Saturday, March 10, 2018

Cryptocurrencies in Mined Terrain, Bitcoin, Ethereum and Ripple Unhook :

Cryptocurrencies in Mined Terrain, Bitcoin, Ethereum and Ripple Unhook


New plunge on 'digital currencies'! The decline has accelerated sharply in the last 24 hours, as a wave of panic has visibly blown back into the market. After warning the Bank of France earlier this week, it was the turn of the SEC, US market authority, to plummet the digital currencies the day before yesterday. Fears of increased regulation have therefore pushed the 'cryptos', which have a particularly negative week.
The Bitcoin, down 7% over 24 hours and now returns to $ 9,092 according to Coinmarketcap, after sinking yesterday the $ 10,000. The BTC loses more than 17% on the week!

The Ethereum corrects 5% over 24 hours and returns to $ 677. It drops 18% over a week.

The Ripple, which had already clinched earlier this week after the denial of the platform Coinbase for a potential addition of centralized 'crypto', still loses 2% over 24 hours to $ 0.78. He gives up 8% on the week.

Bitcoin Cash stumbles this day by 7%. Litecoin loses 1% and NEO plunges 6%. The Cardano unscrews 11% and the Monero 13%. The Stellar falls back to earth, down 8% over 24 hours.

The US Financial Markets Authority is watching
The Securities & Exchange Commission has thrown a chill by yesterday reaffirming its intention to require cryptocurrency trading platforms to register with its services as marketplaces. This implies that these companies adhere to specific rules, whereas they currently operate without any supervision. The SEC thus hardens the tone. She is also interested in ICO, these digital currency emissions, fraudulent for some.

Sanctions in Japan
At the same time, the Japanese Financial Services Agency has sanctioned seven platforms dedicated to cryptocurrencies, which do not have appropriate internal control systems. Two platforms, FSHO and Bit Station, will even be deprived of exchanges for a month!

New business ?
Binance, a major transaction platform, denied the day before yesterday was hacked. However, some of his clients claimed that their "cryptos" had disappeared from their accounts without their consent ... The transactions were suspended temporarily on Binance, and the management announced that it had opened an investigation into possible malfunctions. This case revives any fears about the risk of piracy, after the recent case of the Japanese Coincheck who had been stealing 526 million units of cryptocurrency NEM ...

The Banque de France sees a bubble
The Banque de France has published this week a note concerning the emergence of bitcoin and other crypto-active, adopting a more than cautious stance. Recent developments, as well as the rapid development of what the Bank of France describes as a "speculative bubble", are today calling on the regulators and supervisors of the financial system to question "an evolution of the regulatory framework adapted to the growth of these assets, in a concerted approach at European and international level ". The Banque de France therefore advocates concerted action and global regulation. She believes that crypto-assets "are not currencies".

Agitation of the bulb
In its study, the Bank compares the course of Bitcoin with the course of the tulip bulb during the Tulipomania of the seventeenth (bubble prices of the tulip). The two graphs are roughly comparable (period December 1634-May 1637 for the tulip, August 2015-February 2018 for the Bitcoin). We can even estimate the 'peak' Bitcoin even more dizzying than that of the tulip before the crisis.

The convertibility of crypto-assets in different currencies that are legal tender is not guaranteed by any centralized body, says the BdF. Investors can only recover their funds in foreign currency if other users want to buy the same crypto-assets. As a result, the price of a crypto-asset "may at any time collapse if investors wanting to unwind their positions can not find buyers and end up holding illiquid assets". In the particular case of Bitcoin, the process of issuing units, which is solely dependent on computing power, is capped in time. This limitation feeds a phenomenon of shortage which, in the face of the strong demand induced mainly for the motive of speculation, causes very strong fluctuations of course.

Spectrum Mt. Gox
Finally, four years after the collapse of the Japanese platform Mt. Gox, some evoke an impact of potential sales from the office of a prosecutor, who happens to be the legal administrator of this place of exchange fallen. The prosecutor, Nobuaki Kobayashi, revealed on Wednesday that he has sold about 400 million dollars of bitcoins and cash bitcoins since September. Gox, founded by the French Mark Karpelès (now pursued by the Japanese justice), was once the most important platform in the world. It went bankrupt in a resounding fashion in 2014, after reporting a theft of 850,000 bitcoins (which were worth about $ 500 million at the time).
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