More price falls and fewer u-turns
The last one month has been choppy for cryptocurrencies. Bitcoin has tumbled about 32% over the past one month, shedding recent gains. It has also dropped 1.9% over the past 24 hours and was trading at $673 as of 7:30 AM EST on April 10, 2018. It had an RSI level of 36.7, while its volatility was at 65.7%. The overall volatility in bitcoin has been lower than it was last month.
The overall market capitalization of all the cryptocurrencies is at $258 billion. The market cap for bitcoin was at $114, and its dominance was at 44.2%. As for other top cryptocurrencies, ethereum was down 2.3% for the day and was trading at $394.7, while ripple was down 1.6% and trading at $0.48.
Global developments
After news from India about the increased regulation by the RBI (or Reserve Bank of India) in regards to cryptocurrency, South Africa regulators are now in the spotlight. The South African Revenue Service (or SARS) has reminded investors that profits from cryptocurrency trading could fall under regular tax rules and it could also be liable for capital gains tax.
Also, Jeffrey Sprecher, the CEO at ICE (or Intercontinental Exchange) didn’t rule out the consideration of futures contracts for cryptocurrencies (ARKW) (ARKK). He said to Bloomberg, ”There is a trend here we can’t ignore in my mind, so I don’t discount it.”
In 2017, CME Group and CBOE Global Markets introduced digital currencies futures, and NASDAQ is considering the same.
Read more at:
https://marketrealist.com/2018/04/the-road-has-been-rocky-for-cryptocurrencies-in-2018
