Cryptocurrencies are going down... What may signal a recovery?
Digital currencies demonstrate mixed performance
On Wednesday, key crypto assets showed mixed performance. Their fluctuations were minor because of a lack of directional movers.
Eventually, Bitcoin headed south by 0.10% concluding the trading marathon at $5,188.4, stilly staying above the $5,000 mark. Well, it had stayed below the $5,000 mark since mid-November before it unexpectedly gained steam on April 1.
Aside from that, Ethereum went up by 1.49% demonstrating an outcome of $178.69. As for XRP, this digital coin went down by 0.17% being worth $0.34922, while Litecoin edged up by 0.76% hitting $87.453.
Additionally, the cryptocurrency market capitalization still amounted to $181 billion, which is the same level observed yesterday.
China’s planning agency formulating macroeconomic policies told it actually considers banning cryptocurrency mining in China. The news gained much attention among investors.
The National Development and Reform Commission officially included cryptocurrency mining in the list of activities it’s going to terminate and until May 7 it’s currently seeking public opinion.
By the way, China is generally known for its radical stance against digital coins. For instance, China’s key financial institution banned ICOs in 2017.
China appears to be an ideal place for cryptocurrency mining due to its cheap energy as well as the abundance of hardware. Bitmain, a mining giant is about to set up 200,000 units of mining equipment in China with the aim of using its cheap hydroelectric power.
However, the given news failed to set Bitcoin back – it kept hovering above the $5,000 mark.
Another breaking news, which gained attention in the crypto market, was that the US subsidiary of EU cryptocurrency exchange Bitstamp had been granted a digital currency license from New York state’s financial watchdog.
On Monday, crypto assets tumbled due to the fact that the Organization for Economic Cooperation and Development drew attention to the necessity of the global regulation of initial coin offerings…
German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday…
In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion…