Bitcoin was bullish for the majority of last week, hitting new monthly high’s on optimism for more institutional investments, but it returned some of its recent gains on regulatory jitters. The SEC reportedly ended its public comment period on Bitcoin ETF applications, which suggests that a decision could be announced anytime now. However, BTCUSD pair lost all its gains and closed in red last week as traders moved funds from exchanges to wallets, as pre-cautionary efforts while regulators crack down on decentralized exchanges such as EtherDelta. The BTCUSD pair is still maintaining its consolidative move with price action well inside the highs and lows of last 2 weeks. As of writing this article, BTCUSD pair is trading at $6401.9 up by 0.17% on the day.
Bitcoin price declined recently below the $6,300 support before correcting higher against the US Dollar. Analysts are of opinion that BTCUSD pair could be in for a recovery rally as the pair defended a key support level over the weekend. As risk sentiment took a dovish turn today owing to concerns of the global economic slowdown, fund flow changed direction from equity markets and risky assets. While most traders preferred US Greenback, there was some level of activity in crypto markets as some investors chose to funnel funds into major crypto instruments such as BTCUSD. However, the gain in major instruments was limited owing to news of another exit scam in South Korea.
While the crypto market is already seeing limited fund flow owing to SEC’s crackdown of unregulated brokers, news hit the market that South Korean blockchain company Pure Bit has reportedly stolen $2.7 million worth of investors’ money after raising 13,000 Ethereum in an ICO. According to The Next Web, hours after moving all raised funds out of its wallet, the company shut down its website, deleted its social media accounts and kicked all users off its chat group. Over the past two years, exit scammers have stolen more than $100 million worth of cryptocurrency. Overall price action in the crypto market today was range bound with slight bullish bias. ETHUSD pair is trading at 212.30 up by 0.64% on the day.