Given the steep run up in cryptocurrency and now the recent crash, investors and enthusiasts are keenly keeping a track of them. Other than the cryptocurrency processes such as the Bitcoin halving in the case of bitcoin, the price of cryptocurrencies are of late being influenced by Elon Musk- Tesla CEO who is even criticised for moving the prices rather irrationally.
So, here are some of the major updates on the bitcoin and other altcoins:
1. Bitcoin prices now over $40K:
As per the cryptocurrency news outlet Coindesk.com, the largest cryptocurrency Bitcoin is quoting at a price of $40,584 with a percentage daily change of almost 4 percent. The digital currency after languishing to $30K in the past week is now moving higher again after Elon Musk tweeted on his twitter handle and said that he held a meeting with Bitcoin miners in N. America for appreciating their efforts towards making the process of bitcoin mining more environment friendly.
2. Crash in bitcoin will fuel inflow to stocks:
As per the research note from Vanda Research, the crash in bitcoin mean stock markets' gain as the investors are rotating out of crypto currencies and moving into stock markets. "With momentum in cryptocurrencies stalling, we expect some of the money to slowly flow into equities again," the note said.
3. Ether to gain dominance over bitcoin
In a note released Friday, Goldman Sachs said the first-mover advantage that bitcoin has will not stop the largest and most dominant cryptocurrency to finally take a spot after Ether. At the time of writing this report, Ether quoted at a price of $2894, up 9 percent. Also, the trading volume in Ether is seeing a substantial increase, closing in on Bitcoin.
4. China's NDRC issues a detailed draft on how to ban cryptomining:
China's highest economic planning agency, National Development and Reform Commission (NDRC), has come up with a draft guideline on how local authorities can can crack down on crypto mining activities in the region. The guideline form the part of the Inner Mongolia's efforts to put into practice an earlier notice that was released by the NDRC on Feb. 25.
5. Prices of most tracked or viewed cryptos as per Coinmarketcap.com:
|Cryptocurrency||Last price as on May 26|