You are here: Home > articles > Forex > Cryptocurrencies Decline After Death of Canadian Exchange CEO
Cryptocurrencies Decline After Death of Canadian Exchange CEO
February 6, 2019 1:41 pmVideo
Latest News
- Video market update for April 23, 2024 April 23, 2024
- Trading Signals for EUR/USD for April 23-25, 2024: buy above 1.0681 (21 SMA – 3/8 Murray) April 23, 2024
- Analysis for the EUR/USD pair on April 23rd. Euro currency prepares for another decline April 23, 2024
- Analysis for the GBP/USD pair on April 23rd. Sellers failed to take the mark of 1.2313 on the first attempt April 23, 2024
- Technical Analysis – AUDUSD gears up after disappointing US PMIs April 23, 2024
- Technical Analysis – Meta stock falls below 50-SMA ahead of earnings April 23, 2024
- USD/JPY: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- GBP/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Technical Analysis – USDJPY fights with new 34-year high April 23, 2024
- EUR/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Alphabet Q1 Earnings: Strong ad business but AI initiatives lag – Stock Markets April 23, 2024
- GBP/USD: trading plan for the US session on April 23rd (analysis of morning deals). The pound continues to decline April 23, 2024
- EUR/USD: trading plan for the US session on April 23rd (analysis of morning deals). The euro has shown rapid growth April 23, 2024
- EUR/USD. April 23rd. Bulls and bears are in balance April 23, 2024
- GBP/USD. April 23rd. The bears continue to attack April 23, 2024
- Gold edges lower as Middle East tensions ease April 23, 2024
- Slightly lower volatility across the board ahead of key US data – Volatility Watch April 23, 2024
- Technical Analysis – UK 100 index hits new all-time highs but rally may be cooling April 23, 2024
- XM Teams up with ‘Charity Right’ for Change April 23, 2024
- Technical Analysis – US 500 index rebounds off 2-month low below 5,000 April 23, 2024
2018 was a difficult year for the cryptocurrencies market.
The currencies saw a massive decline of more than $700 billion in market value.
Bitcoin, the poster child of the currencies has seen its market cap drop to
about $60 billion from a high of more than $300 billion.
Part of the reason why the cryptocurrencies saw a massive
decline last year was on security. People did not believe that their holdings
were safe in the exchanges. This was compounded by the massive theft of
currencies that happened during the time. In fact, recent reports show that
cryptocurrencies worth more than $1 billion was stolen in the year. One of the
biggest hacks was the $500 million hack of Coincheck, a big Japanese company.
Therefore, with the security of the currencies at stake,
many investors decided to exit their trades, which led to a sharp decline. With
all this in mind, the least the industry wanted this year was more uncertainty.
This happened recently when a big Canadian crypto exchange
announced that its CEO had died while on a trip to India. The CEO and the
founder of an exchange known as Quadriga died in December. According to court
filings, he was the only one with the passwords that had access to the coins.
The total coins were worth more than $137 million. Experts brought in to hack
the system with the goal of getting access have been unable to access the
coins.
The death of the CEO raises questions on security and
regulations. On security, the question is on how secure the currencies are in
the major exchanges. Second, there is an issue on regulation and how such
matters should be sorted out. The chart below shows the performance of the
three biggest cryptocurrencies in the market.
The post Cryptocurrencies Decline After Death of Canadian Exchange CEO appeared first on Forex.Info.
Related Posts: