What news has been happening in the crypto market this week?
Crypto assets keep slumping
On Monday, crypto assets proceeded with their dive, with all key cryptocurrencies starting the trading week in the red because the disastrous September demonstrates no sign of receding.
The world’s number one crypto asset, Bitcoin retreated towards its year’s minimum, trading at $6,120.31, which is its lowest value for almost a month. During early morning trade, on the Kraken exchange, the currency pair BTC/USD showed $6,299.89, declining by 1.4% since Sunday.
The crypto market cap has lost almost $50 billion off the overall value of all digital currencies for less than five days. It gave one blogger grounds to talk about the integrity of the crypto market. Due to the fact that crypto assets are decentralized, anybody is capable of creating his own, and all types of outfits are currently mining fresh units of currently existing digital coins. Some experts even dared to label crypto assets as a “big joke” because a great number of people keep losing huge amounts expressed in fiat currencies normally hated by them.
On Saturday, the number two crypto asset, Ethereum, went down below $200 on Saturday. It turned out to be the first such a leap since September last year and made a fresh one-year minimum, reaching $185. As a matter of fact, the currency pair ETH/USD came up with a reading of $196.44, heading south by approximately 2.5%.
In addition to this, the losses kept mounting. The currency pair BCH/USD headed south by 2% trading at $478.60. Furthermore, the currency pair LTC/USD slumped by 3.4% at $54.20. The currency pair XRP/USD hit 27 cents, losing about 3.3%.
As for futures, they started the trading week on the back foot. Eventually, September delivery Cboe Global Markets Group Inc.’s contract XBTU8 went down by 2.1% being worth $6,270. At the same time, September delivery CME Group Inc. contract BTCU8 lost 2% reaching $6,260.
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.