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On Tuesday, key crypto assets declined in Asia due to the fact that digital token companies are reducing their staff in the face of a huge market selloff.
As a matter of fact, the number one digital coin, Bitcoin went down by 3.1% coming up with a reading of $3,462.7. As for Ethereum, this crypto asset lost 2.3% trading at $90.6.
Besides this, XRP rallied by 0.3% trading at $0.30909. Litecoin slipped by 2.7% showing $24.230.
Cryptocurrency companies are currently laying off more staff for the purpose of surviving a devastating market selloff, as the Wall Street Journal informed. Blockchain venture company ConsenSys is on the verge of reducing nearly 13% of its employees, while blockchain-based social network company Steemit fired up to 70% of its staff.
Bitcoin has sunk almost 80% to its lowest value in 2018 from $17,172.3 at its maximum in January. Besides this, Ethereum has also declined about 90% from January in 2018. The overall cryptocurrency market capitalization dived up to 7 times from the beginning of 2018, as CoinMarketCap ascertains.
Global organizations are willing to try their hands in the ledger technology with the aim of resolving global challenges. For example, the United Nations’ arm for children, UNICEF announced an ambitious $100,000 investment in up to six blockchain startups to come up with open-source prototypes of blockchain applications for a year.
Chris Fabian, UNICEF Innovation Principal Adviser told that blockchain technology is still raw, so a great deal of learning and experimentation is required, and failures are inevitable in this case. Nevertheless, Chris Fabian is assured that blockchain can make the world better.
Furthermore, in Alberta, Canada the first city digital coin in the country, Calgary Digital Dollars showed up. The aim of the project is to stimulate small businesses as well as non-profit organizations in the city.
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.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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.
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