Cryptocurrencies are going down... What may signal a recovery?
Crypto assets demonstrate mixed performance
On Monday, key crypto assets demonstrated mixed performance in Asia. Despite Bitcoin managed to gain, other crypto assets lost ground.
As a matter of fact, Bitcoin rallied by nearly 0.21% ending up with $3,987.9. The number one crypto asset has been struggling to break the $4,000 level without a clear directional catalyst.
Aside from that, Ethereum went down by 0.30% coming up with a reading of $136.32. As for XRP, they declined by 0.73% being worth $0.30639. Litecoin dived by 0.52% demonstrating a result of $59.998.
Market participants took note of reports that the U.S. Commodity Futures Trading Commission is actually scrutinizing applications related to digital coins. One of them has to do with Bitcoin futures from institutional trading platform Bakkt that has been postponed.
Well, without specifically pointing to Bakkt’s application, commissioner Dan Berkovitz told that the CFTC is working properly with all the applicants to have their applications processed. Dan added they require ensuring that a crypto product meets all the necessary standards as any other financial instruments traded on the market.
ICE is on the verge of launching Bakkt in mid-December, although later delayed the launch to January. Moreover, the crypto exchange platform is going to come up with physically delivered daily futures contracts, which are traded in BTC/USD.
In addition to this, Switzerland’s Federal Council has started a consultation on adapting Switzerland’s federal law for blockchain development. In fact, the move aims to have legal certainty over blockchain applications improved with the aim of laying a basis for the regulatory framework for the industry.
Besides this, the council has also offered to segregate digital coins when bankruptcy occurs, reflected by the proposed change of the Federal Law on Debt Collection and Bankruptcy.
On Monday, crypto assets tumbled due to the fact that the Organization for Economic Cooperation and Development drew attention to the necessity of the global regulation of initial coin offerings…
German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday…
In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion…