Japan’s Line to Launch Cryptocurrency Exchange – Bitcoin suffers more than 10%
Jan, 31st 15:09
Japan’s Line Corp plans to launch a cryptocurrency exchange, a move that comes as regulators investigate such exchanges in the country after hackers stole $530 million in digital money on Friday from Coincheck in one of the world’s biggest cyberheists.
Bank of Japan Governor Haruhiko Kuroda said on Wednesday companies offering cryptocurrency services must have ample security steps in place.
Japan’s Financial Services Agency, which oversees registrations of new exchanges, said on Monday it would investigate all cryptocurrency exchanges in Japan for security gaps after the hack at the Coincheck exchange.
Line said it will start trading cryptocurrencies through “Line Financial”, a new company that will also provide loans and insurance via its Line messaging app. Line currently provides money transfer and payment services to 40 million users through its app.
Digital currency bitcoin fell Tuesday as the 20 largest digital currencies by market capitalization all declined, according to CoinMarketCap.
Bitcoin traded 12 percent lower near $9,817 as of 1:19 p.m. ET, according to CoinDesk’s bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase and Bitfinex.
All the major cryptocurrencies were trading lower across the board on Wednesday in the last trading day of the month while the largest by market cap, Bitcoin, was on track for the biggest monthly percentage decline since December 2013 amid growing fears over regulatory scrutiny.
On the technical charts, BTC/USD is trading sideways, near the lower band of the Bollinger bands. The market is placed below all the moving averages (9 day, 20 day, 50 day and 100 day). The RSI is at 38.24 and the MACD is below the signal line.
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