#Bitcoin Misses $10K and Drops; How Much was Warren Buffett Factor?


Crypto Corner - May 7, 2018

After reaching nearly $10,000 USD on Saturday, Bitcoin (BTC) has dropped to about $9300 USD at press time. Most other coins followed suit as the market cap dropped by roughly $20 billion USD in the last 24 hours.

Billionaire and CEO of Berkshire Hathaway, Warren Buffett may have or may not have impacted the price of Bitcoin as he continued his bashing of the cryptocurrency comparing it to rat poison. With all respect to Warren, he only invests in what he understands and has said numerous times he does not understand cryptocurrencies. He also did not like internet stocks and missed out on a little company called Amazon (NASDAQ: AMZN).

A piece in CCN explains that available metrics don't indicate an overselling or buying over the weekend and that the market could fall further if Bitcoin doesn't hold at $9300 USD:

"Technical indicators of bitcoin including the Relative Strength Index (RSI) and Williams' Percent Range (WPR) demonstrate a neutral zone, showing that bitcoin has not been oversold or overbought in the past 48 hours. But, simple and exponential moving averages show a negative short-term trend for bitcoin and if the dominant cryptocurrency fails to hold its volume and momentum in the $9,300 mark, it may be possible for the bitcoin price to record another 2 to 4 percent decline in the next few days."

The Korea Times reports that the new chief of the Financial Supervisory Service (FSS), Governor Yoon Suk-heun, is looking to improve current cryptocurrency regulations in South Korea. Declining to be too specific, Yoon told reporters: "There are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually."

""Regarding cryptocurrencies, there are some positive aspects," Yoon told reporters after President Moon Jae-in approved the nomination of Yoon to lead the government agency, submitted by the Financial Services Commission (FSC). The FSC directs the FSS.

"The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC," the new FSS head said."

Japan's Financial Services Agency (FSA) is implementing tighter regulation for crypto exchanges according to a recent report in Nikkei Asian Review. In a bid to prevent a Coincheck style heist from occuring again, the FSA is "imposing stricter review standards for cryptocurrency exchange operators that register with it".

""We need to introduce a new perspective in reviews of registrations," an official from the FSA said in a meeting this April. The registration process would go beyond mere documentation and include preliminary visits that make detailed investigations into how operations are managed."

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