Crypto Money: Cryptos Drop on PBOC Employment
- Cryptocurrency prices slipped as Ethereum declined more than 3%
- News regarding PBOC’s employment of cryptographers and blockchain engineers earned some attention.
- As of 02:06 (06:06 GMT) on Monday, XRP traded a high of 10.73% at $0.47656
CRYPTO MONEY – On Monday, cryptocurrencies dropped along with more than 3% decline of Ethereum. Moreover, emerging reports on the employment of cryptographers and blockchain engineers by the People’s Bank of China earned the spotlight.
Based on the Bitifinex exchange, Bitcoin edged up 0.7% to $6,415.8 as of 1:06 AM ET (05:06 GMT). Meanwhile, the Ethereum slipped 3.6% to $202.8.
Moreover, Litecoin dropped 0.3% to $54.2 on the Bitifinex exchange while the XRP declined 1.0% to $0.42129 on the Poloniex exchange.
South China Morning Post has reported the PBOC’s search of talents in helping to launch a state-issued digital currency. This report was based on the annual hiring list next year of the central bank. Based on the descriptions, PBOC is seeking four staffs which specialize in cryptography, microelectronics, and computer science.
Elsewhere, the Securities and Futures Commission (SFC) of Hong Kong stated that it is considering further implementation of formal cryptocurrency regulations due to the broad unregulated operations of most crypto exchanges in the city.
“We have to carefully consider the regulatory approach for these platforms because they are new technology and may not qualify as securities. They do not fit in the custodian, audit or valuation requirements, for instance, normally expected under the Securities and Futures Ordinance,” said Tong Ka-Shing, the outgoing chairman.
Moreover, outgoing Chairman Tong Ka-Shing emphasized that the best approach is not to implement a total ban on these platforms.
“It will not work in today’s internet world when trading can cross national boundaries. Even if we were to ban them, transactions can still be easily conducted via platforms in overseas markets,” he said.
Crypto Money: XRP surges 11% on Monday Trade
Based on the Investing.com Index on Monday, the XRP traded high of 10.73% at $0.47656 as of 02:06 (06:06 GMT). Since October 15, this was the largest one-day percentage gain.
The move upwards lifted the market of XRP to $17.43380B which is equivalent to 8.40% of the total cryptocurrency market cap. The market cap of XRP was $79.53400B at its highest.
Overnight, XRP traded in a range $0.39902 to $0.47656. XRP dropped and lost 10.08% in the past seven days. The volume of XRP made a trade of $422.43520M or 3.71% of the total volume of all cryptocurrencies overnight. Further, it traded at a $0.3782 to $0.4932 range in the past seven days.
XRP’s current price is still down 85.51%.