- The latest ECB meeting was not all about the euro
- Litecoin (LTCUSD on xStation5) is about to test a relevant support area
- Cryptocurrency trading in CNY collapses following the Chinese clampdown
Moves across the cryptocurrency market have subsided recently after the exceptionally hectic last week. For that reason, it’s worth getting back to the latest ECB’s meeting where Mario Draghi alluded to an idea of implementing a new cryptocurrency in Estonia. In short, Draghi didn’t beam with happiness to say the least.
He stressed that “no member state can introduce its own currency. The currency of the euro zone is the euro”. That question, asked by an Estonian reporter, was related to plans of launching a so-called ’Estcoin’, a state-backed national cryptocurrency which was to be administered by the country and launched as an ICO. Notice, that kind of activity has been banned by the Chinese authorities recently being the catalyst for a massive drop seen on Bitcoin (BTCUSD). What’s more, the Estcoin has been already praised by Vitalik Buterin, the creator of Ethereum (ETHUSD). Despite clear opposition from the ECB, Estonia may still be able to conduct a launch of a national cryptocurrency if it is to do so through a private-public partnership.
Litecoin (LTCUSD) has already approached a meaningful support zone which could act in favor of bulls. Source: xStation5
Meanwhile, the Litecoin price tested successfully an important support area which could offer more conviction for bulls. As for now, it looks as if the price would begin rising, if so a move towards $63 might be on the cards. Moreover, let’s notice that the price action has drawn an ascending sequence of rises and falls which seems to bode well for further gains.
The latest Chinese crackdown on the cryptocurrency market appears to begin taking its toll. According to the latest statistics, Japan has taken the lead in global Bitcoin trade volume. Currently, 93 billion JPY worth of Bitcoins are being swapped in the country as Japan is capturing over 47 percent of the global BTC volumes. Japan’s leading trade volume is followed by U.S., Korea, China, and Europe.
Japan is leading trade volume outpacing US, Korea and Europe. Source: bitcoin.com
Other news worth looking at:
- Academy Award winner Jamie Foxx promotes the token sale for Cobinhood, which is being advertised as a zero-fee cryptocurrency exchange
- The Australia’s government introduces a bill that delivers on a long-standing promise to solve a “double taxation” problem for cryptocurrencies.