Saturday, January 20, 2018

Cryptocurrency: The Ripple has practically doubled in 24 hours ! :


The rebound of cryptocurrencies is as brutal as the crash that preceded it. This is the centralized 'crypto' Ripple who leads the dance today, now up 79% to $ 1.60 on Poloniex. The Ripple, the 'star' of the end of 2017, had been divided by three in ten days ...

The Ethereum, which had also hit a record high of $ 1,423 and then plunged back to $ 770 on Bitfinex, is currently up from ... 32% to nearly $ 1,070.

Bitcoin, the mother of cryptocurrency, which had lost half of its value since its historic highs in mid-December 2017 to $ 19,891 on Bitfinex (up to a floor of $ 9,231 yesterday), is a little wiser today with a rebound from ... 24% all the same to $ 11,881.

Technical or sustainable rebound?

The main 'cryptos' had previously fallen to the one-month low, on fears related in particular to the regulation of the market. This rapid and brutal decline may have gone a little too fast, giving the 'hands' of the market the opportunity to position themselves in times of panic sales. Nothing says however that this jump is durable, no fundamental element really coming to feed the rally ...

In France, Bruno Le Maire has announced a mission on the subject of cryptocurrencies. A former Bank of France, Jean-Pierre Landau, will be responsible for this heavy task. The French Minister of Economy worried about the risks of speculation, fraud and financial embezzlement related to 'cryptos'. Bruno Le Maire also asks that the G20 board also on the question ...

ESMA, an independent supervisory authority based in Paris, also remains on guard. According to its chairman Steven Maijoor, cryptocurrency investors should "be ready to lose all their money". This specialist notes the extreme volatility of digital currencies, which annihilates their interest as currencies in the strict sense.

The Bundesbank, the German central bank, pleads for a global regulation of bitcoin and cryptos. According to Joachim Würmeling, a member of the bank's executive board, the national rules would indeed have a hard time curbing the phenomenon.

Threats of China and Korea 'in the courts'?
Bitcoin and cryptocurrencies had already seen a warning shot last week, due to a potential trade ban in South Korea. Local Justice Minister Park Sang-ki said his ministry was studying legislation banning the exchange of cryptocurrencies.

The ban outright remains a track for South Korea, according to the comments of the Minister of Finance Kim Dong-yeon, who spoke this week on TBS radio. The leader, however, confirmed the need for further 'serious' discussions before deciding. Kim Dong-yeon especially affirmed the need for a 'rational' regulation, faced with 'irrational speculation' ... South Korea is considered the third world market for cryptocurrencies.

China also wants to bring order to this market, especially in the mining segment of 'cryptos', particularly energy-intensive. The country had already targeted digital currencies last year, targeting trading platforms and dedicated applications. In addition, a veteran of the Chinese central bank estimated, quoted yesterday by Reuters, that the authorities should prohibit the centralized trading of virtual currencies.

Investors and speculators prefer to ignore this day 'Asian threats', obviously taking advantage of the recent correction to play the rebound of 'cryptos'.
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