Troubled Times For The Cryptocurrency Market

By CryptocurrencyFeb 07, 2018 03:45AM ET

www.investing.com/analysis/troubled-times-for-the-cryptocurrency-market-200287772

Troubled Times For The Cryptocurrency Market

By | Feb 07, 2018 03:45AM ET

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Panic moods in the cryptocurrency market continue. In just a few days, the capitalisation of the crypto-industry shrank by half. Owners of Bitcoins completely lost more than $ 150 billion.Negative news continues to pour in, in abundance, which feeds the general market skepticism. Market participants have not yet recovered from the cryptocurrency $ 500 million theft incident at the Japanese exchange, Coincheck, as there have been new reports of hacking of South Korean crypto-instruments. In the meantime, the US continues to investigate the company Tether, which claims that its cryptocurrency is fully backed with dollars in the accounts. Given that it is a question of providing reserves for $ 2.1 billion, US regulators doubt that Tether has the necessary amount. The situation is complicated by the fact that the company itself, a few days ago, terminated the contract with the auditor, who hinted at certain discrepancies in the balance sheet. Another negative report for the market, was the decision of the largest British bank, Lloyds Banking Group (LON:LLOY) to prohibit the purchase of bitcoins using credit cards.

The management of the bank is afraid that the bank's customers will not be able to fulfill their debt obligations due to volatility and a drop in the price of the cryptocurrency. This decision followed similar measures taken by US banks. Last Friday, the decision to prohibit the purchase of bitcoins and other cryptocurrencies using credit cards was made by the largest US banks - JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C). Given the prevailing news background, sellers are more likely to dominate the market, while Bitcoin risks falling below $ 5,000.

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Troubled Times For The Cryptocurrency Market

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