20 June 2014

Bitcoin Flat, Japan Will Not Regulate BTC and Karpeles Tweets



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Bitcoin is trading mostly flat today with a slight downward bias. The range during the last 24 hours is a measly 19 points. The technical picture has not changed from what we outlined our yesterday roundup. Here’s an updated chart of the H&S pattern with today’s price action on BTC-E.


btcusd-june3


The CEO of defunct Japanese exchange MtGox is back on twitter. The new tweets of Mark Karpeles cover everything from the weather to the Japanese public transport. The oblivious attitude of the ex-CEO caused outrage among customers who lost funds at the exchange. Andreas Antonopoulos, the CSO of Blockchain.info didn’t mince words: ”He continues to be oblivious about his own failure and the pain he has caused others. He is confirming that he is a self-absorbed narcissist with an inflated sense of self confidence who has no remorse.”


In other news from the quirky island, the Japanese ruling party has decided against regulating bitcoin. Takuya Hirai, an LDP lawmaker who leads the party’s internet media division, told reporters that for now, they will avoid a move toward legal regulation. Hirai however added that the decision is not yet final and more opinions on the subject will be heard going forward.


Japan has been the epicenter of the bitcoin space for the past few years. Before 2013, failed exchange MtGox used to transact over 90% of the daily volume in bitcoin. The February revelation that the company can not account for 744,000 bitcoins (almost 450 Million USD at today’s prices) lead to increased calls for BTC regulation in the country. The fact that only a small percentage of MtGox clients were Japanese probably played a part in today’s decision.


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June 19, 2014 at 06:53PM



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