The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Digital currencies show mixed performance
On Friday, key crypto assets were generally mixed in Asia, with Bitcoin still demonstrating a downtrend. India is actually considering an absolute ban on crypto assets, thus casting doubts on the outlook for the cryptocurrency market.
Eventually, Bitcoin headed south by nearly 0.88% ending up with $5,365.7, losing its grip on the recently achieved $5,400 level. As for Ethereum, it went down by 3.12% concluding the trading session at $158.68.
Besides this, XRP went up by about 0.08% being worth $0.29742, while Litecoin rallied by up to 2.46% reaching $73.912.
The mixed performances of the digital currencies sent the market capitalization down to about $171.6 billion from yesterday’s outcome of $176.7 billion.
The Indian cabinet has started inter-ministerial consultations on a draft bill dubbed «Banning of Crypto Assets as well as Regulation of Official Digital Coins Bill 2019», as local media informed.
Several departments are reportedly in favour of absolutely forbidding the purchase, sale as well as issuance of all types of crypto assets. They actually include the Department of Economic Affairs, the Central Board of Indirect Taxes and Customs, the Central Board of Direct Taxes as well as the Investor Education and Protection Fund Authority.
A statesman told that The Economic Times that a final law is going to be offered to the new cabinet after May’s general elections.
While India is about to have crypto assets banned, Malta has come up with a guidance note to the general public with the aim of warning about the risks of digital coins and also scams.
The note lists out typical crypto scams and tells the public on how to identify and dodge them.
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 Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.