Summary:

• Goldman Sachs CEO Lloyd Blankfein says Bitcoin is not for him, but does not say it won’t have a future
• Another hack in a South Korean cryptocurrency exchange makes just a short-lived dent in the Bitcoin price
• French watchdog warns about unauthorized platforms offering crypto investments

Goldman Sachs CEO Lloyd Bankfein openly admitted he did not own any Bitcoins or other cryptocurrencies, but at the same time, he did not rule out the most famous cryptocurrency could have a future. He attended in talks at the Economic Club of New York on Tuesday where he was explaining how the world moved from gold to fiat currencies which right now are backed solely by governments. Speaking about this topic he alluded to Bitcoin saying he may imagine a world where the cryptocurrency could exist. Blankfein also said that Goldman Sachs has also no cryptocurrencies as per his knowledge. On the other hand the bank has started a cryptocurrency trading desk and recently hired its first employees there. Some digital currency pundits expect that other banks are likely to follow GS.

Bitcoin see-sawed yesterday following another hack taking place in a South Korea-based crypto exchange. Source: xStation5

Another hack in a South Korean cryptocurrency exchange makes just a short-lived dent in the Bitcoin price

Bitcoin had a volatile session yesterday being highly influenced by a hack which took place in Bithumb, one of the best known cryptocurrencies in the world being headquartered in South Korea. The virtual currency tumbled from $6700 to almost $6500 during an hours, but it saw a spike a while later erasing its all losses. According to Charlie Lee, the founder of Litecoin, “Whenever there’s some bad news like an exchange hack, the prices drop like 5 percent” adding that “5% is a lot in the stock market world, but it’s like nothing in the crypto space”. Why did the price experience such a reversal? There are three reasons put forward by some traders:

• Bithumb acted quickly – the exchange halted withdrawals putting everything into cold storage once a hack was identified
• Bithumb paid back investors losses – the digital currency exchange decided to used its own money in order to cover investors’ losses so that nobody lost money (except for the exchange)
• Fudamentals – Lee claims that a hack does not affect fundamentals standing behind the coin, and it was the case this time round as well

Litecoin keeps moving within a channel while the closest support might be localized nearby $95.9. A breakout of a lower boundary would see the price falling to at least $94.3 followed by $92. Source: xStation5

French watchdog warns about unauthorized platforms offering crypto investments

The France’s financial markets regulator (AMF) issued a warning indicating at some unauthorized platform offering crypto-related investments. It added four new website to its list of blacklisted domains without necessary authorization. Earlier it published a list consisting of 15 websites providing crypto-related investment services. It’s worth noting that it has three lists dedicated for forex products, for binary options, and for other goods including diamonds, wines as well as cryptocurrencies. The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected.