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 recover
On Thursday, key crypto assets managed to reverse losses from yesterday in Asia right after the market was suppressed by the Binance hack news. As a result, the bullish sentiment pushed Bitcoin up, enabling it to overleap $6,000.
Eventually, Bitcoin headed north by up to 3.14% coming up with an outcome of $6,080, overleaping the major $6,000 mark for the first time in 2019. The number one crypto asset managed to regain momentum after it was set back a bit by the news that key crypto exchange Binance was attacked by hackers.
As Binance informed, hackers managed to withdraw 7,000 Bitcoins worth nearly $40 million just in one transaction.
As for other crypto assets, they also stayed in the green. Eventually, Ethereum tacked on by up to 1.16% concluding the trading session at $171.78. Additionally, XRP surged by up to 0.17% hitting $0.30082, while Litecoin jumped by nearly 1.61% being worth $75.352.
The overall market capitalization went up to $188.7 billion from yesterday’s reading of $183.9 billion.
Facebook told it’s going to relax its advertising ban on businesses that promote products as well as services having to do with crypto assets. Last June Facebook imposed a policy to require prior written approval to promote crypto products as well as services on its platform.
However, Facebook will keep prohibiting advetisements that promote contracts for difference as well as complex financial products because they’re often associated with predatory behavior. Moreover, advertisements for ICOs and binary options are still going to be banned.
The move occurred after Facebook told it would launch its own crypto asset that is believed to be a stable asset pegged to the evergreen buck.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.