Bitcoin exchange rate October 30: the Collapse of cryptocurrencies is due to local causes
Stock Markets Group – the exchange Rate of bitcoin crashed to $ 100 under the onslaught of negative news related to the hacking of the canadian crypto currency exchange MapleChange.
Later, however, the situation on the market stabilized and Bitcoin could resist the inevitable fall. But at the same time, market capitalization has fallen by more than $ 6 billion.
Many market participants did not close their positions, because still waiting for the activation of regulators in the direction of legalizing the cryptocurrency market.
Chart bitcoin/dollar still demonstrates the prospects of strengthening the most popular cryptocurrencies in the coming days. Despite the break-down of the intermediate support held near the mark of 6 500 dollars, bitcoin can still turn around. Given the fact that the digital asset is now near the level of $ 6,000, which is strong enough, the probability of intersection is very small.
Moreover, in this area has accumulated a lot of buy orders that the expected growth rate and definitely will work in the case of the first signs of improvement in the stock market.
Most of the cryptocurrency in the top ten are showing mixed dynamics, trying to recover after yesterday’s drawdown. So, Bitcoin Cash has appreciated by 0.55% and is around 418$, the price Ripple rose 0.47$ and reached the level of 0.445$, the value of Ethereum fully grown at 0.17% and is located around 196$, and the rate Bitcoin Gold fell nearly 1%, and for one coin on offer cryptomeria 26.3$.
The market capitalization of bitcoin to the current time is 109 837 billion.
The exchange rate of bitcoin: regulation of Delayed harms more than it will get
Patrick Curry, CEO of the British Business Federation Authority warns that the failure to limit regulators can lead to escape of cryptobytes from the UK and can cause reputational harm.
The company BBFA and their legal partner Baker Botts released a joint report which says that excessive regulation is much more harmful bitcoin and the stock market rather than its absence.
Today, the experience gained by regulators, can allow them to make more precise rules that will be understandable to the market and investors.
Too thoughtless to use new restrictions in order to turn the cryptocurrency market in a traditional investment Bank, experts say.
Recall that previously published a report on money laundering and fraud, which refers to the huge amounts lost in cryptosphere, forced the Bank of England and the financial regulator in the UK, to develop a regulatory framework for the stock market.
As you know, the head of the Bank of England mark Carney has expressed his opinion on the most popular cryptocurrency, called bitcoin a “global speculative instrument, which bears all the hallmarks of FINANSOVOGO bubble, unable to convey a serious threat to the global financial system”.
In our opinion, for the further growth of the Bitcoin exchange rate needs more certainty. Total intimidation of new regulatory laws by the authorities of developed countries, may complicate the development of infrastructure and conditions for digital assets.
Market analyst cryptocurrency
Stock Markets Group™