From exactly a week ago, some $39 billion has been wiped off the market cap of cryptocurrencies, which stood at $325,416,080,764 on Friday. Crypto markets continue to slump in the wake of a week of mixed crypto news, ranging from the FUD fallout caused by the upcoming Google crypto ad ban to several wins for Blockchain adoption seen in China and Canada.
The regulatory issue is continuing to dog the industry. The U.S. Federal Government held hearings and the Dutch finance minister released a letter relating to how their respective legislators should approach cryptocurrencies and ICOs. The market has been defensive due to the G20 meeting that are taking place this week in Buenos Aires, Argentina. Two discussions on the topic of cryptocurrencies and blockchain technology are planned for the meeting.
Bitcoin looked to finish the week on a positive note. A single bitcoin was changing hands at $8,492.06, up 2.2% on Friday. This week, bitcoin has dropped nearly 10%, bringing it to a year-to-date loss of around 40%, as March has been a losing month for the No. 1 cryptocurrency.
On Friday ether was up 0.2% at $612.59. For the week ether was down 14%.
Bitcoin cash was up 8.5% at $1,017.69 on Friday, but dropped 5% this week.
On Friday litecoin was higher by 3.3% at $169.77 and down 7% over a week period.
Ripple rose 0.7% to 68.9 cents, down 15% from last Friday.