Crypto Markets Continue to See Mixed Signals, Dow Jones Up Over 360 Points
Crypto markets continue trading sideways, Bitcoin keeps holding its weekly momentum.
Market visualization from Coin360
Bitcoin (BTC) is slightly down over the past 24 hours, and is trading at $3,626 at press time. At press time, the biggest cryptocurrency is up around 0.41 percent over the past 7 days, while down some 0.1 on the day. On Feb. 11, Bitcoin transaction fees saw a new low point.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ethereum (ETH), the top altcoin by market cap, is trading at $122.37 at press time. After surging up to $124 per coin on Feb. 10, Ethereum is holding its weekly momentum, up more than 5 percent over the past 7 days, and up around 0.11 percent on the day.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple (XRP), the third top cryptocurrency by market cap, is seeing slight losses today, down 1.38 percent over the past 24 hours. Trading at $0.3, the coin is also down around 2.60 percent on the week.
Ripple 7-day price chart. Source: CoinMarketCap
Total market capitalization has been hovering around $120 billion, while daily trade volume exceeded $36 billion on Feb. 14 for the first time since July 2018.
Earlier today, the United States Securities and Exchange Commission (SEC) started reviewing a rule change proposal for NYSE Arca’s Bitcoin exchange-traded fund (ETF). The regulator is now expected to provide an initial decision to approve or reject the proposal within 45 days starting from today.
Yesterday, Luxembourg authorities passed a bill that facilitates the use of blockchain tech in financial services, granting blockchain-powered transactions the same legal status and protection as those done by traditional means.
In the meantime, stocks have surged today amidst increasing anticipation over a U.S.–China trade deal, also reportedly seeing a two-month high this week. The Dow Jones Industrial Average is up 368 points or around 1.4 percent at press time as J.P. Morgan Chase and Goldman Sachs outperformed. The S&P 500 gained 0.84 percent, led by the energy and industrials sectors.
Major oil prices are also seeing a flush of green this Friday, with the Canadian Crude Index rising rising almost 4 percent at press time, while Brent Crude is up by 2.62 percent and West Texas Intermediate (WTI) has grown by 2.19 percent, according to oilprice.com. Analysts suggested that oil prices are getting closer to breakout levels, and the final day of trading this week will give a better idea of whether crude futures can keep rallying.