In the run up to Christmas, the festive mood among investors is waning amid developments in the cryptocurrency market. Most traders are worried about a slump in the bitcoin price. The most popular cryptocurrency is now trading at about $13,150. The steep plunge in the bitcoin price coincided with the start of the trade on the Chicago Mercantile Exchange. Besides, a wave of sell-offs was unfolding in the Asian trade. Most experts comment that the time is ripe for the bubble to burst. The other leading cryptocurrency, Ethereum, was also hit hard yesterday night, having shed over 10%. The bitoin”s rival is now trading around $605.50. Analysts say that technical reasons account for the sell-off, for example, Tuesdaay’s hack of bitcoin exchange in South Korea. So, bulls could again enter the market soon.
Meanwhile, the forex market has come to a standstill. Traders are counting the hours until the end of the global trading day, being the wait and see mood. In the Asian trade, the Japanese yen edged up against the greenback. The USD/JPY pair is trading near 113.40. Today, a series of economic data is due in the US, but the reports will hardly change the situation on forex.
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