As at April 03, 2018, Australia came up with the new legislation related to cryptocurrency exchanges and now Australian digital currency exchange business will be required to register and will have to comply with the anti-money laundering laws. Though demand for cryptocurrencies has gone down a bit lately but the exchanges that sell them still seem to be gaining traction.
Recently, it came into notice that Bitcoin was in trouble and saw its worst in terms of price history. Almost half of its price has been wiped off since the start of the year, but it is expected that world’s most popular cryptocurrency might make a comeback. It might look like that happy days are over, and its end is very much near, but investors are used to such types of crashes. The cryptocurrency network consists of diversified group of members but there are some specific groups which offer a great resource and support the crypto economy for an incentive. This is expected to revive the prices in future.
As seen lately, Cryptocurrencies have been very volatile; and post a day of rise, the currencies were seen to be falling down as at April 05, 2018. Bitcoin prices had fallen to US$6,909.45 per coin and were seen to be hovering below the $7000 level. Ethereum, a cryptocurrency with the second highest market capitalization was up to around US$404 but slipped back to US$384.84 per token. Litecoin (LTC) that recently touched US$125 per coin was also down to US$118.55 per coin. It was observed that Ethereum was gaining more popularity than Bitcoin in many regions including India, while Indian Government is still hostile towards cryptocurrency. On the other hand, it is still expected that the prices of Bitcoin and Ethereum will triple by the end of the year and their market cap will increase by nearly 212 per cent and by 194 per cent, respectively. The forecasted market cap is primarily driven by the applicability of network and by the growth of the initial coin offering. It is noteworthy that Bitcoin’s average daily turnover has been seen to be three times higher than Ethereum’s average daily turnover. Meanwhile, Litecoin recently planned its launch of LitePay which was earlier scheduled for February but got delayed at the last moment. LitePay is a payment-based solution which will help Litecoin users to accept the crypto easily and it is also planning to launch LTC-funded debit card that will allow its users to spend on any business virtually.
While the riding path looks topsy-turvy as of now, a close eye on the movements would be key to see whether or not the forecasted bull run is on the cards by the year end.
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