The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Crypto assets keep diving after Friday’s abrupt market meltdown
On Monday, Bitcoin along with other key crypto assets kept slumping in Asia after Friday’s abrupt market meltdown, which generated double-digit losses across all digital coins for 24 hours.
As a matter of fact, Bitcoin went down by 2.67% being worth $3,521.9. The world’s number one crypto asset sank to a fresh 3-week minimum, trying the $3,500 mark.
Additionally, Ethereum slumped by 6.10% hitting $116.56. As for XRP, it dived by 3.54% being worth $0.31846. Litecoin inched down by 7.83% reaching $30,272.
On Monday, several reports attracted attention. Well, Japan told that it wouldn’t have crypto exchange-traded funds approved. Moreover, regulations on crypto startups were passed by American local authorities, while Bitmain, a mining giant announced a management shuffle.
According to some sources, Japan’s Financial Services Agency may approve crypto ETFs tracking the digital tokens. Nevertheless, on Monday the regulator stressed that it doesn’t intend to do this. Moreover, the watchdog told the listing of Bitcoin futures on the financial instruments market isn’t considered.
The given response happens to be in line with its cautious approach to digital coins. By the way, in December, the watchdog opposed revisions to Japan’s securities law to allow crypto options and futures to be listed on key financial exchanges.
Besides this, the American state of Wyoming advanced a bill to permit blockchain startups to work in a regulatory "sandbox" for a legislative vote. In case the bill becomes the law, such startups could test cutting-edge technologies and find out how they could operate under currently existing regulatory regimes.
Meanwhile, some media reports in Asia told that Micree Zhan and Jihan W, the co-founders of Chinese Bitcoin mining company Bitmain are going to step down as CEOs of the giant and Wang Haichao is going to be a new CEO. Both Wu and Zhan will stay in the company as co-chairs.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
Tesla stock drops in premarket trades on Thursday. Why? See the article (it's short) and use it to your advantage.