Increased regulatory pressure in China pushed cryptocurrency prices down on Friday. The two largest, Bitcoin and Ethereum, fell 5.8% to $ 42,281 and 8.1% to $ 2,887, respectively. China declares all currency exchange activities illegal and bans foreign crypto exchanges from providing services to customers in China. Violations would be severely punished. The government will resolutely take action against cryptocurrency speculation to protect citizens’ assets and the economic, financial and social order, the central bank said. China is working on a digital version of its currency, the yuan.
In the aftermath of the surprising rate cut by Turkey’s central bank, more investors pulled out of the country’s currency. In return, the dollar rose 1.3% to a record high of 8.89 lire. The euro gained 1.1% to 10.41 lire and narrowly missed its record. Since the central bank also cashed in on its promise to keep the key rate above inflation, this undermines its credibility, warns Commerzbank analyst Tatha Ghose. After the publication of the Ifo business climate index, investors separated from the euro. The European common currency fell 0.2% to $ 1.1715. Germany’s most important economic barometer fell 0.8 points from the previous month to 98.8 points. This is the third consecutive decline, which experts generally interpret as an economic turning point. Supply problems with raw materials and intermediate products have slowed the German economy, said Clemens Fuest, president of the Ifo Institute. Domestic tariffs are on page 34 today.