- The Big Collapse in the Cryptocurrency Market
- Oil Fell With Epidemic Concerns
- “Navalny” Warning from the USA to Russia
The Big Collapse in the Cryptocurrency Market
With the effect of the public offering process of the US crypto money exchange Coinbase, Bitcoin, which carried the summit above $64,000 on weekdays, declined to $52,148, losing more than 10%.
The drop appears to coincide with reports that the US Treasury plans to tackle financial institutions for money laundering carried out through digital assets.
Data website CoinMarketCap cited a blackout in China’s Xinjiang region for the fall, which allegedly powers much of Bitcoin mining — the process by which new bitcoins are entered into circulation.
The depreciation of Bitcoin caused many altcoins to crash. Ethereum fell more than 11%, while XRP (Ripple) fell 17%. Litecoin lost 17% and Dogecoin 26 %. Many sub-coins affected by the fall of Bitcoin also experienced a loss of up to 30 %.
Etherium, the second-largest player in the market, also tested $2,000 with a decline of over 12% and stabilized at $2,200 with subsequent purchases.
The loss in Binance Coin, the third-highest cryptocurrency with the highest market value, reached about 13%.
Last week, with the positive atmosphere created by Coinbase’s IPO in the cryptocurrency markets, Bitcoin saw over 64 and many altcoins such as Etherium, XRP, Dogecoin, Litecoin, Chiliz recorded a sharp rise.
On the other hand, on Friday, when the CBRT banned trading with crypto assets, the global cryptocurrency market volume fell by nearly $100 billion.
With the insecurity in the market and the sudden drop of Bitcoin, many investors liquidized their positions. It is said that a position worth $9 billion has been liquidated in the last 24 hours in the crypto money market caused by insecurity with the sharp fall of Bitcoin.
“Dogecoin’s 100% Friday rally on Friday was a’ peak party. There was enthusiasm in the air, and when that happens in the crypto world, a price is paid. ” – Nexo UK Co-Founder Antoni Trenchev.
Oil Fell With Epidemic Concerns
Oil prices fell, with increased coronavirus cases in India and measures taken in other countries to stop the epidemic.
On Sunday, India announced 261,500 new coronavirus infections, bringing the total number of infections to nearly 14.8 million, second only to the United States, which has reported over 31 million.
Covid-19-related deaths in India increased by 1,501, bringing the number to 177,150.
Due to imported coronavirus infections, Hong Kong authorities announced late Sunday that flights from India, Pakistan, and the Philippines would be suspended beginning April 20.
According to a Reuters monthly poll, Japanese businesses believe the world’s third-largest economy will face a fourth round of coronavirus infections, with many expecting a further economic blow.
Even though Japan has had far fewer Covid-19 cases than many other major economies, fears of a new wave of infections are overgrowing, according to their poll responses.
Some companies wrote in the poll that a slower vaccine rollout relative to other Group of Seven advanced countries, as well as a lack of public awareness of the crisis, would lead to a new wave of infections.
On the other hand, while China’s diesel orders reached their highest level in the last year in March, refineries in the country are looking for alternative fuels in the market for cheaper supply.
China aimed to revive the refinery sector in the country by increasing its export quotas this year.
Brent for June settlement is trading around $66.56 a barrel on the London ICE Futures Europe market, down 0.3 %.
West Texas Oil for the May term is at $63.05 per barrel in the Nymex market, down 0.2 %.
“Navalny” Warning from the USA to Russia
The Biden administration weighs options to punish Russia if imprisoned opposition leader Alexei Navalny dies in state custody, national security adviser Jake Sullivan said Sunday.
“We have communicated to the Russian government that what happens to Mr. Navalny in their custody is their responsibility, and they will be held accountable by the international community,” Sullivan told CNN’s Dana Bash on “State of the Union.” “In terms of the specific measures that we would take, we are looking at a variety of different costs that we would impose, and I’m not going to telegraph that publicly at this point.”
Navalny, 44, has been on a hunger strike for more than two weeks due to the lack of proper treatment for health ailments in prison.
Doctors noted that the dissident leader was at risk of kidney failure, and his eyesight had deteriorated. According to the doctors, Navalny can die within a few days.
In February, Russia sentenced Navalny to two and a half years in prison for a parole violation.
The opposition leader was arrested at the airport on his return to Russia from Germany, where he was treated for nerve gas poisoning.
More than 80 actors, writers, journalists, and directors wrote a letter to Russian President Vladimir Putin on Friday, asking for Navalny to be given appropriate treatment.
Prison officials say they offered treatment to Navalny but wanted to be treated by a doctor of his choice.
The foreign ministers of the European Union are also expected to discuss the Navalny issue on the first day of the new week, on April 19.
Meanwhile, large-scale protests are scheduled across Russia to protest Navalny’s situation on Wednesday.