The watchdog has cautioned investors about the pitfalls of investing in crypto in the past. The latest warning comes amid renewed investor interest in the space and a recent surge in the price of bitcoin.
Analysts had been warning that a correction was due and the price fell dramatically over the weekend. Bitcoin has fallen by around 12% over the last 24 hours to trade around the $35,650 mark (BTC-USD).
Bitcoin has risen in price by nearly 300 per cent in 2020, outperforming the combined gains of gold and the Dow Jones stock market by a factor of 10.
Recent gains have propelled the cryptocurrency to new record highs of close to $30,000 (£22,000), having traded below $5,000 as recently as March.
Bitcoin’s performance have led some analysts to speculate that we are in the midst of the third great price rally in its 11-year history, as investors increasingly view it as a form of “digital gold” rather than a speculative investment or cash alternative.
Just recently we were looking at some Crypto Currency Exchanges from a list we compiled a while back and were interested to see the voices and content being written about Yobit were not very good!
They were said to be shady with their business practices are the more we investigated the voices began getting louder.
We advise and always recommend doing your own research whenever thinking about investing in any form of crypto currency first and a good source for first hand reviews and experiences can certainly be found on Reddit, or do a Google search first as there are lots of other crypto forums you can connect to first for reviews to find out what’s being said!
The amount of complaints about Yobit is burgeoning and we recommend you stay well away from them as they are no longer currently functioning as a legitimate exchange.
After the best week since 1974, US stocks fell on Monday, with the Dow closing 1.4% down and the S&P 500 down 1%. Bitcoin fell 4.5% in tandem and it’s currently trading at just under $10,800, which is 5.8% down on a week ago.
Everything else was in the red: Ethereum (-6.4%), XRP (-3.75%), Bitcoin Cash (-11.3%), Bitcoin SV (-0.75%), Litecoin (-7.6%), EOS (-9.4%) and Stellar (-2.1%).
With the correlation to stocks appearing to hold, it’ll be interesting to see what happens as quarterly earnings reports are released from today.
Quantum Economics founder Mati Greenspan predicts the earnings season will be “probably the worst in history”.
Top Ten coins outperform stocks in 2020 Redditor Joe-M-4 Gold has been conducting his popular ‘Top Ten Cryptos’ experiment for three years now. On January 1, 2020, he bought $100 in each of the top ten cryptocurrencies and his just released March report found his overall investment was still up 7% for the year. By contrast the S&P 500 was down 23%. The top ten coins he bought in January 2018 fared badly and are down 87%, but his 2019 basket is currently up 6.5%.
In the 2008 crash there was a big build-up
of publicity stating gold price had been steadily rising and there was more
than one reason for this as similarly showing the same signs as of today.
Earlier in the century gold price went extremely
low and at this point gold so cheap to buy the demand rose not only for use in
jewellery and electronics it started to have many more applications requirements
for the new world order!
As this virus kicks even more into the
further; “what are we going to spend money on”? We are all house bound, Amazon is
suffering, army’s controlling the streets and we can’t go out its limited,
restricted unless shopping for essentials. “What a madder world this has become”!
We are living in uncertain times and some
saying ever recorded in history. That in itself is a good enough reason for gold
prices to rise temporarily it’s called panic buying in the same way it is including
necessities, essentials and food etc.!
Inflation occurs when demand is
consistently greater than supplies and that is sure the case for today so our
advice is to buy little but hold out for this to sink much lower.
Recent government chemical structure will support some of the demand
during this difficult period, however it is highly unlikely demand will be
boosted excessively as money dries up quickly!
Bitcoin results have shown dominance and needs to reclaim 60% movement before June 2020 and although dominance of bitcoin is still down 4% the highs for the overall year to date are at around 60%. There has been a general safety flight in Bitcoin it is pushing on an upwards trend so watch this space and buy your gold now click here
To continue reading the rest of the content taken from in this post; it can be found on Coin Telegraph’s website found here – https://cointelegraph.com/
It’s been a horror week across every financial market and asset class, and crypto is no exception. Late last week the price plunged 52% in 24 hours – before bouncing off the bottom – for the Bitcoin halving nobody wanted. Bitcoin is currently trading above $9,000 and finishes the week 32% down. Despite this, it’s only lost 22% in 2020 so far. The only coins in the green this week were stablecoins like Tether and USDC – both up around 6% during the crash as investors tried to cash out. The Tether market cap has increased above US$5 billion for the first time and USDT on exchanges hit an all time high of $1.23 billion. Ethereum is down 42% for the week, XRP lost 30.3%, Bitcoin Cash (-32.3%), Litecoin (-32%), Bitcoin SV (-44%), EOS (-35%) and Stellar (-28%).
Investors seek safe haven because of fears over the economic impact of outbreak
Bitcoin has bounced back above $10,000 (£7,731), fuelled by investors seeking a safe haven amid fears over the economic impact of the coronavirus.
On Sunday, bitcoin rose above $10,000 for the first time since September and by Wednesday was trading at $10,335 on the Luxembourg-based bitcoin and cryptocurrency exchange Bitstamp. It marks a significant shift in fortunes for the 10-year-old cryptocurrency, which hit a low of $3,196 in December 2018.