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Bitcoin and cryptocurrency market slides to the worst monthly falls

Jan 31, 2018 Posted /  43918 Views

Bitcoin and cryptocurrency market slides to the worst monthly falls

Historically speaking, January has always been the bad month for the Bitcoin trading in comparison to its valuation in all other months of the year. However, January 2018 is being evaluated for its one of the worst monthly slides since December 2013 which came out on the last day of the month.

All the cryptocurrencies are losing its worth as US regulators have tightened up their security for one of the largest digital currency exchanges while Facebook Inc. are up for a policy change with a ban on industry-related ads on the social media platform.

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It is noteworthy that the value of Bitcoin has dipped some 31 percent this month and at the time of writing it was trading at $9,817, according to Bloomberg real-time price compilation. Not only did bitcoin dropped low, rival coins Ripple, Litecoin, Ethereum all have dropped down by at least 8-10 percent in last 24 hours, according to Coinmarketcap. Stephen Innes, head of trading for the Asia Pacific at Oanda, Singapore said in a telephonic interview

“The regulatory oversight and the clampdown is really coming to the fore right now,” he says “I don’t think we’ve seen the last of it.”

The U.S. Commodity Futures Trading Commission sent summons on Dec. 6 to cryptocurrency trading venue Bitfinex and Tether, a company that circulates an internationally traded coin it claims to be pegged to the dollar. The information was supplied to the Bloomberg by a person familiar with the matter who requested not to be identified disclosing private information. Everyone in the market was already criticising the exchange and the currency as the two companies share the same chief executive officer.

In the meantime, Facebook will ban ads on its social network supporting digital currencies, initial coin offerings and binary options, suggesting that they’re “frequently associated with misleading or deceptive promotional practices.”

However, Cryptocurrencies are in a chaos after a record $500 million heist from Japanese exchange Coincheck Inc. on Jan. 26, additionally escalating solicitations for heightened overlooking in international trading regions such as South Korea.

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Tags: Cryptocurrency Market bitcoin

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