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News from the world of crypto: bitcoin is still falling

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News from the world of crypto: bitcoin is still falling
March 12
09:00 2018

During the last trading session, bitcoin, the most popular cryptocurrency of the world, fell below the psychological mark of 9000 US dollars. It happened due to the news from Japan. The fact is that official Tokyo suspended the work of two national crypto exchanges. Or rather, the ban came from the financial services agency (FSA) of Japan and related to such sites as FSHO and Bit Station. It is known that one of the directors of Bit Station used clients’ bitcoins for their own purposes but this fact became known to the regulator and caused the exchanges to stop their activity.

CoinDesk informs that today the bitcoin rate has already dropped to the level of $ 8,492.5, which is 9% less than the exchange rate of the cryptocurrency at the close of the previous session.

At the moment, March futures for bitcoin (traded in electronic trading CBOE ) have fallen in price by 7.8%, to the level of $ 8,700 per one unit of the cryptocurrency. CME Bitcoin futures (deadline for implementation is March too) fell in price to the level of 8655 US dollars, losing 7.9% of its value.

Last week was difficult for bitcoin, which lost about a fifth of its value. Also, the January scandal associated with the Coincheck exchange is one of the reasons for this fall. We recall that at the beginning of the year, $ 530 million in the NEM cryptocurrency were stolen from Coincheck. It was the year of 2014 when crimes of this sort happened last time. Then, the hackers attacked the Japanese platform Mt Gox, which lost 850,000 bitcoins and declared bankruptcy.

The echo of this story is the fact that last week, the manager of Mt Gox Nobuaki Kobayashi told the public that from September to March he had sold about 35800 bitcoins during the bankruptcy procedure. The amount of transactions exceeded $ 310 million; the news about the injection of a large batch of bitcoins into the free market brought down the cryptocurrency price.

Experts suggest that the cryptocurrencies will continue to fall this week. Then maybe a small correction will happen.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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