Cryptocurrency market in the doldrums, cash is the king, BOJ's deputy governor says
|- Bitcoin and major altcoins continue to drag out their miserable experience in tight ranges.
- BOJ's deputy governor says no way crypto becomes the only medium of exchange.
Bitcoin and all major altcoins are in red, with Stellar and Litecoin suffering the biggest losses of 2% and 1.7% respectively.
BTC/USD stays marginally above $6,500. The digital coin No. 1 has retraced from Sunday's high registered at $6,449, though the momentum is nowhere to be seen.
Ripple's XRP is down 1.5% since this time on Sunday, changing hands at $0.4596 amid shrinking volatility. More rangebound trading may be in store for XRP/USD during the day.
Ethereum froze to $204 handle. The second largest coin by market value is sandwiched between $200 and $207 with no signs of the upcoming breakthrough as of yet.
Litecoin has lost 1.7% in recent 24hours, though it is unchanged since the beginning of Monday, changing hands at $52.53 amid mildly bullish short-term momentum.
Cash is the king
While the previous week started with wild movements on the cryptocurrency markets due to alleged Tether manipulations, the dust settled down by Wednesday, and here we are back in the depressingly low ranges, waiting for something to happen.
Meanwhile, regulators and authorities continue to express critical views for digital assets as a medium of exchange. Thus, deputy governor of Bank of Japan Masayoshi Amamiya believes that it is not a good idea to switch to digital currencies as cash is still widely used. Moreover, it is the only medium of exchange available in case of electricity blackouts.
"This is an option that can't be taken," he said regarding a digital currency," he said on Saturday.
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