It’s been a week of mixed fortunes for cryptocurrency investors as the market has jumped and slumped with typical volatility.
Bitcoin has slumped to levels last seen in November 2017 – just prior to the meteoric rise in value to $19,000, losing $13 billion off last week’s market cap.
Ethereum has similarly suffered with a $32 (7.88%) decline from $406 to $376.
Just about every other cryptocurrency has followed suit with dive in fortunes since the start of the year.
At one stage, the market seemed to stabilise, but the respite was in passing and the price soon dropped again – but digital currencies seem to be dogged by this stop-start mentality.
Out of 100 cryptocurrencies, only 10 stood still or slightly improved their position in yesterday’s trading.
Even the US Federal Reserve is monitoring the volatility but feels the price movements will have no effect on the economy or the value of the dollar.
Some experts blame Bitcoin dumping by the Mt Gox exchange trustees for the fall in price.
Mt Gox has sold $362 million of Bitcoin in recent weeks to raise funds to pay creditors after millions were stolen in a massive hack.
Cryptocurrency ban for India banks
Meanwhile, in India, the central bank has stopped retail banks from handling cryptocurrencytransactions.
Cryptocurrency exchanges and traders have three months to unwind their existing business arrangements.
“We also recognize that the blockchain technology or the distributed ledger technology that lies beneath the virtual currencies has potential benefits for financial inclusion and enhancing the efficiency of the financial system and we also believe that they should be encouraged to exploit beneficially for the economy,” the bank said in a statement.
Here are the latest trading prices from cryptocurrency tracker cryptocompare.
|Last 3 months||$16,954.78||$967.13||$244.51||$2.51|
|High in year||$19,345.49||$1,359||$357.51||$2.41|
|Low in year||$1,129.87||$44.90||$12.39||$0.03|
|Market cap this week (billions)||$114.54||$37.15||$6.60||$18.50|
|Market cap last week (billions)||$128.00||$41.00||$7.00||$21.00|
|Market cap change in week (billions)||-$13.46||-$3.85||-$0.40||-$2.50|