Cryptocurrency succumbed to emotions and rumors
The cryptocurrency market has experienced over the last few days revealing another “tempest in a teapot”. After the news about the intention of SWIFT to move on to the blockchain and it was long-awaited and anticipated event – the participants of the crypto market linked him to the theoretically possible inclusion in this scheme token XRP, which instantly caused its growth of more than 10%. None of the participants of this event did not mention this possibility, but the demand of the stock market on the emergence of fundamental news is so huge that even a theoretical possibility to cause noticeable spikes.
News about new partnerships, Bitcoin Cash has also created the impetus for the growth of cryptocurrencies, but it was not enough that the dynamics could be preserved. Up to this point both cryptocurrencies close to correct for a large part of the typed value.
The reference bitcoin is steadily reduced to $3400, losing in the last 24 hours more than 1.5%. The current dynamics are similar to switches bears “gear one”, after which, as predicted by most experts, the crypto market will quickly roll down from the hill, testing new lows. It is worth noting that what is happening though is very painful for the market, but still is an improvement and movement in the direction of the turn. At the same time, psychologically and fundamentally the market is at a point where investors will not have doubt in the right moment to enter the market.
One of the main newsmakers of the week was the Chicago Board options exchange (CBOE), which withdrew its application for the launch of a Bitcoin ETF, and yesterday reiterated that on the background of the resumption of the work of the U.S. government, it was decided to re-apply. The market is waiting for the decision of the SEC, however, as the review and return of application does not significantly affect the dynamics of the market, which surprisingly enough, given such a strong reaction to the events surrounding the XRP and Bitcoin Cash.
Meanwhile, the crypto market is full of more news about security threats and the sad statistics. So, CipherTrace analysis showed that even with a major correction in 2018, in the amount of by means of hacker attacks on exchanges, services and ICO Scam was abducted $1.7 billion On this background the launch of the regulation in 2019, which starts the global fight against money laundering through crypto-currencies, can break the situation, that will “brick” in the Foundation of the future reversal of the cryptocurrency market.