Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
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.
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.