If there were to be a week to test cryptocurrencies’ strength against external influence, it would have been this last one. Plenty of comments from powerful sources confirmed that speculation is still strong within the market, and the bearish trends rose again as “safety measures”. Let’s take a look:
Bitcoin: $10320, with a change of 7.35% from yesterday and -11.39% from last week.
Ethereum: $216.36, with a change of 1.84% from yesterday and -21.24% from last week.
XRP: $0.31356, with a change of 1.41% from yesterday and -8.87% from last week.
Litecoin: $96.51, with a change of 5.64% from yesterday and -8.21% from last week.
Bitcoin Cash: $301.79, with a change of 3.47% from yesterday and -13.96% from last week.
Binance Coin: $28.82, with a change of 3.7% from yesterday and -10.25% from last week.
EOS: $3.9157, with a change of 1.28% from yesterday and -18.15% from last week.
Bitcoin SV: $134.81, with a change of 6.82% from yesterday and -17.65% from last week.
Stellar: $0.087659, with a change of 3.15% from yesterday and -10.14% from last week.
TRON: $0.025301, with a change of 8.7% from yesterday and -12.54% from last week.
Many analysts are linking the drops to more and more people claiming for definitive regulation on cryptocurrencies, with Facebook’s Libra being the center of attention and Bitcoin being the second focus of these claims.
The first big statement came from President Donald Trump last week, and while the contents of the tweet itself were not an immediate call for regulation, it did claim that the worst characteristic of crypto is its volatility, saying that he prefers a “dependable and reliable” currency “called the U.S. Dollar”.
On Tuesday, it was during a hearing of the U.S. Senate that they gave statements against Facebook’s Libra, given the social media giant’s reputation in terms of privacy violations and mishandling of user data, while questioning on how exactly were they planning on preventing money laundering.
All of these comments took their toll, with Bitcoin reaching a low point below $9,200, where it stood nearly a month ago, and the whole market value dropping nearly $30 billion. In average, we can see a drop of 13.24% since last week in prices, but the daily change is more optimistic (growth of 4.34%), meaning that markets might be recovering from this downward trend.
Overall, this week will remain as evidence that the crypto market is always vulnerable to this kind of comments from people and organizations with great influence over millions of people and other economic spheres.