Cryptocurrencies are in the red despite rumors that institutional investors are planning to get involved in crypto markets. George Soros, who was among the prominent critics, has now started changing his stance towards crypto markets. George Soros had described Bitcoin as a “bubble” at the beginning of the year in a speech at the World Economic Forum in Davos, Switzerland.
However, reports are suggesting that Adam Fisher, who oversees macro investing in the New York-based Soros Fund Management, received the approval to buy into cryptocurrencies.
Bitcoin (BTC) plunged below the $7000 level today despite increasing confidence from institutional investors. Altcoins also moved into the red after posting substantial gains in the last two days.
Source Image: coinmarketcap.com
Ethereum (ETH), the largest altcoin, jumped more than 9% to $429 in early trade on Monday before losing all the gains later in the day. The trader’s strategy to sell the altcoin after the recent rally supported the losses. Ripple (XRP) and the rest of top ten altcoins are also sliding on Monday after posting gains in the last two days.
Do regulators Attract Institutional Investors?
Institutional investors had denied investing in cryptocurrency markets for various reasons including their unregulated nature and huge price volatility. Regulators, however, played a crucial role in recent months to legalize and streamline crypto markets. They have placed restrictions on ICO’s and presented initial guidelines for cryptocurrency exchanges and trading activities. These actions would help in avoiding price manipulation activities and the illegal transfer of money from one place to other.
“Rockefeller, Soros, and Rothschild money entering the cryptocurrency space….it sounds like regulations might be getting a bit more lax,” Analysts said.
Though the regulator’s crackdown has been creating short-term volatility in prices, the set of new trading guidance from the U.S., South Korea and Japan are helping to strengthen the overall credibility of the crypto markets.
Featured Image: Depositphotos/© artjazz
Sharon is a journalist based in Durban, South Africa. He has years of experience in writing for a number of print and digital platforms, ranging from sport to technology and of course, Cryptocurrencies.