The European currency dipped on the market today as the currency hits its best performance after a whopping three-years due to the underwhelming and softer dollar. The U.S. currency suffers from weak economic data and has been reportedly down against a basket of currencies. Most analysts are still in favor of the euro as the European Central Bank’s meeting approaches.
The massive selloff has been forecasted by many as the euro continues to climb to astonishing levels; the prices managed to ease to $1.2208 levels. Moreover, the currency is also pressured by the uncertainties that are surrounding Germany; as the German Chancellor Angela Merkel continues to create the “grand coalition” in parliament.
Euro’s price managed to surge by a massive 2.7% since Thursday where the European Central Bank noted on their minutes that they are looking to revisit their monetary policy somewhere around this year.
Furthermore, the currency continues to falter after reports are coming in that the monetary policy revisions may take a longer time than expected. The assessments and outlooks for the economy are going to take a long time due to rate-setters needing an ample amount of time before changing any of its policies that were made.
On the other hand, the Bitcoin prices continue to sink amidst the fear of a lockdown; the cryptocurrency market has been unsettled and is under immense volatility as South Korea hovers on the total ban of digital currency in the country. South Korea holds a massive record on the whole trading volume of Bitcoin and the shutdown could severely hurt the market.
The news on China’s plans regarding the use of Bitcoin has also making investor grieve as the prices plummet and continue to. The slides are forecasted to last longer until South Korea makes a concrete decision regarding their ongoing issues.
Bitcoin’s price was hovering around the $12,000 mark, even dropping way below the figure on the trading session; this is the lowest prices that the digital currency experienced since December 5 last year. The prices were reported to slump to the $11,182.71 or a total of 8% decline in the same trading session.
More Crypto Prices
Neighboring cryptocurrencies were also down today as pouring negative news about the market erupts. The Ethereum was down by a whopping 20% over the last 24 hours, trading at $1,051.83; while the Ripple was also down by a massive 27% to $1.33.
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