Bitcoin Retreated From $5400 Last Week With Markets Being Mildly Bloody
It seemed the price rally was going to recapitulate as last week began with more gains. By Wednesday the market leader was trading above $5400 raising an expectation of $6000 in a few days or week.
Then all of a sudden on Wednesday evening GMT+2, the markets turned red, and most coins started shedding profits. Bitcoin dropped as much as four percentage points.
By Thursday, the bleeding has become intense with more casualties. Market capitalisation that rose to $186 billion on Tuesday squandered as much as $14 billion.
On Friday and Saturday, the markets began to stabilise with a few losses and gains here and there. As at early Monday morning GMT+2 when this report was filed, total market capitalisation was hovering around $176 billion.
Top 10 Standings At Midnight GMT+2 On Sunday
It’s disheartening to note that only two coins made profits last week which were not even meaningful. These winnings came from the stables of Binance and the decentralised application platform of EOS.
The exchange token nailed it 6.06% and closed the price at $19.69 to maintain the 7th rank. At least it could be good news for its community since the newly decentralised exchange was down the last two weeks when all the top Cryptocurrencies made huge earnings.
EOS had a slim gain of 1.78% with a price of $5.55. The sad reality is that the ETH competitor couldn’t sustain the 4th position on top 10 and has been pushed to the sixth spot.
Tether recorded the least depreciation and fought a courageous battle to regain the 8th rank it lost pushing Stellar and Cardano to the 9th and 10th position respectively. Its price was $1.01 and a loss of 0.36%.
Meanwhile, Bitcoin wasted 1.15% to trade at $5176.60 after failing to make it to $5500 in the week. In fact, it has increased its price by $1,257.86 at a percentage of 32.28% in a month.
Bitcoin Cash who grew over 87% the previous week to become the biggest gainer blighted 2.35% to be the 3rd least loser on top 10. The price at the time of writing this report was $302.07, and it is the 4th most expensive Crypto after jumping from the 6th rank on Thursday.
Cardano crumbled 3.67% and is back to the bottom once again after just a week of moving up one step. Professor Charles Hokinson’s creation could be bought at $0.084352.
Second-placed ETH was on the losing Block last week as well. Posting a price of $167.59, it somersaulted 6.72 percentage points.
Litecoin had a miserable week succumbing 4th rank and slumping 7.90% when it actually enjoyed the 2nd best growth rate at the last review. It sold at $82.70 and now the 5th most valuable coin.
In the past seven days, XRP threw away 8.16% of its investors funds. Consequently, its price was $0.328518.
It may interest readers to note that Stellar moved down one position. The Micro-Finance Blockchain had a depreciation rate of 10.04, the biggest for the week with a price of $0.117896.
Highlights Of Last Week
Bitstamp, the biggest Crypto exchange in Europe was granted Bitlicense on Tuesday. According to Reuters, Bitstamp USA is the nineteenth company to receive the green light from the New York Financial Services, the State regulator with the mandate to sanction Cryptocurrency businesses.
It is exciting to announce to our readers that last week, Dharma Launched on the Ethereum Blockchain with the option to Earn Interest. In a post on Reddit, Max from Dharma wrote “Now, anyone can earn interest or take out a line of credit against their crypto from anywhere in the world. No bank account or credit checks required.”
More so, Coinbase made history last week with the launch of a visa card that makes spending Crypto instore and online very easy and convenient. Known as Coinbase Card, it settles transactions instantly.
On Friday, 21 Congressmen asked the IRS to provide them clarification concerning taxing Cryptos. Some of their requests were Acceptable techniques for determining the cost basis and tax treatment of forks for taxpayers that use digital currencies.
Until next week, keep reading QBITtimes and better luck on the market this week.