Cryptocurrencies are going down... What may signal a recovery?
Bitcoin regains 7% having dived below $3,500
On Monday, in Asia, the number one digital coin, Bitcoin managed to regain up to 7% having dived below the $3,500 on Sunday. As for other crypto assets, their value inched up too.
As a matter of fact, Bitcoin headed north by up to 7% ending up with an outcome of nearly $4,084.7 on the Bitifinex exchange.
As for XRP, the value of this crypto asset headed north by up to 7.1% coming up with a result of about $0.37860 on the Poloniex exchange.
Besides this, Ethereum headed north by 7.9% hitting $116.82. As for Litecoin, the market value of this digital coin managed to strengthen by 9.6% trading at $32.095 on the Bitifinex exchange.
Moreover, on Sunday, Bitcoin inched down by about 10% fluctuating at $3,447.58, which turns out to be its lowest value since September last year.
The world’s leading crypto asset has currently dived over 35% for the last week. Eventually, the weekend losses contributed to its year-to-date slump, making it amount to over 75%. As for other key crypto assets, including Ethereum and XRP, they also went down by nearly 10% over the weekend.
While the trigger for the recent sell-off appearsto be unclear, but it’s quite in line with the American Securities and Exchange Commission’s clampdown on two crypto companies, which didn’t register their ICOs as securities. Aside from that, the two companies, Paragon Coin and Airfox, are both obliged to pay penalties of up to $250,000 to have their investors compensated. That’s what Bloomberg informed referring to SEC’s statement.
In addition to this, Bloomberg informed that the American Justice Department is currently probing whether the previous year’s crypto surge was powered by manipulation or not.
Furthermore, others blamed worries that a so-called hard fork in Bitcoin cash might have suppressed demand for the most popular digital currency.
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