Bitcoin and the stock exchange
According to a Coin Metrics report from this year, a clear decrease was observed in the 90-day correlation between the cryptocurrency market and the stock market.
On the other hand, the relationship between Bitcoin and gold increased from 0.03 points during the US banking crisis last March to 0.16 points, and this confirms once again the attractiveness of investors to safe assets in times of uncertainty in traditional financial markets.
Additionally, the report highlights an increase in institutional interest in cryptocurrencies as Fidelity and BlackRock have filed applications for Bitcoin ETFs.
A digital currency soaring in just one day
The price of the Shiba Inu gas token rose more than 35% and was added to the top 100 cryptocurrency list in the past 24 hours, as the price of BONE rose by 25% after crossing several resistance levels and is expected to prepare to reach $3.
Important news about the largest cryptocurrency exchange
A report issued by a well-known cryptocurrency market research firm reported by Reuters on Wednesday stated that Binance's market share fell to 52 percent from 60 percent after it was sued by the US Securities and Exchange Commission for violating regulatory rules.
This decline comes at a time when the cryptocurrency market is witnessing a general decline due to important data released from the United States stimulating the Federal Reserve to continue its monetary policy.
Yesterday, Bitcoin hit a new high after several of the largest traditional finance firms sought a license to launch exchange-traded funds for the digital currency in the US, which fueled optimism about the digital asset and increased its appeal in global markets. However, Bitcoin has fallen today and gave back those gains.
The digital currency market today
- The total market capitalization of the cryptocurrency market is currently recorded at about $1.17 trillion, and about $46.15 billion has been traded during the current time period.
- Bitcoin witnessed a decline during the past 24 hours, as it reached the level of $30,085, recording weekly losses, and its market value is currently about $584 billion.
- Ethereum, the largest digital currency by market value after Bitcoin, fell during the past 24 hours to reach $1,856, recording weekly losses, with a market value of about $223 billion.
- Binance Coin price fell to $233 and Ripple XRP price fell to $0.46291.
- Cardano saw a decline to 0.2794, while Dogecoin fell to $0.065251 levels.
currencies today
The Japanese yen witnessed gains in the foreign exchange market over the weekend, as it took first place in the list of the highest gaining currencies.
The yen posted gains of 3.67% against the other seven currencies. These gains were attributed to weak risk appetite in the global currency market, which increased demand for the Japanese yen.
In the second place in the list of the most profitable currencies, the New Zealand dollar achieved gains of up to 1.15%, and this came after the statements of New Zealand Prime Minister Chris Hepkins today regarding the relationship between his country and China.
Given that China is New Zealand's largest trading partner, Hepkins indicated the need to maintain the relationship with Beijing despite the challenges it faces, and this position contributed to the rise of the New Zealand dollar against other currencies on the world stage.
Then the Australian dollar concluded the list of winning currencies in the global currency market trading today, as the Australian dollar benefited from the positive developments in the Chinese economy, and these gains also come in light of the strong trade relationship between China and Australia.
Dollar and euro today
- The dollar witnessed a decline today, as signs of weakness in the US labor market affected expectations on how long the Federal Reserve (the US central bank) will continue to raise interest rates.
- The Euro witnessed a decline against most of the major currencies during today's trading after the release of weak economic data.
- The dollar index fell to 102.240, while the euro rose, recording $1.0969 per euro.
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