- Namibian Central Bank says Bitcoin (BTCUSD on xStation5) purchases are illegal under law
- Capitalization of all cryptocurrencies slumped below $134 billion
- Ripple (XRPUSD) at a critical support once again
The cryptocurrency market has experienced wild volatility of late mainly on the back of adverse stories coming from China. Moreover, the CEO of JP Morgan Chase has also weighed in on that topic calling it “a fraud” being even “worse than tulip bulbs”. The Bitcoin price is declining another 2% and a subsequent downbeat story from Africa might be not reassuring at all.
Cutting to the chase, the Namibian Central Bank said that cryptocurrency exchanges are not allowed in Namibia under a decades-old law, and merchants in the African country may not accept them as payment for goods and services. While the report acknowledges that cryptocurrencies can be used to facilitate remittances and other consumer payments, by trading into and out of fiat currencies, it said that “due to the lack of a legal premise, the bank is unable to endorse such activities in Namibia at the moment.” In short, as for now there is no a legal possibility to get the African country on board when it comes to broadening usage of virtual currencies.
Having regard to the latest rout seen across major digital currencies, an incredible decline of their capitalization should not be surprising. After achieving a peak close to $180 billion, the total market capitalization slumped below $140 billion. It means we’ve already gotten the lowest point since the first decade of August.
The Ripple price has bounced off an important downtrend line lately. The coin has tried to break a crucial support zone several times but has failed to do as of yet. Nevertheless, if the level is broken ultimately, it could give rise to an extended leg lower even towards $0.15.