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Cryptocurrencies Weekly Update: Cryptos under Pressure, BitGrail Exchange Hacked

After achieving stability last week and seeing values increase, many cryptocurrencies came under pressure yesterday upon hitting resistance. And there is developing news regarding BitGrail and a potential hack of the Italian cryptocurrency exchange regarding Nano tokens.

A Question of Coordinated Government Regulation, Prices Under Pressure

Cryptocurrencies continued to fight back before going into the weekend with rather impressive gains after storm clouds hovering over the broad markets lessened. However, early today, prices have shown volatility as values have begun to come under pressure and support is getting tested via many of the more widely traded digital currencies. Governments will continue to speak about the need for regulation regarding cryptocurrencies and Initial Coin Offerings. One of the questions that still need to be answered is how coordinated will governments be as they try to supervise the market and what type of actions will they take?

Dead Cat Bounce Being Tested, Ripple Reverses Lower after Resistance Hit

Ripple may be a good bellwether as the week begins anew for traders. XRP went into the weekend sporting solid gains as it attained 1.14 U.S Dollars per coin late on Friday and early Saturday. However, in the past twenty-four hours, Ripple has seen pressure and has lost value while falling to approximately 0.90 U.S cents. Important resistance looks to be about 0.70 U.S cents. The fact that Ripple hit a critical resistance area last seen the end of January, and was suddenly propelled lower will raise eyebrows. Some analysts have suggested the rise in cryptocurrency values made last week was a ‘dead cat bounce’ achieved as speculators came into the market and bought on lows and that headwinds will come back into force. As the week opens, it will be interesting to see if the downturn the past day will subside or grow.

XRP 1H Chart
XRP 1H Chart

Italian Cryptocurrency Exchange BitGrail in Hot Water, A Hack or Worse?

BitGrail, an Italian Cryptocurrency Exchange, announced early on Saturday its site had been hit by cybercriminals and apparently hacked for 170 million U.S Dollars’ worth of Nano tokens trading under the name of RaiBlocks. The cryptocurrency exchange said that it was suspending all transactions, including buying and trading as it tries to get a grasp on the circumstances. However, it should be noted that Nano’s core team of developers appears to be confronting BitGrail regarding allegations the Italian cryptocurrency exchange has been not processing withdrawals in an expedient manner since late December. This story may grow in the coming days.

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Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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