26 Apr 2021: Crypto markets still off from earlier highs as regulatory worries weigh on sentiment

📈 BTC | $50,915 (+810, +1.4%)

📈 ETH | $2,416 (+194, +8.7%)

📈 XRP | $1.11 (+0.067, +6.4%)

📈 LTC | $233 (+8.6, +3.8%)

Short bets on Bitcoin are increasing as futures contracts saw negative funding rates again. While this makes it expensive to hold shorts, history has shown that this does not necessarily indicate a market bottom.

Turkey’s nigh-unregulated crypto market (estimated by some to be the 5th largest globally) is threatening collapse after a crypto exchange (Thodex) founder absconded with $2B in customer funds. Regulators are looking into a second crypto exchange (Vebitcoin), and has since detained its CEO. Authorities have signalled that they are aiming for regulation however, rather than an outright ban.

South Korea on the other hand, hinted at a total ban on crypto as its top regulator floated the idea of shutting down all 200 of the country’s crypto exchanges by September if they fail to apply for the relevant AML licenses (none have applied so far).

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