Should Beijing look at its crypto ban? A former bank member believes so
A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
Taking data from Coin360, we can see that not all tokens are following Bitcoin price’s spike. Big movers like Bitcoin Cash and Ripple are dipping in the red currently and stablecoin Tether is facing a minor dive, knocking its price down from the $1.00 peg its meant to hold.
Bitcoin price
Over the past week, Bitcoin has ranged from a low of $5208.00 to see a seven day high of $5690.67. At present, Bitcoin is boasting a close-to-high point of $5687.99. This is a 4.75% increase in day-on-day trading. In the past, Bitcoin ending off the week on a high can spell good things to come in the week to follow. If Bitcoin continues its trajectory upwards, the weekend could promise high rises to kick next week into gear.
Ethereum price
Taking a look at the leading altcoin, Ethereum has been boosted from a seven day low of $153.19 on Monday to show off a high of $164.60 on Wednesday. At present, Ethereum is up in day-on-day trading by 1.26% and is valued at $163.82.
Ethereum price often follows Bitcoin’s trend. If the number one cryptocurrency does see an increase over the weekend, it’s likely that the altcoin’s value will subsequently follow in turn.
Ripple price
Unlike Ethereum, Ripple’s XRP does not seem to follow Bitcoin’s trend. Currently, Ripple is one of the few cryptocurrencies showing red. Ripple is down by 0.87% and is showing a value of $0.30155, down from a seven day high of $0.311631.
Tether
Following the news that Tether is not fully backed by the US Dollar, the stablecoin has dropped trading volume and price. Tether has also dipped from the $1.00 mark it holds as a stablecoin pegged at a 1:1 ratio to the US dollar. Currently, it is showing a $0.9896 price tag, a 0.66% decrease in day-on-day trading price.
Bitcoin’s performance
eToro’s Senior Market Analyst Mati Greenspan pointed out in a tweet that Bitcoin’s price is proving itself a better performer than Apple stocks so far this year. It’s worth noting that Apple stocks have consistently risen, but simply have not kept up with Bitcoin’s sharp incline in price.
This really deserves a chart, so here it is.
Bitcoin in white. Apple in green. Since the start of the year.#CherryPickersDelight pic.twitter.com/tp5NIBaacv
— Mati Greenspan (@MatiGreenspan) May 2, 2019