Sitting at a $336bln market cap last Friday, the market dropped to $275bln by Sunday, only to steadily rebound for the rest of the week following the G20’s cryptocurrency-focused summit. On Friday it was at $324bln, a 3% loss from last Friday.
Prior to debacle, cryptocurrency investors had reacted warmly to positive regulatory events at the G20 Summit in Argentina. A lack of blanket restrictions from participating members and support for responsible international legislative efforts restored calm to previously volatile markets.
Bitcoin failed to capitalize on a good start to the week, trading lower Friday, as technical indicators and overall market sentiment weighed on digital currencies. A single bitcoin last changed hands at $8,590.09, down 1.4%. For the week bitcoin increase 3%. The Cboe Global Markets April contract closed on Friday unchanged at $8,605 and the CME Group Inc. March contract finished at $8,615, down 0.2%.
On Friday ether was down 2.5% at $525.88, a 1% decrease over the seven day period.
Bitcoin cash was down 0.9% at $1,001.62, for the week was up 5.5%.
Litecoin was off by 0.5% at $162.85 and was up 4.5% from last Friday.
Ripple underperformed, falling to 63 cents, down 5.8%, for the week.