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.
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -7.87% in aggregate. Out of the aforementioned five, Ethereum gave investors the best daily return; it was down 4.08%, and now stands at around $311 USD. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 13.08%, and is now near $114 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole as a whole.
XRP, Litecoin and Bitcoin Cash had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each of those respective currencies. What caused these moves might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:
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Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 1% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also greater than Ripple’s, suggesting consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $116,683,832 occurred on Bitcoin Cash’s chain — an unusual development, as Bitcoin is typically the chain with the largest transaction.
A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
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