Even when the cryptocurrency market does not show the wonders of volatility there are events that shift the tectonic plates of the sector. Briefly about the most important you can read in our regular heading.
The market is slowly recovering from the fall. Over the past day it returned another $3 billion. The total capitalization of all the cryptocurrencies is $281 billion that is far from the values of May. The number of factors restraining recovery continues to influence: the absence of the former trading volumes, the loss of interest of retail investors, the tightening of the position of regulators in the rules for the cryptocurrency sector. Negative news background intensifies panic among traders and investors and favors the sales.
The previous night Bitcoin (BTC) has experienced another fall below $6 500 but managed to push off $3 380 and again stop in the corridor at $6 600-$6 700. The Fundstrat Global Advisors analysts published a new forecast and according to it bitcoin can fall to $3 250. But according to the experts, it will not break the long-term uptrend of the first cryptocurrency when it becomes an uptrend. More information about what happens to the main cryptocurrency you can read in our material.
The leading analyst of Fundstrat Tom Lee said that the fall of bitcoin was most likely due to the closing date of futures contracts. On the eve of it the investors sell off their cryptocurrency reserves. As Bloomberg writes referring to the expert's words, the price of the coin falls by about 18% ten days before the futures close and after it the cost restores within six days. It partly coincides with the dynamics of the prices for the last week but the closing date of futures can’t be the only cause of the fall of bitcoin and the whole cryptomarket.
The head of the Corporate Finance Department of the SEC William Hinman officially stated that such cryptocurrencies as Bitcoin and Ethereum (ETH) do not fall under the definition of «securities» and will not be regulated by the relevant US law.
«When we think about how Ethereum works today, at least we see a highly decentralized network rather than a centralized platform that should be regulated as securities», − Hinman said.
The SEC director also stressed that the assets originally issued as securities may lose their properties over time. So, despite the fact that Ethereum was released as a result of the ICO, its network is fairly decentralized and has no controlling side.
This comment pushed up the ether rate that has added about 1.7% and almost reached the $500 mark and has warmed up the discussion that is being conducted around the third largest cryptocurrency Ripple (XRP). The issue of the status of XRP tokens can be the key to the litigation between the company and its investors accusing Ripple of illegal distribution of securities. Now there is an uncertainty and XRP is losing half a percentage point and continuing to fluctuate at the level of $0.55.
The investors of EOS (EOS) today can be congratulated with good news. After almost a week of the attempts to vote for 21 block producers, the full-fledged launch of the main cryptocurrency network took place.
In this context EOS has grown by 4.2%.
The Mithril (MITH) token has grown quite well adding about 12% after the announcement on the official page of the project on social networks about the contest among those who joined the «social mining». The first prize is 100 MITH.
The leader of the growth in the last hour has suddenly become a little-known MOAC (MOAC) token. The growth by 14% is not due to anything except for the large purchase in the context of the small volume of trading.
The Paxos (formerly itBit) cryptoexchange that was the first officially regulated US bitcoin exchange announced the support of four more cryptocurrencies. Focused mainly on institutional investors the New York exchange now includes Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Stellar Lumen (XLM) in the listing. itBit became the first company that offer trading by the XLM token in New York State that can be the beginning of its addition to other large regulated platforms.
Together with it the New York Department of Financial Services said that the sixth license to conduct business in the State of New York (BitLicense) had been received by the provider of bitcoin-wallet Xapo based in Switzerland.
We continue to hold our hand on the pulse of the market and are waiting for news that can move the prices from the dead end.
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