$1 Billion of Fresh Cash Has Come Into the Cryptocurrency Market
The current rally of the Bitcoin is believed to have originated after the Bitner controversy. The rally has been welcomed by a majority of the cryptocurrency investor community.
Paolo Ardoino, Bitfinex CTO stated, “$1 billion of fresh cash has come into the market thanks to Tether. Is that true? I don’t know.”
Money is being pumped into the market, and the rally is linked before the consensus conference. The market has seen money pumped into the market before similar crypto-conferences in the past.
Investors would love to see the price of the Bitcoin shoot the moon, a decline back in levels is a likelihood. The $5,850 is considered to be a structurally significant level in this rally. Even if there will be a pullback from the current $8,000 price level, a pullback from this price level is not expected anytime in the near now.
When it comes to ensuring that enough money has flown into the market, the 20-day EMA and the 50-day EMA are considered. The 50-day EMA should be typically above the 200-day EMA to vouch for real money has come into the market.
Cryptopia has been offline for quite some time back in January stating that “suffered a security breach which resulted in significant losses.” However, they resumed service in March but continued to have banking issues.
Grant Thornton, stated, that the hack influenced the company’s trade in a negative way. Regardless of efforts from the management to reduce cost and to return the business to profitability, it has been decided that liquidation is the best method forward for the stakeholders.
Grant Thornton will aid Cryptopia to secure its assets “for the benefit of all stakeholders.” They have further stated that the investigation will take place for months rather than for weeks. Trading on the exchange is suspended as the investigation is continuing.
In response to the Twitter message from Cryptopia, several investors from Twitter have expressed their frustration as they were not able to withdraw funds ever since the hack. Some of the investors have been calling creditors to take legal action against the exchange.
Ruscoe said, “We realize Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders, including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.”