Here's what you need to know on Monday

Markets:

BTC/USD settled at $9,180 after a move to $9,223 during early Asian hours on Monday. The first digital coin has barely changed both on a day-to-day basis and since the start of the day; The coin is moving within the short-term bearish trend amid low volatility.

At the time of writing, ETH/USD is changing hands at $238.58. The price touched $239.88 during early Asian hours but failed to hold ground. ETH/USD has grown by 1.4% in the recent 24 hours and stayed unchanged since the start of the day. The coin is moving within a short-term bullish trend amid low volatility.

XRP/USD tested area above $0.2000 during early Asian hours and retreated to $0.1984 by the time of writing. The price has stayed unchanged on a day-to-day basis and since the beginning of the day moving in sync with the market. Now the short-term bearish trend amid low volatility.

Among the 100 most important cryptocurrencies, Swipe (SXP) $1.78 (+39.5%), Terra (LUNA) $0.3647 (+36.3%), Band Protocol (BAND) $4.06 (+31.5%) are the most successeful. The day's losers are Flexacoin (FXC) $0.0030 (-24.7%) , Elrond (ERD) $0.0135 (-8.5%), Reserve Rights (RSR) $0.0120 (-7.4%).

Chart of the day:
BTC/USD, 30-min chart


Market

Elon Musk trolled Dogecoin on the weekend. He pumped the coin by posting a meme that inspired a lot of bullish speculations and caused DOGE price to soar by nearly 16%. Later he posted another tweet asking whether Dogecoin was a valid form of currency, which caused another massive price increase. DOGE jumped by nearly 8% to $0.003738 in less than 30 minutes and swiftly retreated to $0.003372. The coin is down 4.5% on a day-to-day basis, though it is still well above the pre-pimp levels. 

Industry

PayPal has chosen Paxos to handle the crypto-related services and offer its massive user base new payment options with digital assets, CoinDesk reports citing two people familiar with the matter. New York-based Paxos has recently launched an AI-based brokerage solution, Paxos Crypto Brokerage. The service offers a wide range of functionality, including cryptocurrency buying, selling, holding, and sending.

The Ethereum (ETH) market capitalization is only about 50% of the entire ETH blockchain, according to the recent research published by Messari. The total value of ERC-20 tokens like LINK and stablecoins skyrocketed to $25.6 billion, which is roughly 49% of the total value of the assets on the Ethereum (ETH) blockchain. Ryan Selkis, CEO of crypto analytics firm Messari, commented: 

Ether now only accounts for 51% of the value secured on the Ethereum blockchain, which is the smallest amount on a percentage basis that it’s accounted for in its history. The other 49% of the value stored on Ethereum now incentivizes economic activity beyond the maintenance and execution of the Ethereum blockchain.

Regulation

 Malaysia Securities Commission warned that the cryptocurrency exchange Binance had no legal right to operate in the country. The regulator blacklisted the company as it was breaking securities laws “operating a recognized market without authorization from the SC.” The cryptocurrency exchanges should obtain a license and register with the regulator, otherwise, they may be liable for hefty fines and imprisonment. Meanwhile, Binance has no plans to cease its operations in the country, Decrypt reports citing the comment from Binance customer service.

The Bank of Japan (BoJ) has established a “Digital Currency Group” to speed up the development fo digital yen. The group will study digitization of the yen and the potential CBDCs under the umbrella of the Payment and Settlement Systems Department. Akio Okuno, deputy director-general at the Department and the former head of the policy planning division in the Monetary Affairs Department will head the new formation.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP