- Speculators dumped their holdings and long term investors remained
- Australia launched new crypto exchange regulations
It has been a great day for the cryptocurrencies. Bitcoin gained 400 yesterday. Despite the fears of pessimists, the death cross (when the 50-day moving average drops below the 100-day moving average) for Bitcoin failed to materialize. The 200-day moving average is the next challenge for BTC, which is currently trading at $7652 USD.
The recent purge of the crypto community from the tech giants are now seen as having a positive impact. The rebound continued for the whole day. Previously, any checks on cryptocurrencies were seen as negative to the market, but as speculators dumped their holdings and long term investors remained, any checks leading to a positive growth in the crypto community became good news.
Australia launched new crypto exchange regulations, as the government confirmed that all exchanges must now register with the authorities. This is a positive sign for the market as governments acknowledge cryptos’ importance. This contributed to the rebound.
In XRP, there has been a spectacular rebound as news came out showing XRP having talks with major corporations. This is the first sign of XRP’s potential being unlocked, showing positive developments surrounding the coin. This led to its bounce to up to 0.56.
Ethereum benefitted from the positive news surrounding the entire crypto community. It gained significant rebounds after the Central Bank of Russia projected that a proposed payment network would be developed, all based on Ethereum. The significant news showed Ethereum’s legitimacy and institutions’ belief in the coin, leading it to bounce up to 418, but later declined slightly. However, as Bitmain released Ether ASIC miners, the market had mixed reactions. Such introduction may increase the Ether platform’s efficiency, but at the same time create uncertainty in the market. The price of Ethereum today will reflect the market’s view on the news.