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.
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.