What news has been happening in the crypto market this week?
Bitcoin inches up 8% amid crypto holiday surge
On Wednesday, crypto assets managed to head north because Bitcoin approached $4,000 against the backdrop of a holiday upswing.
As a matter of fact, Bitcoin rallied by up to 8.7% ending up with $3,843.10 on the Investing.com Index, having gained approximately 11% on Monday.
In general, the number one digital coin is down about 75% since its all-time peak last year. Crypto assets have demonstrated a drastic dive for recent weeks as investors fear about soaring regulatory scrutiny, not to mention wild volatility.
Digital currencies generally managed to jump, with the overall crypto market capitalization at $126 billion at the time of writing versus Tuesday’s result of $112 billion.
Besides this, the number two digital coin, Ethereum tacked on by 10% coming up with a reading of $104.91. Additionally, Litecoin was worth $30.76, increasing by 6%. As for XRP, it gained 12% trading at $0.37448.
In addition to this, France rejected several tax amendments that would have benefited crypto traders, including ramping up the annual tax exemption from about €305 to either €5,000 or €3,000. Moreover, another amendment would have permitted capital profits to be taxed as securities. Apparently, the French National Assembly had the calls rejected, pointing out that compared to how securities are actually taxed, ramping up to €5,000 or €3,000 would be too much.
In addition to this, CEO of crypto payments platform BitPay Stephen Pair revealed to CNBC in a recent interview that widespread adoption of digital currencies is still several years away.
Stephen Pair previously told that it would take up to 10 years, but currently he thinks that we don’t need to wait more than 3-5 years until we can go into a restaurant, a department store, and just anybody’s going to expect that that all of them will be able to accept blockchain payments.
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.