In today’s cryptocurrency news, every trader is looking for Santa and the greens with a new surge led by Bitcoin. However, the reality is the very opposite, proving that the bears are still here in a new downward trend that brings Bitcoin back to the $3,800 margin.
At press time, Bitcoin (BTC) is trading at $3,813 after a steep fall in the overall market that wiped around $10 billion from the market cap which is now valued at $128.8 billion. Even though BTC tried hard to break the $4,200 level, it failed miserably and lost its momentum.
Right now, Bitcoin is struggling to find support but is not the only cryptocurrency that is weak. Ethereum (ETH) and Ripple (XRP) have fallen by more than 12% losing more than a tenth of their value. Currently, Ethereum is trading at $129 and Ripple is at $0.38.
Bitcoin Cash (BCH) has also failed to sustain the momentum and dropped by more than 18% to a current price of $168, followed by EOS (EOS) and Stellar (XLM) which also fell by more than 10% and are trading at $2.60 and $0.12 respectively.
No one knows if this trend will continue on the Boxing Day (day after Christmas) tomorrow. However, what is certain is that the drop is big and may even lead Bitcoin to a new yearly low just before 2019 knocks on our doors.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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