Bitcoin down coming closer to multiyear bottom

Posted 31 January, 2018

Bitcoin has slackened on January 31. This month still can be marked with the major bitcoin weakening since December 2013, which is related to fears about possible crypto trading tightening.

On the Bitfinex, bitcoin was detected at $10,294.00, followed by the Ethereum priced at $1,108.

The Ripple changed hands on the Poloinex at $1.124.

Yesterday the bitcoin downturn was boosted by the reports that the Commodity Futures Trading Commission had sent requests for summons to the Bitfinex and Tether exchanges back on December 6.

For reference, Tether is producing a digital coin of the same name. The currency is said to be secured by the US dollars from the company's reserve. Nevertheless, the company has never provided any documents to confirm that statement.

At the same time, the global social network Facebook said on Tuesday that it was going to block advertisement of financial products and services that are fakes or misinform users, with cryptocurrency being in the ban list.

The market remains confused after the last-week exchange robbery. As it was reported earlier, Tokyo-based Coincheck lost coins for $530 million due to the malware attack.

Today the Head of the Bank of Japan noted that the providers of crypto trading services must ensure the safety of transactions. Meanwhile, Japan's Financial Service Agency announced inspections to be made at all crypto exchanges and ordered to eliminate weaknesses of the Coincheck.

Many countries are attempting to restrain crypto trading. For example, the ban on anonymous accounts for digital coin trading in South Korea came into force on Tuesday. Seoul intends to prevent cryptocurrency usage for money laundering and other illegal actions. South Korea did not plan to ban crypto trading but the regulation issue could not be shelved, as commented Korea's Finance Minister.

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31 January, 2018 17:08

← Alternative destinations for bitcoin mining

About 75% of all bitcoins are mined in China, as shows recent study. However, cryptocurrency mining can be banned there. Specifically, Beijing is unsatisfied with the power consumption level for the process and concerned about financial risks. As a result, miners are said to start looking for possible options to relocate mining capacities to other countries.

Alternative destinations for bitcoin mining

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31 January, 2018 11:46

US dollar remains depressed on coming Federal Reserve meeting results →

US dollar remains depressed on Wednesday losing grounds vs the majors ahead of the Federal Reserve monetary decision. The US Dollar index dropped to 88.81 today morning (last-week bottom – 88.25). The  American currency keeps weakening against other main currencies – by now the index has lost 3.0% in total over the past month.

US dollar remains depressed on coming Federal Reserve meeting results
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