By Dhwani Mehta
Share on Twitter Share on Facebook Share on Linkedin
Bitcoin, the most dominantly traded digital currency, is seen reversing yesterday’s temporary drop and resumes its rebound from eleven-day lows of 12,639 to now trade at 13,792 levels, up +2.13% on the day. The renewed bounce seen in the digital currency is mainly driven by the latest headlines, citing that the S. Korea government will decide on virtual currency exchange shutdown after sufficient consultation.
Moreover, the US dollar rout continues to extend, boosting the demand for the USD-denominated Bitcoin. The greenback slumps to more-than three-year troughs against its major peers and attacks 90.00 – the key levels.
However, it remains to be seen whether the spot can sustain the recovery mode, as the latest warning issued by the Chinese industry body over the risks associated with the cryptocurrencies will undermine the sentiment around the Bitcoin.
Meanwhile, most of its widely traded rivals are seen in the red zone, with Ethereum down -1.07% near $ 1330 levels and Bitcoin cash -4.75% weaker near $ 2460. Ripple also follows suit, down -3.50% to test the $ 1.80 mark.
According to Coinmarketcap, the cryptocurrency market cap decreased to $703.82 billion, with Bitcoin’s share also easing to 33% of global cryptocurrency trading.
Share on Twitter Share on Facebook Share on Linkedin
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
CHF/CAD
0.0048 (0.37%)
1.2 91 8 / 93 8
Open 1.2881 High 1.2939 Low 1.2861
1.2928
CHF/CAD
15M
1H
4H
1D
1W
TREND INDEX
Bullish
OB/OS INDEX
Neutral
VOLATILITY INDEX
Expanding
Updated at Jan 15, 12:45 GMT
FORECAST BIAS N/A