Is the Crypto Market About To Crash?

OXFORD, U.K. - June 22, 2018 - PRLog -- The Crypto Market- An asset class and market place that has stolen many a headline over the last couple of years. A market that has witnessed a plethora of new money enter the arena. Some commentators would suggest it's a market for the Millennials, the new Gold, the currency of the future- many such superlatives have been laid at the door of the Crypto Market, but is it a market that is about to crash? A market that may witness depreciations like never before?

Recent events are most certainly making investors slightly nervous. Sell offs seem far more regular than normal, and this is despite the 'over bought' conditions which many suggested were the reason for previous retracements- no longer existing.

So what is the main factor dragging the market down into the doldrums now?

It's 'Security Fears', and these security breaches may only just be gaining traction.

The second Crypto currency in the space of 2 weeks confirmed earlier in the week that it was  hacked, resulting in the fear factor building in regards to the safety of trading Digital Currencies.

Bithumb the 7th largest exchange by value made a statement in which it informed it's investors that the equivalent of 32 million USD including vast amount of 'Ripple' have been stolen by sophisticated hackers.

The exchange did confirm it will attempt to compensate investors to quell the fear, and they also moved their other currencies into a non internet based 'cold wallet', but with the Crypto Market becoming more popular with a large 'retail following', are the many sophisticated hackers that reside on the world wide web waiting patiently and about to pounce on their prey?

We'll find out in due course.

The immediate repercussions were large with Bitcoin depreciating 2 percent and trading at 6616 USD, a long long long way from it's highs not so long ago. In fact- 54 percent from those highs.

Less known cryptos dropped more, and some substantially more.

For further information on the Multi Strategy Investment at Cadogan Asset Management or market commentary please contact Sam Gurung on sg@msicadogan.co.uk