Cryptocurrencies have been considerably weak after a South Korean exchange, Conrail, had been hacked. The sixth largest global cryptocurrency exchange, Bithumb, had recently suffered a cyber-attack where $31.6 million were stolen from its exchange. The number of hacks have been increasing, which has led to investigations being carried out.
It has started with the South Korean authorities investigating into cryptocurrency exchanges to check for compliance with tax laws. In the US, there has been a crackdown from the SEC on the manipulation of prices and fraud in ICOs. This was followed by a study from the University of Texas which had found that at least half of bitcoin’s returns last year may have been the result of manipulation.
Central Bankers have been quiet during the cryptocurrency bull-run, and have been doing their due diligence with research and white papers carried out by regulators and experts in the field. The market is anticipating an optimistic view from Central Banks, regulating Cryptocurrency would ease investors’ concerns. But Mark Carney, Governor of the Bank of England, has recently claimed Bitcoin has been failing and is not being integrated as previously expected.
Bitcoin volatility is now at its lowest level from a year ago, but a comparison of a bubble-like asset, which had a significant rise compared to the aftermath of a large correction, does not necessarily mean this is the bottom. Cryptocurrencies are still an emerging asset class which requires important fundamental steps to be taken for it to become mainstream, and begin the next move higher.
This has become a concern for investors with the price of Bitcoin over a one month period losing 19.88% in value. It is important to consider investing with good risk management and, as they say, not to bet your house on an investment.
Maybe you heard about forex from a friend, or through YouTube adverts. If you want to know how to start in forex trading, this article outlines 10 ste…Mar 11, 2022
For the month of March 2022, LAT is offering 30% scholarships to women for the fourth year running with its Women in Trading Scholarship.Mar 1, 2022
Central banks are facing higher rates of inflation, well above the 2% target. To combat inflation, a central bank has to raise interest rates. This ar…Feb 21, 2022