Why is the cryptocurrency current market heading up in rate?

CRYPTOCURRENCIES these types of as Bitcoin, Dogecoin and Ethereum have had a bumper couple of months, frequently reaching file new rates.

But what is triggering these cost spikes and should investors be contemplating about moving into these incredibly volatile markets?

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Cryptocurrency prices are rising, but investors must be cautious

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Cryptocurrency prices are rising, but buyers must be cautiousCredit: Getty

On April 14, Bitcoin reached its optimum rate for the second working day operating, surpassing $64,000 for the very first time because the forex was invented.

In the meantime, the cost of Dogecoin hit a refreshing all-time higher on Might 5 as desire in the “joke” cryptocurrency grew much better.

And Ethereum’s cryptocurrency, ether, surged previous $3,000 for the initially time in May well much too, marking a 325% rise considering the fact that the starting of this yr.

Below we make clear why cryptocurrencies

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Market Wrap: Bitcoin Slides to Two-Week Low, Ether to Below $2K as China Reiterates Crypto Ban

China’s central bank announced Monday it had recently summoned several banks and payment firms to ramp up their crackdown on cryptocurrency trading, prompting several key market indicators to turn bearish Monday.

  • Bitcoin (BTC) trading around $32,590.39 as of 20:00 UTC (4 p.m. ET). Slipping 7.88% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $31,744.99-$36,119.80 (CoinDesk 20)
  • Ether (ETH) trading around $1,945.31 as of 20:00 UTC (4 p.m. ET). Slipping 12.21% over the previous 24 hours.
  • Ether’s 24-hour range: $1,893.15-$2,276.16 (CoinDesk 20)

Bitcoin faces significant selling pressure in Asia

Monday’s sell-off was triggered by negative news in China once again. But the market is split on the severity of the renewed crackdown by the Chinese government.

The correction is “mostly driven by China FUD [fear, uncertainty and doubt] again,” Annabelle Huang, partner at Hong Kong-based Amber Group, told CoinDesk. “Hardly news, not that [banks and payment services in China] are really

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