Highlights:
- The cryptocurrency market has stabilized on Saturday.
- Bitcoin, Ripple, and Ethereum are all high from a day ago
- The Virtual coins in the Friday market saw a violent selling off
- Billions of dollars were withdrawn from the cryptocurrency market
- Experts cite tighter regulations as worrisome
- Concerned over Tether (digital coin) with potential to crash the cryptocurrency market
The Cryptocurrency markets have finally settled down on Saturday. Post a brutal sell-off and witnessing dollars in billions to wipe-out equivalent to the value of many digital coins.
Many of the cryptocurrencies are still doing well and some even better than their all-time highs.
According to media, Bitcoin on Saturday morning New York timewas recorded at $8,997.91. The bitcoin price index at Coindesk is sourced from digital currency exchanges like Bitstamp, Coinbase, itBit, and Bitfinex.
Bitcoin’s counterparts, the Ethereum and Ripple settled at highs of $945.21 and $0.89 respectively! While Bitcoin was 7% up in 24 hours, Ethereum & Ripple settled at significantly higher prices.
The prices sprung back to a high post anappalling sell-off in the Friday Market wiping out over $100 billion off the cryptocurrency market. The bitcoin saw an all-time low since November’17 and was recorded below $8,000 after the market played savage.
Cryptocurrency markets have time and again been hit with one after other bad news. Traders and market experts are particularly worried about upcoming stringent regulations.
Indian regulatory Authority on Cryptocurrencies
The Honorable Finance Minister of India, Mr. Arun Jaitley has stated that India would want to tighten security measuresover using digital currencies to be able to culminate criminal activities or cyber-crimes. Cryptocurrencies work on a blockchain model which secures any transaction from cyber theft. Tightening security measures does not keep up with the motto of cryptocurrencies and showcase it not being foolproof. This is absolutely worrisome as per experts.
Bitcoin investors are also fearful about the Cryptocurrency Tether which does not seem to tether the bitcoin market at all. In fact, Tether has the potential to bring the bitcoin market further down.
Even if the market has bounced back on Saturday, a few virtual currencies have a long time to go to see their all-time highs! The biggest example being Bitcoin itself which had hit a record $19000 on December 17. The market now awaits a bullish factor to pull up these cryptocurrencies further up!
