Published: May 1, 2018 10:35 a.m. ET Reversal more likely than a surge to the topside, says analyst Cryptocurrency prices are lower Tuesday, with all major digital currencies in the red to begin the day. A single bitcoin
was last exchanged at $8,889.61, down 4.2% since Monday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
The virtual currency’s inability to push through overhead resistance and the psychologically important $10,000 level suggests it could be in for a minor correction, analysts said. “We have seen an inability to surpass recent peaks,” said Craig Erlam, senior market analyst at OANDA.
“While things are generally positive, my inclination is there’s more chance of a reversal than a surge to the topside.” The Hong Kong Financial Services and Treasury, or FSTB, released a report late Monday, saying virtual currencies play little impact in organized crime. In contrast to some governing bodies that suggest virtual currencies are used to fund illicit crime, the FSTB said they see minimal impact.
“There does not seem to be any visible impact affecting the overall risk in Hong Kong so far. The risk of VCs is assessed as medium-low,” said the FSTB in its report.
“While we have not found substantial risks in these newly developing payment methods or commodities, this is a rapidly developing area requiring continued monitoring.” The FSTB did say they are in contact with financial regulators on the topic of initial coin offerings, or ICOs. Read: Nearly half of all 2017 ICOs have failed Altcoins, or digital coins other than bitcoin, have tracked the No. Read more from marketwatch.com…
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