The cryptocurrency market can experience downturns for various reasons. Here are some common causes:
Market Sentiment: Cryptocurrencies, like any other asset class, are influenced by investor sentiment and market psychology. Negative news or events such as regulatory crackdowns, security breaches, or scams can lead to a decline in confidence among investors.
Best Strategies for navigating through a down-market:
As observed, the black market is declining as more USD supply enters the market. To completely stabilize the market, the NBE should lift some restrictions, such as granting USD access not only to travelers but also to locals and raising the current limits. This would eliminate the need for people to turn to the black market instead of banks.
What is today's daily foreign exchange? (July 29/2016)
At the Commercial Bank of Ethiopia, today's currency is not different from Saturday's currency value.
The purchase price of the US dollar is 95.6931; The sell-off remains at 101.4347 today.
In private banks, however, the competition is fierce.
For example (#CASH):
➡ Abyssinia Bank
💵 The buying dollar is 100.2288; The outlet is 113.2585 💷 The buying pound is 122.2153; The outlet is 138.1033 💶 The buying euro is 109.3596; The outlet is 123.5763
➡️ Wagan Bank
💵 purchase of USD 101.6434; The outlet is 113.8406 💷 buying pound 130.1137; Shop 145.7273 💶 Buying euro 110.9031; Shop 124. 2115
➡️ Dashen Bank
💵 The buying dollar is 100.9253; The outlet is 112.0271 💷 buying pound 124.0748; Shop 137.7230 💶The buying euro is 109.4334; The outlet is 121.4711 🇸🇦 Saudi Riyal 24.3462 the purchase; The outlet is 27.0243 🇦🇪 UAE dirham buy at 24.8666; The outlet is 27.6019
➡️ Bee Bank
💵 The purchase price is 101.0959 dollars; The outlet is 111.2055 💷 The buying pound is 129.3521; Shop 142.2874 💶The buying euro is 110.3056; The outlet is 121.3362 🇦🇪 UAE dirham is 27.5263; The outlet is 30.2789 🇸🇦 The purchase price of Saudi Riyal is 26.9446; The outlet is 29.6390