Cryptocurrencies exploded on Friday for reasons not fully understood by analysts. Litecoin was among the day’s stars, gaining 30 percent. Brokers, though, remain skeptical about the rally’s sustainability.
Bitcoin's near-$800 decline on Wednesday might not have raised an eyelid six months ago, but in what has become a lifeless market of late, the fall is alarming.
As measures of crypto volatility reached long-term lows on Tuesday, a new study from UK-based researchers was released suggesting the future is bleak for bitcoin and the broader crypto industry.
There was widespread relief among emerging market investors on Thursday after the Turkish central bank finally raised interest rates to protect the embattled lira. Elsewhere, the dollar lost value for a fourth consecutive day and ethereum stabilized after a ten-day fall.
The world’s largest cryptocurrency, bitcoin, has lost 15 percent of its value since Wednesday morning. The crypto bloodbath has also taken 25 percent off ethereum. Dramatic declines began after reports indicated that Goldman Sachs is to scrap plans for a crypto trading desk.
The Japanese yen has been the star performer of recent days and by Monday afternoon in London it was once again trading higher against most of the world’s currencies. When last seen, USD/JPY stood at 111.