Cryptocurrencies Market Dropped, Even Though 20% Of The Trading Companies Announced They’d Invest In Cryptos In 2018

According to a survey conducted by Thomson Reuters whose results were released yesterday, 20% of the trading companies of the world would consider investing in cryptocurrencies in 2018. However, despite the good news, the cryptocurrencies market dropped significantly today in the context of other external factors.

20% of the trading companies showed interest in investing in cryptocurrencies

This study, which has been conducted among 400 trading companies, also showed that among those companies considering cryptocurrencies as an interesting asset in 2018, about 70% are already making viable plans to invest in the next 3 to 6 months, while 22% of them are planning to start investing in 6 to 12 months.

According to some analysts, the survey’s results suggest that cryptocurrencies investments are viewed more as short-term projects rather than long-term investment.

“Cryptocurrencies still represent a small part of the trading market but this study shows that this niche segment is beginning to reach the public of the financial services industry. This is a major change from the previous year,” stated Neill Penney from the Thomson Reuters.

Cryptocurrencies market lost its bullish sentiment of the last days

Today, the cryptocurrencies market recorded massive losses despite the strong bullish sentiment which was surrounding the market until earlier.

Bitcoin (BTC) dropped by about 4% to $8,960, Ethereum (ETH) lost 11.4% hitting the $620 level, while Ripple (XRP), the 3rd coin by market cap, declined by 11.48% reaching at $0.81.

Also, the total cryptocurrencies market cap dropped from yesterday’s $426 billion to about $391 billion, at the time of this article.

After a strong upward momentum, which characterized the cryptos in the last few days, these generalized decline is due to the hack on, which is one of the most popular and used online cryptocurrencies wallets.

Although the total amount which was stolen is of only $136,000 in ETH, so nothing huge, the simple idea that, once again, a crypto-related digital asset has been hacked was enough for investors to keep themselves away from the market.

Nonetheless, the cryptocurrencies market will recover, for sure, and, since there is good news surrounding it such as the announcement that 20% of the trading companies are planning on investing in cryptos, the recovery might come sooner than expected.

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About the Author: Anna Galvez

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