Bitcoin and cryptocurrency went into the red the peak
Tuesday morning is for cryptocurrency in the red zone. The total capitalization of the stock market since the beginning of the week fell by 18 billion and is about $258 billion of the Reference Bitcoin (BTC) per day lost more than 3.0% and is trading close to $6,550. Leading altcoins are losing more from 5% to 12%.
Among the negative news stands out the message about hacking a decentralized crypto exchange Bancor, the result of which was the stolen $12 million in the form of tokens ETH. The news about the theft of cryptocurrency reduces investor confidence in scriptactive.
It does not run out of news about the emergence of new exchanges, plans of the largest companies on the development of blockchain projects and application CBOE to Bitcoin ETF. All of this in the future is able to bring to market much-needed liquidity, sharply sagging this year.
It should be noted that is also influenced by the seasonal factor: it’s the middle of summer, and with most of the investors are now on holiday.
The current weakening of prices in the stock market accompanied by a decline in volumes since the beginning of the week. This can be a sign of a lack of active investors, and does not reflect the pessimism of the participants. In conditions of extremely low liquidity, sudden movements, usually not significant and often quickly turn back with the advent of capital or in case of important trading ideas.
Recently it became known that Google co-founder and Director of Google Inc. Sergey Brin is engaged in the mining of the ether along with his ten year old son, whereas the very blockchain technology he believes “technological Renaissance”. It is worth noting also his very positive assessment of the report of the proof with zero disclosure of the zcash for, which he called “unintelligible”. This is not the first powerful man in the world of IT, which is so flattering comments about the technology zcash for. Earlier, the special attention the project received from Edward Snowden.
Currently there are 1,624 in the world of cryptocurrency, it is highly likely that approximately 1,600 of them will be in the next year useless, but two or three dozen is sure to attract significant institutional funds. Judging by the accelerating cycles of growth/decline of market, the fall may begin a new round of movement, and not necessarily that it will grow.