Bitcoin dropped to $8,000, and institutions enter the market

Bitcoin dropped down to $8,000

Today the world’s first cryptocurrency lost 6% of its value and its rate on Bitfinex dropped to $8,050 level. Bitcoin has lost more than $1,500 since the beginning of the month. Currently the average market value of BTC is $ 8’133.

Top-3 cryptocurrencies also followed bitcoin and became cheaper: Ethereum rate dropped by 4.6% to $176, and XRP demonstrated fall by 5,5% to $0,2476.

Binance CEO: institutions enter the market

Changpeng Zhao, the founder of the world’s largest cryptoexchange Binance said that more and more institutional investors are interested in cryptocurrency.

“We’re definitely seeing a lot of institutional interest picking up. I think the regulatory uncertainty is still affecting some countries, but there’s definitely a race towards [cryptocurrency] adoption now,” — he commented.

Zhao noted that earlier large investors were put off by the lack of cryptocurrency market regulation, but now a considerable number of countries have developed or is developing corresponding laws.