Stock Markets Group: Bitcoin shows the downfall starting August and unable to stay higher than $8000 Yesterday investors saw that Bitcoin support is still low even though it’s the most popular currency, however, it’s not capable of going up yet. During the second part of the day, most cryptocurrencies started going down. It became clear later that this negative impact was caused by the news from South Korea. The Korean government is considering cancellation of all the benefits cryptocurrency exchanges have at the moment as a part of a list of small companies that are working on development and implementation of new technology in the country. As a result, at the end of the day Bitcoin lost $500 and impacted by this price decrease all the other cryptocurrencies reflected the same tendency. Today the major cryptocurrencies are showing different rates. Bitcoin Cash went down 1.61% and trades at $761, capitalization $13 246 billion. Ripple rates went up 1.76% and reached $0.4429, capitalization $17 870 billion. Ethereum went down 1.99%and trading at 423$, capitalization $43 067 billion. At 13:00 (msc time zone) BTC/USD rates are: However, experts still predict positive dynamics in the market because when fall comes market activity increases and Bitcoin capitalization have potential to grow. According to analysts, there are several reason for it: Firstly, cryptocurrency regulations now have an understandable pattern for investors. A lot of countries are considering policy easing towards tokens after tremendous pressure Bitcoin price had to go through. Secondly, actions against fraudsters were put into the system and many cryptocurrency exchanges are happy to follow regulator recommendations in order to protect investors money. Thirdly, if you compare cryptocurrency market now and the way it was last year, you will see that instruments are focused on fundamental factors instead of separate speculated deals. All of that allows large market participants to trust Bitcoin and other popular cryptocurrency and use it as an investment asset. |
