Bitcoin Today: All eyes on Tether again

3 Jul 2018Price
In a similar manner to the past rise, the price has jumped from 6300 to 6600 during one hour with high volumes and has flattened out as soon as reached the level. Such behavior looks like big investors buy-ins rather than crowd behavior. And again, after the jump, the pair has flattened out on the 6600.0 level with low volumes and almost no fluctuations. Such behavior, when only big investors tend to make trading, but medium and small traders stay out of the market could be explained by the June fall, BTCUSD broke below the 7000 – 7600 supportive zone. It is entirely possible that we will not see any active trading below the 7000.0 or even 7600.0 levels. 6700.0 would be an upper boundary of the lateral channel, needs to be pierced to signal further growth, high volumes should prove the breakthrough. According to the emerged Bullish Trend Line, we should see another step-up at the end of this day; otherwise, 6500 – 6600 zone should be a support for the bullish scenario.

Today forecast
Trading in the 6300.0 – 7000.0 zone. Possible growth when the price will meet Bullish Trend Line.

Latest news

• Tether Double-Spend Scare Shows That Exchanges Could Be At Risk
  On Thursday, June 28, SlowMist — a private Chinese cybersecurity firm — divulged a potential double-spend in the use of Tether (USDT).
  The company’s initial tweet, published in Mandarin Chinese, presented a USDT transaction that had been sent to an unnamed exchange with incorrect field values. This, in effect, allows people to be credited for tokens on the exchange that they haven’t actually sent — otherwise known as a double-spend.
  Following widespread concern, Reddit user dacoinminster took to the thread and explained his insight on the transaction’s validation. He or she prefaced by citing themselves as a founder of Omni — the company responsible for the development of Tether.
  Dacoinmaster reasoned that to double-spend an Omni asset would require double-spending bitcoin. This greatly eased concerns, given that Bitcoin’s transaction process makes a double-spend nearly impossible.
  SoftMist followed up later the same day and urged people not to panic. It stated (in English) that the vulnerability was not in the USDT transaction, but rather on the exchange platform itself. It also echoed dacoinmaster, writing that certain exchange databases “do not strictly verify the status of the ‘valid’ parameter.”
  OKEx, one of the top crypto-exchanges by trading volume, released a formal press release to ease customer concerns. It announced that it had contacted SlowMist and is working together to run several examinations on their platform. In the end, the exchange confirmed that it was not affected by the issue.
  With Tether off the hook, this mistake underlines the vulnerability of crypto-exchanges. It reminds those in the cryptocurrency space that, even with reliable blockchain technology, faulty exchanges can lead to major mishaps. Bitcoin saw a drop-in value of 4.52 percent the day of the purported double-spend — once again highlighting the fragility of the market.
  
• Withdrawals Delayed – Bitflyer Scanning for Yakuza Customers
  Bitflyer has been delaying deposits and withdrawals of virtual currency in the midst of ongoing KYC verifications. The company received business improvement orders from the Japanese financial watchdog in June as a result of insufficient measures against money laundering. Bitflyer reportedly has delayed resuming business as it is thoroughly verifying its clients’ identities. Bitflyer also has stopped taking new customers last month, and this might go on for a while due to a lack of manpower, Nikkei reported.