Cryptos Recover 30% After Market Fall
by Marvin Dumont
The cryptocurrency market has recovered 30% (as of this writing) since March 13’s wide selloff. The total market cap increased from $133 billion to its current $173 billion as investors took advantage of cheap buying opportunity.
However, the market is down 9% year-to-date. Bitcoin, with 65% dominance, has gained 63% over the past 8 days as BTC rose from $3,800 to $6,400.
In other financial news, the Federal Reserve won’t replace cash in circulation for the time being, as China did last month to stem the spread of the Chinese coronavirus. Thus, U.S. consumers will continue to use the same banknotes unless the Fed is advised otherwise by the Centers for Disease and Control (CDC).
However, the Fed has been quarantining U.S. dollars shipped from overseas, Joey Lee told CoinDesk, who is spokesman at Federal Reserve Bank of Philadelphia.
As a precautionary measure, cash handling procedures have been modified at Reserve Banks that receive currency shipments from Asia and Europe to provide for a longer holding period of 7 to 10 days before processing these deposits.
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