Asian investors are in shock following changes witnessed on Wednesday morning on the cryptocurrency segment. Reports indicate that most of the major cryptocurrencies slipped a case scenario that leaves analysts with quite much to explain.
A close outlook
ABCC, a Singaporean digital currency operator has lately been calling out for the establishment of additional strict regulations .It advocates for rules that will govern the tokens appropriately to avoid major fluctuations like the one experienced on Monday.
From statistics, Bitcoin ended up at $3,391.2 which represents a 1.49% drop. Ethereum stood at $87.81 which means a 2.08% drop. Litecoin and XRP finished at $23.559 and $87.81 respectively and these drops ended up worrying quite a significant number.
Calvin Cheng is the current CEO of ABCC and he had quite much to say in an interview with Cryptovest. The official outlined that with the passage of time security was becoming a matter of great concern. He advises investors to exercise patience and not to lose faith in crypto as a form of investment.
The current state of affairs and the way forward
CryptoCompare in November gave out a review after a close analysis of data emanating from an analysis it undertook earlier. CryptoCompare put under consideration data emanating from about 30 digital currency exchanges. This happened a month ago.
The report indicated that almost a third of the exchanges kept the funds of majority users in the offline wallets. The other thing it outlined was the fact that one out of 10 exchanges got affected. Hacking is a matter of great concern in line with cryptocurrencies despite efforts by experts to combat it.
It worries investors even more that almost 14% of the exchanges are not on point. Such exchanges lack the terms and conditions page as well the public privacy policies. Cheng has lately been scrutinizing the various industry figures and he thinks they tell quite much. The leader speaks out on the various exchanges characterized by strong security. He thinks that such usually account for larger transaction volumes.
Andreas Utermann, the head of Allianz Global Investors gave out a statement. The leader expressed pessimism with the crypto assets. He wants them outlawed for the good of the general public. He calls upon regulators to move in with speed to rescue the situation.