Bitcoin exchange rate under pressure, the SEC will check 100 hedge funds
Stock Markets Group – the exchange Rate of bitcoin on 25 March, remains under pressure. Market participants have received another batch of negative messages did not wait for the reaction of active buyers and on Saturday continued sales. Most likely the value of Bitcoin began a new round of falling within the current price range of $9 000-$7 000.
By 13:25 Moscow time., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 8 533 (-0.16%)
Bitfinex – $ 8 528 (-4.1%)
Coinbase – $ 8 532 (-0.19%)
The market capitalization of bitcoin at the moment is $145 103 billion.
The exchange rate of bitcoin in the power of advertising giants
There is nothing surprising in the fact that any prohibition of the next Internet giant related is so much affect the price of bitcoin and exchange cryptocurrency. Active support of mass media and aggressive advertising in 2010, supported by growth of the most popular cryptocurrency, has allowed digital asset become so popular.
Today we are seeing the opposite reaction, when a global trend to refuse money on advertising and ICO cryptocurrency weakens the credibility of bitcoin and cause the price to stay below the key level of $10 000.
Received in the week information from the representative of Snapchat – the social network intends to ban the advertising of ICO, but it is not known whether it extended to other operations with cryptocurrency.
However, it should be noted that the position of the company is relatively mild compared to other social networks.
For example, in January the ban on Facebook was much wider, with the result that the company has forbidden to advertise not only the primary supply of coins, but also other operations with cryptocurrency including bitcoin.
Later, Google announced that from June it will also prohibit advertising of crypto-currencies, including cryptocurrency exchanges and ICO.
Regulators, in turn, are closely watching developments with cryptocurrencies and put pressure on the price of bitcoin.
In the U.S., the Commission on securities and exchange Commission (SEC) continues to monitor the company associated with bitcoin and other digital assets. According to the publication by the WSJ, the SEC will check about 100 hedge funds whose activities are associated with cryptocurrencies.
The main focus will be the investigation relating to the digital coins and companies that violate the securities act in the result of the ICO.
It is expected that the regulator will start work within the next two months. Representatives of the SEC will check the matching of the companies assets, and the stated conditions for attracting investment. Very often start-up projects after attracting huge amounts on the primary market disappear with investors ‘ money, or the result of the development of the business project does not meet the stated expectations for investors.
In addition to hedge funds, representatives of the regulator will visit the companies which invested in bitcoin, and other digital assets directly, or through cryptocurrency-related activities.
Bitcoin exchange rate today
On Sunday, the bitcoin exchange rate remains under pressure below $9 000.Market participants as is usually the case, do not show much activity, given the negative external background which continues to enter the market.
Most digital coins in the top ten also feel insecure giving in to the General mood and dynamics of the Bitcoin prices.
In the coming days we do not see a surge in purchases as the price of bitcoin has not reached a level that can start.
After falling around $8 000, the rate of bitcoin will unfold up. Given the price range. The first target still remains $9 000, which has accumulated the maximum number of pending orders. In order to further quotes continued to rise, buyers need an additional incentive in the form of news or important decisions for the market. Without this, the move above is unlikely to be implemented in the next seven days.
You also need to consider the fact that the resistance does not guarantee long-term, positive dynamics of prices without fixing it above the key mark.
The negative scenario
The bitcoin exchange rate reached $8 000, will continue to fall. In this case, the next target will be the level of $7 000. Price had already unfolded from the support, and there is the likelihood of repetition of this scenario after the next test.
However, we continue to consider the movement of the value of bitcoin in the range of $7 000- $9 000, and this means that the main trade buyers and sellers will take place within these limits.
Courses other cryptocurrencies remain in limbo. On the one hand, the main wave of sales, which began last week, ended, but on the other it is seen that the cryptocurrency market is not enough supporting factors to strengthen. As a result, the Ripple rate dipped by 0.21%, while Ethereum has lost 0.55%.
Market analyst cryptocurrency
Stock Markets Group™