The past week has been another tough one for cryptocurrencies, as all of the top 10 digital currencies by market cap posted overall losses. The cryptocurrency market slipped even further into recession this week. With a total market cap of $258bln, it’s down 20% from the $320bln in value last week. This is the lowest the entire market has been since November, 24th 2017. The recent losses in the cryptocurrency space may be at least partially attributable to increased regulation in Europe and Asia.
In a reversal from last week, Twitter announced that it would no longer run ads for cryptocurrencies. Facebook have also announced bans on advertisements for initial coin offerings, no doubt a major setback for the cryptocurrency space as well.
The last seven days have been particularly hard for bitcoin. After climbing to a price just shy of $9,000 per coin over the weekend, bitcoin remained generally flat throughout the first part of the week, before declining in the last few days. Bitcoin is down 21% on the week, dropping from $8,600 to $6,720.
Ethereum is fairing even worse. At $377, the second most popular cryptocurrency is down 28% over the seven day period from its $528 asking price at the beginning of the week.
Bitcoin cash is off 3.6% at $691.48.
Ripple is performing better than usual. Well, better is relative, as it’s still down 21% at $0.50 from $0.64, but it hasn’t recorded the largest price decrease as it has in other bear weeks.
Litecoin has recovered 1% trading at $116.27.