitcoin volatility index for the latest 30-day estimate is 1.73 percent, and for the most recent 60-day estimate is 2.58 percent.
Legislators and regulators might view Bitcoin’s price stabilization as a positive sign. Investors may also be more likely to see Bitcoin as a potential replacement of gold as a store of value.
As FXEmpire financial expert Bob Mason put it, “The low volatility is also a statement that price manipulation has perhaps abated.”
Moreover, this new price trend indicates that investors are holding on to Bitcoin. According to Mason:
After wild swings and rollercoaster rides, Bitcoin looks to have settled into a long-term relationship with its investors, who are not speculating their days away and appear to be in it for the long haul.
On the other hand, traders might be the only ones who dislike smooth price fluctuations. Traders find sharp price swings, or volatility, in a financial asset to be quite attractive. As volatility increases, the potential to realize a profit more quickly also increases. Certainly, with higher volatility, the risk factor increases as well.
REGULATORS’ AND LEGISLATORS’ CONCERN: BITCOIN PRICE MANIPULATION AND HIGH VOLATILITY
Bitcoin’s erratic price trajectory might have been one of the main factors that motivated the SEC to reject ETF petitions. In this regard, the SEC has stated that it does not believe assertions that Bitcoin and Bitcoin markets are uniquely resistant to price manipulation and hence volatility.
For example, the SEC document explaining its second rejection of the Winklevoss Bitcoin Trust petition to trade the first ever Bitcoin ETF, refers to a commenter who noted that traders could manipulate trading on the Gemini Exchange because of low trading volumes, adding:
[…] The Trust’s documentation states that momentum pricing of bitcoin has resulted, and may continue to result, in speculation regarding future appreciation in the value of bitcoin, making the price of bitcoin more volatile.
Legislators also saw Bitcoin’s high volatility as pernicious. In July 2018, both the heads of both the SEC and Commodity Future Trading Commission had to attend a Senate banking committee hearing to explain the risks posed by Bitcoin and other cryptocurrencies’ volatility.
At the hearing, the regulators toned down senators’ concerns over the cryptocurrency’s “extreme volatility.” As Fortune reported, SEC Chairman Jay Clayton said:
Just recently the volatility in Bitcoin was not as great as the volatility we’ve seen in other securities, such as the VIX product.
Do you think Bitcoin’s recently reduced price volatility is good or bad? Let us know in the comments below!
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The South Korean National Police Agency has produced a report of all hacking incidents of crypto exchanges and wallets in the country during the past three years. According to local media, there were seven hacking cases of crypto exchanges and 158 cases of wallet hacks, 91 of which happened this year. However, only six arrests were made.
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Korean Police’s Crypto Hacking Report
The South Korean National Police Agency has compiled a report of known hacking incidents that occurred in the country since 2016, according to local media.
Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police Find
Lawmaker Cho Won-jin.
The report entitled “Status and Measures of Hacking Damage of Virtual Currency Exchanges in the Last Three Years” was submitted to the South Korean government and unveiled by lawmaker Cho Won-jin on Wednesday. The data shows “there were seven [crypto exchange] hacking cases since 2016” and the amount “illegally withdrawn through hacking was 112 billion won [~$99 million],” Dtoday reported.
“The amount of money stolen by the hacking of cryptocurrency exchanges has been steadily increasing every year,” Boan News noted. “The amount of illegal withdrawals, which was only KRW 300 million [~$265,282] in 2016, increased to KRW 40.5 billion [~$35.8 million] in 2017, and two hacking cases occurred in 2018, amounting to KRW 71.3 billion [~$63 million] in theft.”
The Korean Digital Times added:
From 2015 to 2018, there have been 158 cases of hacking of virtual currency personal wallets, in particular, 91 cases this year. However, [only] in six cases were arrests made.
Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindAccording to the report, there were 62 reported cases of wallet hacks last year.
For crypto exchanges, one incident was reported in 2016. Crypto exchange Ripple4y was hacked on July 26, 2016. Four exchange hacks were reported last year: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, and Youbit on Dec. 19. Youbit was formerly Yapizon but changed its name after the April hack. This year, two hacking incidents were recorded: Coinrail on June 10 and Bithumb on June 19.
Government Inspections Ineffective
Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindThe Korean government has been conducting security inspections of crypto exchanges operating in the country. Ten of them were inspected between September and December last year; 21 were inspected between January and March this year. Many security issues were found, as news.Bitcoin.com previously reported.
Commenting on the report and the inspections by the government, lawmaker Min Kyung-wook was quoted by Boan News saying:
The nature of cryptocurrency exchanges is always exposed to cyber threat…the hacking accidents occurred even in the places where the government conducted security checks.
Specifically, three crypto exchanges were hacked even after they were inspected by the government. Youbit was inspected in October last year but was hacked on Dec. 27. Similarly, Coinrail was inspected in February this year but was hacked on June 10. Bithumb, one of the country’s largest crypto exchanges, was the latest hack victim. The exchange was inspected twice by the regulators but was hacked on June 19.
https://archive.fo/Hocm5THe source >
https://news.bitcoin.com/crypto-exchanges-wallets-hacked-korea/https://archive.fo/e2kkx