What’s the deal with the cryptocurrencies market?
Published 10th July 2019
Despite a long period of high volatility and a corrective decline, Libertex sees an uptrend that offers traders new opportunities for profitable trades in the cryptocurrency market. The following piece presents the company's views.
Worldwide, the dynamics of the digital asset market are highly dependent on the policy of financial supervisors in different countries. Thus, the issue of the admission of ETFs to Bitcoin by the US Securities and Exchange Commission (SEC) remains unresolved, and while there isn’t a resolution, there are many discussions that could harm the cryptocurrency market. In particular, some SEC officials have already stated that they consider the "delay" policy to be unacceptable with regard to solving this problem, but the situation has still not been resolved positively.
Another significant threat to the cryptocurrency market remains the vulnerability of most digital assets to hacker attacks. The cryptocurrency exchanges are facing this problem, even the largest and most well-established ones, in spite of being usually considered relatively safe. Until this situation is solved somehow, investors confidence in cryptocurrencies will not be as high as desired. In this case, the introduction of the cryptocurrency Libra by Facebook, which was announced as a currency without the typical weaknesses for digital assets and as sufficiently reliable, could be positive for the market impact. At the same time, there are many discussions about Libra in the market. In particular, many market actors are not sure whether this cryptocurrency will actually be fully disadvantage-free such as Bitcoin or Ethereum. In addition, the US authorities are rejecting the introduction of the cryptocurrency by Facebook, as they have serious concerns and yet some questions for the company and its product.
The market for cryptocurrencies is expected to continue its upward trend in the near future, and it is possible that the rise will go on for a while until it is interrupted by those sometimes quite long and abrupt periods of falling prices. In the longer term, however, we can say that the key crypto currencies will continue to reach their historic highs of 2017 despite short-term price declines. So in order not to miss the new opportunities offered by the crypto-currency market, we suggest to try the Libertex trading platform, which allows to execute cryptocurrency transactions and deposit money into your trading account in a fast, simple and secure way.
If you’d like to know how to get the most out of this new crypto wave, book a meeting with Libertex Affiliates team on iGBLive! and come meet us on room MR3. Book a meeting with us.