Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Crypto assets jump
On Wednesday, key crypto assets managed to rebound in Asia having lost ground for the first two trading days this week. Meanwhile, Russia caught investors’ attention due toe the fact that the Russian parliament adopted a bill to get closer to crafting national crypto legislation.
The most popular digital coin, Bitcoin rebounded from $3,700, demonstrating an outcome of $3,840.9, soaring by up to 3.10%.
As for other crypto assets, they rallied too. Ethereum managed to ascend by up to 7.27% trading at $136.26. As for XRP, it leapt by about 2.92% ending up with $0.31277. Besides this, Litecoin rallied by 12.64% being worth $52.425 for the last 24 hours.
On Wednesday, the cryptocurrency market capitalization regained to $131 billion compared to yesterday’s reading of $126 billion.
Russia once again became the object of interest of crypto investors due to the fact that this country is rapidly progressing towards national regulations on digital currencies because the previous week Vladimir Putin issued a corresponding direct order.
On Tuesday, Russia’s key legislative body, the State Duma had the bill «On Digital Financial Assets» adopted. The given bill comes with amendments to the Civil Code of the Russian Federation on digital rights. Moreover, it offers a regulatory framework, which targets the digital economy.
It showed up after Russia’s leader called for the adoption of the regulation by July this year. What’s more, Russia considers issuing its own oil-backed crypto asset.
In addition to this, there were new developments regarding the case of Quadriga, a problematic Canadian crypto exchange. Well, this crypto exchange is generally known for missing approximately CA$180 million dollars in digital coins after the unexpected death of its creator Gerry Cotten, who turned out to be the only one having access to the company’s cold wallet.
On Monday, it was informed by Fortune that the FBI is currently probing Quadriga’s missing money.
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This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.