Saturday, June 30, 2018

Bitcoin sinks below $ 6,000 :

Bitcoin sinks below $ 6,000

Cryptocurrency is under pressure after a series of hacks and multiple warnings from regulators.
No respite. Bitcoin went a little deeper under $ 6,000 this Friday. The currency is heading straight for a 20% drop for the second month in a row. The demand for cryptocurrency is at half-mast under the effect of uncertainties related to security and regulation.

This Friday, the best-known cryptocurrency has slipped to $ 5,799.62 according to Coindesk data. The other rivals, Ether, XRP (Ripple), follow the same trend losing respectively 3.72% and 3.59% according to the site coinmarketcap.com

Disadvantages in Asia
Bitcoin has been put to the test by a series of hacks in Asia. Two Korean trading platforms have reported being hacked. Earlier in the week, the Japanese Financial Services Agency ordered six platforms to improve measures to better combat money laundering. Japan is one of the countries with one of the world's most accommodating jurisdictions for cryptocurrencies.

At the same time, central banks and other regulators around the world continue to warn investors about the risks of losses and fraud. The US policeman even mounted a false bitcoin fundraiser to show how common scam cases were.

On Thursday, the Bank of England warned banks against the risks of volatility, fraud and "reputation" incurred by institutions involved in cryptocurrencies. For example, Goldman Sachs has launched a bitcoin trading desk for its clients. The Chicago Stock Exchanges (CME and Cboe) have both started bitcoin futures

Bitcoin had reached nearly $ 20,000 by the end of the year. Since its highest levels, it has lost nearly 70%. Earlier in the week, the Nobel Prize-winning economics specialist Robert Shiller called bitcoin a "speculative bubble."
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