Cryptocurrency Price Weekly Massacre: Major Declining after Regulatory “Chaos”
This week for the digital currency prices is best described as a market chaotic roller coaster. Only because of regulatory rumors being spread that China could be planning to interrupt the functionality of exchanges, the total market capitalization in a matter of minutes water-dived for $20 billion.
The virtual currency leader based on market cap – Bitcoin has descended in price for almost 10% only this week after its all time record high of $5000. 5 out of 10 from the top-ten list of cryptos are experiencing a double digit loss like Ethereum of over 15.20% ranking the third on the losses after ETC and IOTA.
The recovery after the first major crash amid the ICO banning regulation announced in China was going swiftly and prices were coming back targeting resistances and levels of the last all-time high. The only hindrance that could happen was a change in the crypto-market which occurred but only as rumors for Chinese regulatory on exchanges.
There was no confirmation on the rumors as they were spread that the GOV was about to ban bitcoin, and declare illegal operation of digital assets exchanges. Related to the “news” there was no official statement but sellers being afraid of the Monday ICO ban, were pushed to put selling pressure on the cryptocurrencies so tanking the price greatly.
In only 10 minutes Bitcoin dropped for $400 in price while it overall reached below the significant $4,000 on Chinese markets. That is almost $1,000 decline since the record breaking level.
However on the upside, Bitcoin price staying over the major $4,000 trading ground shows significant climb and stable position since around this time last month it was $1,000 lower in price which is record in the market.
Ethereum had it even worse as its market capitalization has hit only $27 billion being paired with US Dollar for $290.31. But, keeping in mind that the network upgrade of Metropolis will start this month there should be expectation of price jump.