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On Monday, key crypto assets nearly stood still.
The leading crypto asset, Bitcoin that accounts nearly 52% of the overall share of crypto assets, didn’t change, sticking with $6,500. The currency pair BTC/USD demonstrated a reading of $6,567.93 on the Kraken exchange, tacking on by 0.1%.
Bitcoin bulls demonstrated renewed optimism built around seasonality patterns, although some experts stress that there’s no quick-fix to pull crypto assets out of their bear markets now.
Considering the technical damage, which has occurred this year, market experts actually expect the vast majority of crypto assets will probably need months of recover before a new bullish trend can show up, as some financial analysts pointed out.
They added that the first step in the proper direction for the number one crypto asset is the September maximum above $7,400 that is still nearly 13% away from current values.
In the third-quarter of this year, Bitcoin along with XRP turned out to be the only key digital coins to report wins. As for the other end of the spectrum, Ethereum went down approximately 50%, while Bitcoin Cash decreased 30%.
Altcoins, a widespread term for crypto assets other than Bitcoin, have started the trading week on rather a quiet note. They bucked recent trends, which saw some crypto assets fluctuate in ranges of more than 30% for the last seven days. The currency pair BCH/USD appeared to be the best performing altcoin, showing $528.50, jumping by 1%. The currency pair ETH/USD managed to add 0.5% hitting $229.42. As for the currency pair XRP/USD, it gained 0.8% showing 57 cents, while LTC/USD stood still sticking with $60.27.
On Monday, Bitcoin futures went down. October delivery XBTV8 futures concluded the trading marathon down 1.5% being worth $6,545. The CME Group October delivery futures BTCV8 slumped by 2.25% reaching $6,540.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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