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The Renminbi Strengthens; Cryptocurrencies Fail Again.

The Renminbi Strengthens; Cryptocurrencies Fail Again.

There is a rise in renminbi and eCNY has seen a sudden face-first fall during Winter Olympics while crypto fell over the weekend.

According to the technicians, bitcoin (BTC) momentum keeps showing negative signals. This is suggesting a consistent pressure for selling during the last month.

Current prices in the market:

Ether (ETH) $2,649 -3.8%

Bitcoin $38,724 -3.3%

Currents top gainers in the market;

Solana – +1.0% Returns

Currents top losers in the market;

Polygon – −5.7% Returns

Internet Computer – −5.6% Returns

Cardano – −5.4% Returns

Market at the moment:

DJIA 34,079 -0.6%

Gold $1,897 -.07%

S&P- 500 at 4,348 -0.7%

Nasdaq 13,548 -1.3%

Market movements over the weekend:

Bitcoin (BTC) went below the $40k mark during the early hours and also kept on going down due to the tension growing between the Ukraine and Russia border. And that continued the rising fears. Other major cryptocurrencies including Ether also dipped.

A potential exploit of a major NFT (Non-Fungible Tokens) platform, OPenSea might have possibly scared the investors away from cryptocurrencies. The CEO, Joe DiPasquale, of fund manager BitBull Capital, said that all of these factors might have allured the investors to sell crypto from their portfolios.

Bitcoin was reported to be trading at $38.7k and a drop of 3.3% was also reported during that 24 hours. This is the lowest level so far since 3rd February. If you have been planning to get into the crypto market then right now is the best time to add it to your portfolio.



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