Yet another cryptocurrency exchange was a victim of theft over the weekend, bringing to our attention one of the key issues with the market. On Friday hackers stole around 523 million of NEM coins from a Japanese cryptocurrency exchange, Coincheck. The stolen coins were worth about 58 billion yen at the time of detection, or roughly $534.8 million. Coincheck will reportedly refund the stolen coins to the customers who were affected by the theft. Not surprisingly NEM’s coin value, XEM/USD fell after the theft was announced. However, it was able to erase all losses in a massive bullish engulfing move on Saturday, but then again consolidating on Sunday. It opened Monday’s trading session with a rather bearish sentiment inside the daily Ichimoku cloud. Part of the reason why NEM’s price wasn’t affected by the theft announcement as investors would speculate, is that, well, we’re talking cryptocurrencies! Any news could be interpreted as good news and vice versa as many novice investors jump the gun when the prices go down, creating a highly volatile and speculative environment. NEM is the 10th largest cryptocurrency by market cap. It’s the world’s first “Smart Asset” blockchain whose platform was designed and coded from the ground up for scale and speed. XEM/USD next support levels are set at 61% and 78% Fibonacci retracement levels of 0.80 and 0.53 while medium-term resistance is at the all-time high levels around $2. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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