Connect with us
[ccpw id="998"]

News

Cryptocurrency Crux Forges Ahead

Samantha Mitchell

Published

on

Bitcoin

The debacle in the crypto market has continued, with the latest price decline throwing it to its lowest level since late last year. On the other hand, traders in this vast market now have new reasons to sell their virtual currencies as worries over strict regulations by central bankers and the US authorities continue to loom.

Biggest Losers

The selloff that has just come after a scathing beginning of 2018, which saw huge sums of US dollars from virtual coins knocked since the year began. This is one of the things that have terribly flustered this once blossoming market, which takes great pride in its two main attractions: decentralization and anonymity. But as all that continues, Bitcoin appears to be one of the crypto coins that have really lost. On Tuesday, 6th February 2018, for instance, this largest virtual currency in terms of market capitalization was at $6,477 during noontime in London. This came after an earlier slide that placed it at a low price of $5,922. The price of Bitcoin declined in a dramatical move after news erupted that Lloyd’s Bank and the Chinese government were planning to ban purchasing of the Cryptocurrency with credit cards.

Here’s What Drives the Crypto Market

But the tribulations did not only befall this largest digital coin, but other key players also felt the same wrath. Other well-established coins like Ethereum, Ripple, and Litecoin came down by almost 9%.

Speaking to an online trading company called Oanda, Craig Erlam who is a London-based market analyst said that one thing that drives the Cryptocurrency market is the negative news it keeps on receiving on a daily basis. He referred to the speculations of regulations that have stemmed out of the United States, South Korea, and India as some of the negative news that keeps on driving this market. Craig Erlam did not forget to mention the alleged hacking attempts that have also been reported in this industry.

The Federal Oversight

The downslide acquired some new impetus after reports emerged that two leading American market agencies were in the process of holding talks with the Congress, to ask them if they can allow federal oversight to be used in trading platforms for digital currencies. It can be remembered that a number of these trading platforms have been transacting their businesses in a total regulatory gray zone.

Barely 24 hours ago, the heads of both the Securities and Exchange Commission {SEC} and the Commodity Futures Trading Commission {CFTC} made an appearance at the banking committee of the US Senate. They were there mainly to talk about the operations of Cryptocurrency. Agustin Carstens, the Bank of Settlements’ general manager, said that authorities should control the digital currencies due to the connections they currently have in the financial system. He went ahead to argue that ministries of Finance, the central banks, market regulators, and tax departments should be at the forefront of policing the operations of the digital frontier. From the look of things, words of Zhou Shuoji that “the crypto market is currently feeling the pressure exerted by the regulation calls” could be nothing but the truth. Zhou Shuoji works as a partner at FBG Capital, one of the best Cryptocurrency investment firms operating in Singapore.

Sharing is caring!

Continue Reading
Click to comment
Advertisement

Facebook

Copyright © 2016 Bestgpuformining.com.

Free Mining Newsletter
We Don't like spam, we will send you only our Mining Cards tests, Mining News and Tricks or Coins to Mine tips!
We respect your privacy.
shares