Japanese Cryptocurrency Exchange Briefly Trips Up Trade – Bitcoin Bounces back

A Japanese cryptocurrency exchange undergoing checks by regulators has said a system failure let investors briefly trade a digital currency for zero yen, highlighting security concerns about such assets after last month’s cyberheist at Coincheck Inc.

Zaif, an exchange run by Osaka-based Tech Bureau Corp, said on Tuesday a problem in its price calculation system allowed seven customers to trade a cryptocurrency with no yen value for around 20 minutes on Feb. 16, 2018.

The exchange said it had corrected the customers’ balances to account for any trades of the cryptocurrency made at zero yen. It added that it had resolved the issue with six of the customers and was still doing so with the remaining one.

The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher.

“The sentiment has changed here, which to me is going to start bringing in more investors to the space,” Kelly said on Tuesday.

And if this softening of regulations brings investors into bitcoin, which Kelly believes it will, there could be even more buyers kicking in around the $12,000 level.

On the technical charts, BTC/USD is trading in the positive zone, just below the 100 day EMA. The market is trading below the 9 day, 20 day, 50 day and the 200 day moving averages. The RSI is at 56.15 and the MACD is above the signal line.

Trade suggestion:

Buy stop at 10,949, Take profit at 11,286, Stop loss at 10,595

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