The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Digital coins keep ascending
On Wednesday, Bitcoin along with other key crypto assets proceeded with their double-digit advance in Asia, although without a clear directional driver.
The cryptocurrency market capitalization jumped to $176 billion, pushing Bitcoin past $4,900.
As a matter of fact, Bitcoin jumped by nearly 16.79% being worth $4,919.6, hitting the highest value since November. On Wednesday, it briefly hit $5,000. Additionally,
Ethereum managed to gain about 17.91% showing $165.9. As for XRP, it inched up by nearly 12.45% trading at $0.35038. Litecoin went up by up to 26.73% reaching $79.402.
The crypto market has been quite calm since the beginning of 2019, with Bitcoin fluctuating between $3,000 and $4,000.
Currently, it’s unknown what really provoked a leap in crypto assets. However, it’s believed that the very news that the SEC had approved Bitcoin exchange-traded funds might be that reason.
In fact, the mind-blowing price movement has proven the fact that Bitcoin is extremely speculative. Some experts pointed out that the cryptocurrency market is still emotional.
Additionally, it was informed that the wild price movement could have been provoked by an anonymous trader’s order that was worth nearly $100 million spread across three cryptocurrency exchanges, in particular, Bitstamp, Kraken, and also Coinbase.
While market participants are still struggling to spot the driver for the price ascend, another pack of crucial news on regulation showed up.
The Malta Financial Services Authority has welcomed the first 14 cryptocurrency agents. Eventually, the approval arose five months after the implementation of the so-called Virtual Financial Assets Act, regulating the registration of whitepapers by issuers of VFA, VFA agents as well as VFA service providers.
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
The Bank of England will release its statement and announce its monetary policy decision at 14:00 MT.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
The US dollar has surged to levels unseen since April after the Fed's decision back on Wednesday. Gold has reversed up from the local dips. Still, this week was the worst for gold in more than a year.