The cryptocurrencies market has been relatively calm during the week, but it didn’t last long. Although the 5 first digital currencies dropped to more than 10% during the last 24 hours, Bitcoin maintained his position between 10 500 $ and11 500 $ until the day before yesterday, then it dropped to 9.004.76$ at the moment of the writing of the article.
Currently, the total market capitalization remained superior to 430 billion dollars until 7th March, during which it shifted to 391 billion dollars.
According to CoinMarketCap, the total market capitalization is now currently around 365 billion dollars.
Ethereum witnessed a slow-down this week dropping under 800$ for the third time since the start of the February. Eth is negotiated around 693,34 $ and is dropping by 7.93% compared to the previous 24 hours.
As for ripple (XPR) is equally dropping compared to 6th March as it reached 1.08 $. The current exchange is around 0.80$ and the drop is by 7.09% in 24 hours.
The peak of the 6th March was the result of an announcement of an app that transfers home money which will be launched this autumn by the Japan Bank Consortium using the Ripple technology.
Let’s go through some of the causes:
- Tokyo Whale’s Selling 400 billion dollars: Mt Go exchange‘s lawyer announced said he sold about $400 million since September. It is strongly probable that, Kobayashi, intends to offload other $1.9 billion to repay creditors.
- Regulations or no regulations, that’s the question: Maybe this is the most substantial cause among the others: with reference to New York’s example, many view the regulations as counter-productive: applying the “bit license” proved to run counter expectations. Other countries sustain their decisions vis-à-vis regulation Bitcoin and intend to zoom into the subject during the G20 in March in Buenos Aires.
- SEC reinforces checking over cryptocurrencies’ platforms: SEC invited all platforms on which cryptocurrencies’ exchanges are done to register, which means that sellers and buyers need to interact on the same system with fixed prices. Bitcoin dropped by nearly 10% just after the announcement has been made.
However the change is dramatic, it’s all good in the long run. Spring is here and we hope red turns into green in the coming days.