Bitcoin Plunges in Sell-off

Bitcoin together with other cryptocurrencies fell on Thursday, with Bitcoin losing 5.34 percent to $6,723.90 on the Bitfinex exchange.

Market participants are speculating that Bitcoin prices could fall as low as $4,000. Bitcoin peaked in December 2017 to $20,000 a coin, and since then has been on a steady decline after falling in February this year below $6,000.

According to coinmarketcap cryptocurrencies total market cap has fallen from $280 billion to $256 billion on Wednesday.

Jani Ziedins at Cracked Market said that until the prices fall within the $4K range, he doesn’t see the prices bouncing up.

Japan Welcomes Cryptocurrency

Japan is welcoming cryptocurrency investment hoping to become the only country throughout the world to recognize virtual currencies as a financial asset. An official at the Japanese Ministry told a local newspaper that it will be easier for everyone to use cryptocurrency as a means of payment once the regulations are clear. Currently the law requires a declaration of yen or foreign currency transactions. They are working to close loopholes by requiring foreign corporations and individuals to report transactions of over $283,000 on digital currency transactions.

Japan is hoping that the crackdown will attract more investors to Tokyo which will improve the Japanese economy capitalising on the growth.

On the Bitfinex exchange, the world’s second largest cryptocurrency by market cap, Ethereum fell 2.01 percent to $377.87. While the third largest cryptocurrency slipped 4.16 percent to $0.48495. Litecoin fell 3.09 percent to $117.56

Get more from your investments with award winning AvaTrade forex and CFD’s broker.

AvaTrade provides optimal trading conditions for traders looking to make good sound investments, among their many perks are:

• Over 250 instruments, including the leading cryptocurrencies, Bitcoin, Ethereum, Ripple, Litecoin and more
• Free demo account with $100,000 virtual money
• Variety of user friendly trading platforms which includes mobile trading and comes with advanced charting features, free FX signals, technical analysis, market reviews and economic calendar
• Competitive spreads
• A low minimum initial deposit of only $100
• Authorised and regulated by a number of financial institutions

Visit AvaTrade Site

Risk Warning: Trading forex and/or CFDs involves significant risk of loss. CFDs are leveraged products and it is possible to lose more than your initial investment.

Interested to Register with Other Recommended Brokers? Click Here!







Leave a Reply

You must be logged in to post a comment.