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The cryptocurrency market hit turbulence

Jul 3, 2019

BTC started the current week at level of $10800, but in the first two days the price has fallen by more than $1000 or 10%. At the time of writing the review, Bitcoin was trading above the psychological level of $11000. The incredibly strong turbulence of BTC trading indicates a clear market uncertainty. On the one hand, there is still euphoria from the next wave of growth, on the other – investors have already begun to get profits for long positions. Sharp collapses of quotations indicate profit taking on large positions, which is the sale of previously purchased BTC.

According to CoinMarketCap, all 19 coins with a capitalization of more than $1 billion show growth. The best result in the last 24 hours is demonstrated by BTC, adding more than 13.5%. A little less than 12% adds Chainlink (LINK).

First success

Prime Factor Capital Ltd, a hedge fund, received approval from the Financial Services Authority of the United Kingdom. In fact, this is the first investment firm managing cryptocurrency assets, which has received an approval. Bloomberg news agency reports that Prime Factor Capital Ltd will be able to hold assets of more than 100 million euros ($113 million) under management.

“We focus only on one class of assets, which allowed us to become leaders in this space and gain credibility among cryptocurrency investors,” the company’s founders wrote.

This news is a very good signal for the cryptocurrency market, because it is the first precedent. Positive experience will significantly increase the likelihood of approval  of such projects by US regulators.

We recall that the US Securities and Exchange Commission (SEC) is considering a fairly large number of applications for the creation of Bitcoin ETF. In addition, most experts predicted a rise in BTC if the SEC will approve one of these applications.

Given all of the above, the likelihood of BTC growth in the long term continues to increase.

Theft of $3 billion in cryptocurrency

 8BTC resource says that there is the suspicion of the PlusToken wallet developers embezzling 20 billion RMB (approximately $3 billion). The first information that users are unable to withdraw cryptocurrencies from the PlusToken wallet began to appear on 27, June

This is another signal that indicates vulnerability and proves that the system is not perfect yet. After all, we are talking about the alleged theft of almost 1% of all existing cryptocurrencies – this is a very large amount.

Despite this, we see that there is no panic on the market, and the price of BTC is recovering after a deep corrective decline.

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