The price of bitcoin has decreased to $5,148.38 today. The price of bitcoin is expected to stay within the range of $4,800- $5,200 over the course of the upcoming week.
The digital asset experienced a high of $5,613.39 earlier in the week and then declined slightly to where it is currently resting at $5,148.38.
While the cryptocurrency sector is still experiencing an awakening, prices seem to have decreased in several of the leading cryptocurrencies. While prices slightly decreasing may be a cause for concern for some other events have taken place which keep the cryptocurrency market moving forward.
Let’s take a look at some of the most compelling events that happened over the past week.
The New York Attorney General Comes For Tether
While correlation does not equal causation many are connecting to the slight bitcoin sell off to the events pertaining to the stablecoin that is Tether. The New York Attorney General stated that it received a court order for iFinex Inc., the company which runs Bitfinex. The Attorney General is alleging that the company was involved in a cover-up of mis allocation of funds and improper governance relating to the funds. This pertains to Tether as well because iFinex Inc. is connected to Tether.
The news has again raised questions relating to the reserves that are present and relate to the Tether stablecoin. This is another controversy faced by the stablecoin as people wonder just how stable the currency might be.
Users and cryptocurrency enthusiasts still await a comprehensive audit of Tether Reserves and the dollars that are said to back the stablecoin.
India Might Seriously Consider Banning Cryptocurrency Trading
The bill is in the early stages of formation and still has a long way to go but prominent people within the state such as the Finance Secretary are against the rise of the cryptocurrency market. The overall long-term outlook for bitcoin and cryptocurrency investing does not look good within the South Asian nation.
The finance secretary has stated his disapproval for the cryptocurrency market in the past via twitter “Cryptocurrencies like bitcoins are neither currency nor coin. Not legal tender in India at all. Trade in these currencies has assumed character of classical Ponzi schemes. Limited supply and uninformed demand makes every new investor assume higher risk. No underlying real value.”
The legislation would be called “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The government has slowly curtailed cryptocurrency enthusiasm in the nation by placing pressure on exchanges, eventually forcing them to close. This is just another step in the overall bearish crypto sentiment in the south Asian nation.
While this news may be an issue for those that reside within the region, the overall bearish sentiment has not had a major impact on the rise of bitcoin.
Morgan Creek Digital
Fund managers such as Mark Yusko and associates such as Anthony Pompliano continue to raise the interest of institutional investors and wealthy families with their deployment of the Digital Asset Index Fund.
Morgan Creek Capital Management continues to lead the way in bringing in more interest to digital assets and encouraging institutional investors to #getoffzero. The firm recently hosted an event attended by “wealthiest families in the world”.
Investors are likely to look at their portfolios and consider adding alternative asset classes such as bitcoin and other digital assets to have proper diversification.
TD Ameritrade Welcomes New Division
According to The Block, TD Ameritrade will step into the cryptocurrency market by forming a cryptocurrency division and eventually launching bitcoin and ethereum trading. This move by Ameritrade would make sense as Fidelity has been experimenting in the cryptocurrency market and other entrants such as eToro have launched their own exchanges.
eTrade May Also Enter The Crypto Fray
According to Nathaniel Popper, eTrade may also be in the final stages of deploying its own cryptocurrency exchange for bitcoin and ether.
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