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.
How the Fab Five Fared
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.1%. Leading the way was Bitcoin, whose price is now around $7132.39 USD, which yielded holders a return of 0.74% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -0.98% — a move that puts its price around $43.819735 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.
Key Technical Moves
None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- If coins without a clear trend are your thing, consider XRP and Bitcoin. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- Litecoin and Ethereum are in a clear downtrend at this time.
- XRP is getting close to its 20-day moving average; its current price is 0.218407, and its 20-day moving average is 0.221205424644596.
Insights from the Blockchains
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 939,158 transfers added was about 64% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $21,088,762 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $128.05 billion US dollars — which means Bitcoin accounts for about 66.61% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, bouncing between 66.31% to 66.86%.