By: Stephanie Brown
One of the biggest advantages of Bitcoin is its user anonymity. Many analysts consider this to be one of the main reasons as to why it drew such extensive clientele. However, this supposed strength is about to be challenged as a group of cryptographers in Luxembourg recently released paper, singling out some glaring faults in the Bitcoin environment, which can enable hackers to discover user identities.
These Cryptographers are working together with Bitcoin core developers in order that all of these vulnerabilities will be eliminated in the near future. By exposing these liabilities, the Bitcoin’s core developers should be able to tweak the Blockchain and Tor networks and make them less vulnerable to future cyber-attacks.
Recently, users who had lost most of their Bitcoins earlier this year will potentially retrieve most of their money. The company, Mt. Gox had filed for bankruptcy soon after this incident occurred, reporting that most of its financial data and Bitcoins were stolen by hackers. Now however, a group of investigators are actively trying to get to bottom of this entire fiasco and hopefully be able to locate and return the crypto-currency to the investors. Of course this development is considered to be tremendously positive for the BTC.
Technical Analysis
When looking at the 15-minutes chart, the BTC/USD has been very volatile with no clear trend. However, it is currently trading below its 20-EMA of $376.15 with momentum indicators such as the Stoch RSI signaling sell. Unless the BTC/USD rises and closes above $380, it will continue to remain down.
Actionable Insight:
Sell the BTC/USD below $378, with a stop-loss of $381.5 for target of $368, $373.
