Market Analysis

Record lows: Two possible reasons for the current crypto & Bitcoin dips

The cryptocurrency market is seeing one of its worst lows this year as Bitcoin dips to new lows with altcoins following suit, a move which many didn’t see coming.

Bitcoin dips below 100 B cap, this makes it the lowest the coin has seen after months of stability. This comes to many as a surprise given that the cryptocurrency market received a very important endorsement yesterday from Christine Lagarde, the IMF chief who in a speech in an Asian fintech conference called on banks to consider creating their own cryptocurrencies.

Nevertheless, the current market dip has so far been associated to two reasons. According to Brian Kelly, the current market dip can be associated with the upcoming Bitcoin Cash split expected later today. According to him, the much uncertainty surrounding the fork may have impacted the market. As of writing time, Bitcoin Cash is the most hit by the current dip among the top 10 coins as the coin has lost 18% of its price in the past 24 hours

Others suspect there could be a SEC crackdown on cryptocurrency exchanges and ICO projects could be the reason for the deep.

“Most enforcement actions are kept confidential until they’re resolved to protect both the defendant (from bad press) & the government (from losses & inconsistencies). That’s why this case was settled before it was announced. On that point, remember all those subpoenas the SEC sent out earlier this year? Just because you haven’t heard about them recently doesn’t mean there aren’t dozens of investigations going on behind the scenes. Sooner or later, the floodgates will open,” Chervinsky

However, as crypto and Bitcoin dips, Ripple though experiencing a dip of 9% in the past 24 hours has signed again another great partnership in Asia. CIMB Group, one of the largest banks in South East Asia will be using Ripple’s network for their cross-border payments.

“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

How long do you think we can expect to see this market and Bitcoin dips?

Let’s know your thoughts in the comment section below.

Leave a Comment

Your email address will not be published. Required fields are marked *