The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin heads north
On Wednesday, crypto assets managed to rally. However, they’re still staying below all-time maximums this time 2017.
As a matter of fact, the most popular crypto asset Bitcoin tacked on by up to 1.2% being worth $3,437.80 on the Investing.com Index.
For recent weeks crypto assets have tumbled drastically because market participants are greatly concerned about increased regulatory scrutiny as well as volatility.
In general, digital coins leapt, with the overall coin market capitalization accounting for $110 billion at the time of writing, in contrast with $107 billion recorded on Tuesday.
Besides this, Ethereum, or Ether for short, managed to inch up by up to 1.9% trading at $89.26, while Litecoin ending up with $24.21, surging by 4.5%. As for XRP, this digital currency rallied by 2.3% demonstrating a reading of $0.30462.
Furthermore, ex-CEO of defunct Bitcoin exchange Mt. Gox, Mark Karpeles, could face a 10-year prison sentence, as Japanese officials uncovered.
In 2013, Karpeles reportedly thieved up to $3 million of client money kept in a bank account. So, Karpeles had the funds transferred to his own account. By the way, he hasn’t pleaded guilty.
Mt. Gox was used to handling up to 70% of all Bitcoin transactions worldwide at its height and turned out to be the world’s number one crypto exchange.
In addition to this, the major bank of the UAE is currently working on a joint project with Saudi Arabia. The purpose of the project is to issue a crypto asset between the two countries. That’s what the governor of the UAE major financial institution informed on Wednesday.
The two countries are currently studying the promising topic and the crypto asset would be between the two key banks, and not for consumers. Both financial institutions have already warned their customers against investing and utilizing crypto assets due to its speculative nature.
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The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).