Cryptocurrency market analysts believe that the reason for the decrease in the value of the main cryptocurrencies by capitalization could be the accusation of the US Department of Justice of money laundering against the Bitzlato exchange, as well as the arrest of its co-founder.
Hong Kong-based cryptocurrency exchange Bitzlato is accused of carrying out over $700 million worth of illegal transactions, according to a US Department of Justice statement.
The price of bitcoin fell from a four-month high of about $21,550 to about $20,600, while the price of ether dropped from $1,700 to $1,500. Statistics provided by CoinGlass show that more than $106 worth of Bitcoin and Ether growth futures bets have been liquidated in the past 24 hours. million, which is more than 76% of all futures transactions.
In the middle of the day on Friday, January 20, the value of crypto assets began to gradually recover. Bitcoin is estimated at around $20,940, an increase of 0.8% over the past day, ether is $1,550, an increase of 1.5%.
New York University professor Nouriel Roubini, during his speech at the World Economic Forum in Davos, called the cryptocurrency industry a criminal activity, and 99% of crypto assets are fraud and pyramid schemes.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
