A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
How the Fab Five Fared
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -1.38%. Leading the way was Litecoin, whose price is now around $74.51 USD, which yielded holders a return of -1.12% from the day prior. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -1.85% — a move that puts its price around $9988.38 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
Key Technical Moves
Bitcoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:
- Looking for an uptrend? The most reliable uptrends can be found in XRP, Litecoin and Ethereum.
- If coins without a clear trend are your thing, consider Bitcoin and Bitcoin Cash. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- Bitcoin Cash is getting close to its 20-day moving average; its current price is 311.97, and its 20-day moving average is 304.4625.
Insights from the Blockchains
Ripple recorded 1,002,281 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 68% over Ethereum, which had the second-most transactions recorded on its chain. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. Litecoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $33,032,814 US dollars.