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Cryptocurrencies took a hit, falling from record highs

Miguel A. Rodriguez
Miguel A. Rodriguez
21 April 2021
China is looking towards cryptos as investment alternatives

The weekend was difficult for some of the world’s most valuable cryptocurrencies, as their prices dropped significantly from all-time highs.

Cryptos had hit record highs in the past week amid excitement surrounding the market debut of Coinbase – the largest cryptocurrency company to go public.

After the frenzy stopped, Bitcoin price fell as much as 19.5% to $52,148.98 on Sunday after reaching an all-time high of $64,800 on Wednesday. Moreover, other cryptocurrencies, including Ethereum, the second-largest by market value, dropped as much as 18% falling from $2,150 to $2,000 and below.

Despite the fall, the beginning of the week came with promising news from China. The Peoples Bank of China (PBOC) is calling bitcoin an “investment alternative.” The statement comes after, in 2017, China banned and shut down initial coin offerings (ICOs) and local cryptocurrency exchanges.

Moreover, China is considering its digital currency called digital yuan, which will be issued by the PBOC, aiming to replace cash and coins in circulation. According to Li Bo, deputy governor of the PBOC, the central bank could trial the digital yuan with foreign visitors at the 2022 Beijing Winter Olympics.


This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.