Cryptomarket goes down on accusations against Bitfinex

April 26, 2019   Bitcoin

On Friday, the main cryptocurrencies went down amid fraud allegations made by the New York prosecutor of the digital exchange Bitfinex. The cryptoexchange is accused of hiding a loss of $ 850 million, including that belonging to customers of the exchange. The exchange itself categorically denies these allegations, but the news still caused a sharp decline in the price of Bitcoin.

Besides, Bitwise Asset Management agency has submitted a report on cryptocurrency exchanges to the US Securities and Exchange Commission recently. It has been stated in the report that 95% of trading on unregulated cryptoexchanges is fictitious.

Also, a warning was recently issued issued by the SEC Investor Education and Investor Protection Office and the CFTC Customer Relations and Training Office. The warning says that employees of both agencies watched fraudulent investment projects that claim to be engaged in “digital assets or cryptocurrency”. In some cases, representatives of such companies claim that they can invest clients' funds in special trading cryptocurrency systems or mining farms.

Bitcoin collapsed more than $ 500 in just two hours, falling below $ 5000, but then bounced up and lost about 5% since the beginning of the day. Ethereum by this time fell by 6.97% - up to 152.2 dollars, its capitalization reached $ 16.4 billion. XRP per day weakened by 1.01% - to $ 0.295 with a capitalization of $ 12.3 billion. Litecoin fell by 3.37% - to 71.6 dollars with a capitalization of 4.5 billion dollars.

The total capitalization of the virtual currency market was $ 170.3 billion. At the same time, the positive news for digital assets was the message that Nike is preparing to launch its own cryptocurrency, available to all users of its products.

From other news. The BTC futures trading volume on the Chicago Mercantile Exchange yesterday reached upto $ 279.65 million. This outweighs the similar indices in all spot markets, according Bitwise Asset Management report. In summary, the daily bitcoin spot trading volume has reached upto $ 600.62 million, of which $ 255 million accounted for the Binance exchange, $80 million and $70 on Coinbase and Kraken respectively.

According to financial scouts, the decline in the crypto market will continue in the short term. Bitcoin can fall in price to 5050 dollars, Ethereum - up to 150 dollars, XRP - up to 0.29 dollars, and Litecoin - up to 71 dollars. Despite the decline in the cryptocurrency market, its participants still have good chances to make money on the movement of quotations.

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