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On Thursday, crypto assets went down in the face of ongoing bearish sentiment in the financial market.
Bitcoin inched down below $8,000 hitting a five-week minimum in early trade, although it has since revived to trade nearly flat.
Digital currencies have been affected by a sell-off in the crypto market, which started in the beginning of March. The previous week investor confidence was punctured by worries of regulation, huge sellers liquidating holdings in the market as well as gossips of another exchange hack.
Market participants were heavily affected by the latest blow delivered by the number one search engine. So, on Wednesday, Google made up its mind to have all crypto ads banned. The move undoubtedly hurt already fragile market sentiment. As a result, digital currencies found themselves in the red.
The CEO of crypto-expert PR company Ditto, Trey Ditto told on Wednesday that Google’s shocking decision to forbid crypto ads on its platform is similar to throwing the kid out with the bath water.
Ditto pointed out that they make use of Google and Facebook to educate users and potential investors as for a range of opportunities and topics. He added that he really worries that it painfully punishes the promising actors in this rapidly growing space and thus it will affect the investors and consumers who are hunting for information to make rational crypto investment decisions.
CEO of Apex Token Fund, Chris Keshian offered a more upbeat view on the subject. He told that banning happens to be a so-called 'pause' button because organizations look for better ways to regulate an asset class, which is still incomprehensible to them. He also told that he expects further bans, but there’s a likelihood that the clampdown is going to be lifted in the nearer future.
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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