Bank of Korea Urges Crypto Exchanges to Implement Circuit Breakers
- Regulatory Recommendations: The Bank of Korea is urging the government to mandate circuit breakers for cryptocurrency exchanges to prevent market panic following Bithumb's $42 billion clerical error, highlighting significant gaps in internal controls within the industry.
- Impact of Operational Errors: In February, Bithumb mistakenly distributed 620,000 Bitcoin to customers, triggering a market crash; although trading was halted and most transfers reversed quickly, 1,788 BTC were liquidated, resulting in a $125 million shortfall for the exchange.
- Strengthening Internal Controls: The central bank noted the virtual asset industry lacks effective internal control mechanisms and recommended that exchanges implement automated systems to detect human errors and synchronize internal asset records with blockchain data in real time to enhance transparency and security.
- Legislative Framework: As South Korean legislators work on a new regulatory framework, the central bank emphasized the need to incorporate these safety measures into upcoming laws to prevent similar incidents and ensure the safety of virtual asset trading operations.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0217 | 0.0264 | 0.0314 | 0.0361 | 0.0411 | 0.0458 | 0.0508 |
| Fibonacci | 0.0264 | 0.0301 | 0.0324 | 0.0361 | 0.0398 | 0.0421 | 0.0458 |
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