Also, the 2017 trucker-themed “Freedom Convoy” organisers brazenly flaunted a Mareva injunction that was used to freeze the cryptocurrency that was raised during the event. In declining to propose stricter regulations for Canada, a Canadian judge stated that cryptocurrencies needed further research.
Presidents’ Day was observed on Monday in the United States, but cryptocurrency is a 24/7 industry.
In Asia, Bitcoin is up 1.9% on the day to $24,815 and Ether is up 1% to $1,701.
This week saw a significant increase in layer 1s with Chinese themes. NEO is up 70% over the past week while Conflux is up 500%. Both have risen by about 40% during the past day.
The partnership between Conflux and China Telecom to develop blockchain-based SIM cards was revealed last week. Yet, it’s crucial to keep in mind that the Conflux Network in China is a distinct, tokenless, and officially recognised blockchain that works with the nation’s Blockchain Service Network.
According to Craig Erlam, senior market analyst at OANDA, strong economic statistics from a China that has been reopened following COVID will increase the value of equities and cryptocurrencies.
He wrote to CoinDesk in an email, saying, “The optimistic argument for the Chinese economy remains sound, and the probable flow of stimulus over the next couple of months as it gathers pace might accelerate that. Policymakers “look set to release domestic demand to its full potential, which will be the cornerstone of the economic rebound.”
While equities and cryptocurrencies may be rising, Erlam doesn’t believe gold will follow suit.
According to him, recent weeks have “clearly underlined” the fact that gold dealers “do not share the eternal optimism that equity and crypto traders hold.” The yellow metal encountered a corrective pattern and has since had difficulty emerging from it.
With the U.S. holiday on Monday and few anticipated economic events in the U.S. and Europe, this week may be sluggish, but it may also be the beginning of a breakthrough for bitcoin, with price increases based only on enthusiasm.
Bitcoin increased 2% again on Monday and is once more eyeing the highs of the previous week, he said, suggesting that cryptocurrencies “seem to operate in a world of their own.” “A break of this level might spark a lot more interest in bitcoin, making it potentially a pretty important milestone. And everyone has witnessed what occurs when exhilaration and enthusiasm are present in cryptos.
Also, read our popular articles: