Bitcoin: the Expert told what the rate will be in the next few days
Cryptocurrency market long remains in a state of calm, and after a few days of relative calm, investors are again agitated by a number of reason, which is bound to affect the cryptocurrency prices.
Bitcoin shows a drop -5,69%, down to $7,500 per coin. Ethereum is also down -5,27% trading at $425,63.
From the top ten cryptocurrencies on Coinmarketcap version grows only Ripple, up +4.77% for the day on the news about the launch of the trading platform in the United States, the transaction which will be done only with the help of Ripple.
Why Bitcoin is falling?
Recently the greatest impact on the cryptocurrency market have news related to regulatory policy in this segment. In other words, if regulators give the nod to the positive, their loyalty to the market stimulates new investment, and consequently growth of demand leads to higher prices, as it occurred on the background of the comments at the summit of “Big twenty” that the cryptocurrencies do not threaten financial stability and the need to develop common standards of regulation.
Now the market is in the power of negativity – there’s a rumor that the South Korean authorities, who previously played for softening its policy towards cryptocurrency, considering the withdrawal of tax incentives for cryptocurrency exchanges.
South Korea is one of the countries-leaders on volume of transactions with bitcoin, and the population of this country is one of the most active in matters of crypto-investment.
Officials in South Korea are expressing their concerns about the high volume of transactions with cryptocurrencies in the country, citing the fact that a significant portion of these funds could potentially be used for money laundering and/or financing criminal activities.
In General, the position of the officials of South Korea is quite standard in terms of argument – when the government want to ban or tighten, they resort to the standard formulation on the funding of criminals. However, it is not clear how the cancellation of benefits for exchanges will do much to stop these financial flows. Rather, the issue here is the desire to get more money to the Treasury than in taking care of security.
However, it is unlikely that the negative news from South Korea will have a lasting impact on the market. In the absence of a new disappointing the reason I see the most likely scenario is the strengthening of the market and short-term growth of bitcoin from the current levels with the immediate goal of $8100 per coin.
“International Financial Center”