The growth rate of bitcoin could be associated with the influx of Asian money into CryptoStor
The beginning of the week for captainvalor was unexpectedly positive: the exchange rate of bitcoin (BTC) and other digital currencies rose sharply by 10% or more. The reference coin on CoinMarketCap has reached nearly $7,000, but on Bitfinex, and several cryptocurrency exchanges bitcoin trading with a premium of up to $7,500.
One of the probable reasons for the sharp increase was the sale stablon Tether (USDT) on Bitfinex, and Huobi OKEx and who also actively use USDT. As a result, his rate fell by almost 6%, to $0.94.
The sale of coins and reputational issues to USDT, including the use of cryptocurrency to the rocking rate of BTC at the end of last year, as well as deep doubts in sufficiency of the numbers of real dollars, has provoked the demand for other stabilini. Gemini Dollar (GUSD), Paxos (PAX) and TrueUSD (TUSD) fall under the regulation and have the support of banks, inducing more confidence among traders. It is likely that in the medium term one of the new tablconv can compete USDT, who was the only substitute for Fiat dollars in the digital trades.
The growth rate of the BTC could be associated with the influx of Asian money into CryptoStor. The trading volume of Bitcoin has jumped for the day on 138% to $7.4 billion. However, on Tuesday morning, Bitcoin was still in the red zone, losing just over 1%. Altcoins, as is often the case, duplicate the dynamics of the reference currency. For the past day BTC could not overcome important level of resistance at $6,800: at the moment, the coin loses momentum in trading volumes.
Once again the bulls can only hope that the “bottom” is close to $6,000 will be impenetrable, after another sale.
Meanwhile, the list of the richest Chinese, the almost complete prohibition of kryptonyte in the country, became the founders of the company Bitmain, which produces equipment for mining, as well as the owners of the largest kryptomere OKCoin, Huobi and Binance.
Miners and traders in the lists of the richest – what to expect – not logged in, once again proving that really can only be earned by “the sellers of shovels” and intermediaries.
Since this is about new technologies, it is worth mentioning as winning side even and hackers. According CipherTrace in 2018 hackers stole cryptocurrencies for $927 million
Yet the market is a triumph of regulatory uncertainty. Adds paints grim picture of the power of speculators and swindlers, which the market seems not to react. How long the “whales” of the industry will silently observe the “collapse” – no one knows.