Crypto Exchange Upbit Confirms Theft of 342,000 Ether — $50M

Major South Korean cryptocurrency exchange — run by a subsidiary of Korean tech giant Kakao — has notified users of the theft of 342,000 Ether (ETH) from its hot wallet. The incident was confirmed in an official statement written by Lee Seok-woo, the CEO of Upbit’s operator, Dunamu, on Nov. 27. Upbit will use corporate funds to protect user assets In his statement, Lee Seok-woo revealed that: “At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an…

Bitcoin Is Looking at a Short-Term Bull Reversal if Prices Pass $7,400

Stepping back, the cryptocurrency ran into selling pressure near $7,350 on Nov. 24 and fell to six-month lows near $6,500 on the following day. The drop, however, was short-lived and prices quickly rose back to $7,380 before printing a UTC close at $7,159 on Nov. 26. The recovery from $6,500 to $7,159 represents the long lower shadow of the hammer and the spread between $7,350 and $7,159 represents the body. Author: Omkar Godbole Source link

Litecoin Price (LTC) Remains In Downtrend, Bitcoin Holding $7K

Litecoin is started an upside correction from the $42.15 swing low against the US Dollar. The price is now trading above the $45.50 resistance, but it is well below $48.40 and $50.00. There is a major bearish trend line forming with resistance near $47.80 on the hourly chart of the LTC/USD pair (data feed from Kraken). Bitcoin price is currently trading in a range above the $7,000 and $6,950 support levels. Litecoin price is still in a downtrend below the $50.00 resistance against the US Dollar. LTC could only start…