George Soros rumored to invest in crypto, major crypto markets still down
Rumors that institutional investors are proposing to get involved in crypto markets didn’t take cryptocurrencies out of the current price slump. One of the prominent critics of digital assets George Soros has now started changing his attitude towards cryptocurrency markets. Speaking at the World Economic Forum in Davos, Switzerland earlier this year, George Soros described Bitcoin as a “bubble.”
However, reports are hinting that Adam Fisher, who manages macro investing in the New York-based Soros Fund Management, got the approval to purchase into cryptocurrencies.
The value of Bitcoin (BTC) plunged below the $ 7000 thresholds today despite growing confidence from institutional traders. Altcoins also dropped into the red after posting ample increases in the last two days.
The largest altcoin Ethereum (ETH), surged more than 9% to $429 in early trade on Monday and it lost all the gains the later in the day. The trader’s strategy to sell the altcoin after the recent rally resulted in the losses. Likewise, Ripple (XRP) and the other top ten altcoins are also dropping in value on Monday after recording gains two days earlier.
Do regulators Attract Institutional Investors?
Institutional investors had refused to invest in cryptocurrency markets for several reasons including their unregulated nature and enormous price volatility. However, regulators played a significant role in recent months to sanction and streamline cryptocurrency markets. They have presented basic guidelines for cryptocurrency exchanges and trading activities and set restrictions on ICOs. These steps would help to avoid activities related to price manipulation and the illegal transfer of money from one place to other.
“Rockefeller, Soros, and Rothschild money coming into the cryptocurrency space….it appears regulations might be becoming a bit laxer,” Analysts said.
Though the regulator’s intensive scrutiny has been resulting in short-term volatility in prices, the set of new trading guidance from the United States, Japan, and South Korea are helping to strengthen the overall reliability of the cryptocurrency markets.