Cryptocurrencies Prices Rebound, Concerns Rise as ICO Reports Show Big Fail RateCryptocurrencies have remained under pressure early on Monday morning but prices rebounded during the midday trading.
Reports are circulating regarding a substantial failure rate among Initial Coin Offerings. And Germany and Austria are making regulatory overtures regarding cryptocurrencies and ICOs.
ICO Reports Show Big Fail Rate, Speculators Getting Burned
A growing number of analysts are expressing concerns about Initial Coin Offerings, and that not enough regulations exist to effectively monitor the industry. A handful of reports published recently state that approximately half the Initial Coin Offerings started last year have already failed or are in the process of slowly dying. Reports claim over 120 million U.S Dollars has been wiped off the investment board, as many ICOs effectively vanish leaving empty chat rooms, inactive websites and speculators licking their wounds.
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Failure to Breakthrough Resistance Raising Eyebrows, Ether Flat Early
Ethereum has faced headwinds like most major cryptocurrencies the past week. Ether is trading near 850.00 U.S Dollars per coin, but important support levels are within sight at 740.00, while resistance remains slightly above the 900.00 juncture. After putting in an upwards trend since early February, Ethereum has developed a downtrend. A curious aspect of the selling pressure for some speculators may be the notion the major cryptocurrencies have failed to break through resistance and sustain another leg higher, which has been historically the case the past couple of years for the digital currencies. Patience might be needed for bullish speculators, particularly if headwinds grow near term.
German and Austria Making Regulatory Noises and E.U Listening
Germany and Austria have joined the chorus of governments, which say they intend on increasing the amount of regulation and supervision of cryptocurrencies and Initial Coin Offerings. There appears to be growing sentiment for the European Union as a whole to increase their vigilance. And the European Commission has announced leading central bankers and their supervisors will be conducting a conference this week to discuss the need for greater oversight.
Moscow Cryptocurrency and Blockchain Conference this Week
Experts via Cryptocurrencies and Blockchain will meet in Moscow to discuss new developments in their fields on March the 1st.
- March 1st, Russia, International Blockchain Summit
Yaron Mazor is a senior analyst at SuperTraderTV.
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