Last Tuesday, the Asian trade on cryptocurrency was shaken to the core. The natural powerhouse of the market, Bitcoin, suffered a plunge while Ethereum and Litecoin reported some major gains.
Bitcoin dropped in price at least 4.1% of the reported price tag of last Friday. Where the crypto was valued at a premium close to $6,200 last week, this week has reported a price of $5,600 or even less.
On the other side of the street, the outlook was very different. Natural rival Ethereum reported earnings close to 5.3% from last week’s price tag, placing the currency on the $300 mark. It’s the best record reported since mid- October for the currency in the Asian market.
Sadly, it was not meant to last, as the price of Ethereum took a nosedive in the second half of the month; losing close to 8% of its value and reaching a top of $275.
Litecoin has shown the same type of irregularities on prices. With earnings going up 3% in one week just to plunge at the next in the same period as their sisters.
The Asian trade market is obviously reacting to the political turmoil that comes with the end of the 19th National Congress of the Communist Party in China. The event is set to close on Friday 27th and big changes in the leadership of the party are expected.
The Asian trade has reacted very cautious to the political changes in China. Then Shanghai Index opened with a low 0.08% and was up to 3,383% after the first announcements. A very similar reaction came from the CSI 300 Index (a tracking of the 300 established business in the mainland) with a modest opening of 0.53% and a rise to 3,951%.
The news also affected Hong Kong by placing the Hang Seng Index with an opening of 0.03% and a rise to 28,315 before the middle of the day.
Japan is also affected with it own political turmoil. As Prime Minister Shinzo Abe consolidates power with a comfortable victory in parliamentary elections. Investors have received the news with some enthusiasm. This has helped the Nikkei 225 to open on a low 0.14% and go up 21,726% on last Tuesday, placing earnings on a record streak of 16 days straight for the Japanese trade market.
South Korea also got a spike in the Kospi trade, opening at 0.09% and earning up to 2,492%.
The Japanese yen went up in value by 0.07% against the American Dollar. The Chinese Yuan fared better, earning 0.20%. The Australian dollar went up by 0.14%.
WTI oil went up by 0.25%, placing the price of a barrel at $51.96. Brent crude earned an extra 0.24% on price, placing the barrel at $57.44. Gold also won a little percentage of 0.11%, setting the price at $1,282 an ounce.