STORY: This is Crypto Weekly, with your top stories on virtual currencies…
The world’s biggest cryptocurrency can’t seem to catch a break.
After breaching $25,000 for the first time since its collapse in June, Bitcoin has slid back towards $20,000.
The deflating end to August has forced the market to ask where a real Bitcoin rally will come from.
Right now, retail investors appear to be the most likely source, as institutional players stay out of the mix amid the volatility.
So, what about those deep-pocketed institutional players that invested when prices were high?
They’ve been selling hard, and, according to some market participants, are the primary driver of the crypto slump over recent months.
In the week to August 19, the week that saw bitcoin slide again, the digital asset investment products favored by the big players saw outflows of around $9 million, according to Coinshares data.
And a court in Central African Republic has ruled the purchase of citizenship, “e-residency” and land using a government cryptocurrency to be unconstitutional.
The “Sango Coin” went on sale on July 21 amid doubts over the project’s viability.
Under the initiative, foreign investors would have been able to buy citizenship for $60,000 worth of crypto, with the equivalent Sango Coins held as collateral for five years.
The country’s top court argued, among other reasons, that nationality did not have a market value.