Cryptocurrency market sees little respite after a bumpy start of the year
Bitcoin is combining Sunday fatalities. BTC/USD is altering hands at $3,530, down 2.5% on the day-over-day basis. The cryptocurrency has lost about 15 percent from the peak reached $4,110 on January 7.
Meanwhile, the top of the Morgan Creek noted a gradual method of cryptocurrency adoption despite the securities industry. To prove his purpose, he noted that Bitcoin’s hash rate quadrupled at ist 2018’s peak, whereas the quantity of transactions has been growing on a month-over-month basis from March 2018.
The leading crypto investors and opinion leaders continue with their makes an attempt to forecast the longer term of Bitcoin and to foresee its next worth movements. Anthony Pompliano, aka “Pomp”, the founding father of Morgan Creek Digital Assets, believes that Bitcoin is near to its bottom because the bears have exhausted their potential. Speaking at CNBC Africa’s “Crypto Trader” phase, he explained that any sharp declines square measure unlikely likewise because of the probability for a powerful recovery in 2019. In alternative words, Mr. Pompliano expects BTC/USD to exchange $2,500 – $4,500 vary for the higher a part of 2019.
The key cryptocurrency industry developments
Bestowing to the report succumbed to the Command of the European Banking Authority, it is extremely wanted to grow pan-European regulations and rules for dan igital assets as occasional rule can be effortlessly browbeaten by bad actors and remove customers of the essential defense.
“Typically crypto-assets fall outside the scope of EU financial services regulation. Moreover, divergent approaches to the regulation of these activities are emerging across the EU. These factors give rise to potential issues, including regarding consumer protection, operational resilience, and the level playing field,” the report says.
Europe may familiarize a united directive for digital assets as the European Commision recommended that few of the cryptocurrencies might be classified as monetary tools and covered by the current monetary regulation. This is just another effort to take the industry under control and prevent violation of anti-money laundering laws and other corrupt practices.Meanwhile, ETC/USD is changing hands at $4.61, down nearly 9% since this time on Wednesday. The coin is moving in sync with the broader market, while the sell-off is intensified by deteriorated technical factors. The price needs to regain $5.0 and $5.2 (confluence of SMA100 and SMA50, 4-hour) to mitigate the immediate downside pressure. Once this barrier out of the way, ETC/USD may proceed to the recent highs at $5.69 and to $6.0.
A cryptocurrency investment fund Bitwise wants to launch its own Bitcoin ETF backed by Bitcoins physically held with a third-party custodian. The company filed an application with SEC, though it is not clear whether the regulator is going to approve it. Ethereum Classic is plagued by 51% attack. Moreover, users of a forecasting platform Augur make bets on its delisting from Coinbase.