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Bitcoin is trading almost flat today after an earlier unsuccessful foray below the $212 low. The initial decline took BTC/USD to $208 flat until the bulls took over and ran up the pair back up to the open price of $218 per coin. We are currently trading at $218.17 on BTC-E, just $1.83 dollars away from the $220 daily high. Prices on other exchanges are not far off with OKCoin at $220 and BitStamp at $224.
The false break below the $212 range low shouldn’t come as a surprise to our readers. In our daily roundup yesterday we said that the duration of the range (3 days) was too short to mark $235 & $212 as potential breakout points: ”Thus a rally beyond $235 may not go very far and the same goes for a decline below $212. This is of course barring any surprise news announcements. A positive or negative news catalyst may be needed to define a new direction for BTC.”
According to DCMagnates, New York law firm Tripp Levy PLLC is investigating Coinbase for allegedly making false and misleading statements during the launch of its new Exchange. In initial blog posts tied to the launch, Coinbase says: ”We’re happy to announce Coinbase Exchange, the first regulated bitcoin exchange based in the U.S. ” One day after the launch, the California regulator issued a press release to media outlets, clarifying that Coinbase is neither regulated nor licensed in the state. California does not currently require licenses for cryptocurrency firms. The same situation is present in New York as well, although the state is expected to rollout their new ”BitLicense” in the first quarter of 2015.
Tripp Levy blames the drop in prices on …read more