Bitcoin and Etherum keep falling due to new restrictions

Bitcoin and Etherum keep falling due to new restrictions

The crypto sphere keeps bringing new challenges to investors. It is too early to tell about positive trends as all of the top coins were in the red zone in the beginning of September. One of the main reasons this week is the restrictions of the US Securities and Exchange Commission against trading in bitcoin-based exchange-traded funds (ETF). The most representative out of them, Bitcoin Tracker One and Ether Tracker One were suspended on Sunday. As a result, Bitcoin closed at $6306.37 and Ethereum closed at $192.37 on Monday, lower than before. The SEC explains this move as the protection of the investors.

The overall market capitalization of cryptocurrency experiences a huge drop from $800 billion in January to $196 billion now. The experts’ opinion on its future varies from the total negativity to the optimistic hopes. Financial analyst Wolf Richter in his blog refers to the digital assets as “a big joke”, meaning that everyone can influence its market by creating new currencies and forks.

Screenshot_3.png

Total market capitalization of cryptocurrencies

However, there’s a more hopeful approach. During the meeting of the EU Economic and Financial Affairs Council (ECOFIN) on September 7 European Commission vice-president Vladis Dombrovskis said that crypto assets play an important role for today’s economy, so the current market instability just shows how volatile they are. He also announced the development of crypto asset regulatory mapping project by European Supervisory Authorities for categorizing digital assets.  

You can find more of the news that has so far influenced the cryptocurrency market here.

ИЕС цуулдн.png

BTC/USD, Weekly

ETH.png

ETH/USD, Daily

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera