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.
Recap of the Top Five Cryptos
Since the previous day, the five most-watched cryptos ( Bitcoin Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -4.82%. Leading the way was Ethereum, whose price is now around $168.95 USD, which yielded holders a return of -2.35% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 9.38%, which drove its price to around $65.036325 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
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Price Action to Watch
The moves in XRP, Litecoin and Bitcoin Cash were especially surprising; they were much larger than the normal daily trading range associated with the currency. Technical traders may also wish to note the following developments in price action:
- If you’re looking for a coin without a clear trend — perhaps a coin with some rangebound trading opportunities — XRP might be one worth considering.
- Currencies in clear downtrend over the past two weeks are Litecoin, Bitcoin, Bitcoin Cash and Ethereum. If you prefer bear markets, they might be up your alley.
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Insights from the Blockchains
Ripple recorded 878,104 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 24% 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $139,640,864 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $169.41 billion US dollars. That’s about 68.63% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, oscillating between 67.82% to 68.79% over the past two weeks.