A bloody week for Bitcoin, Ethereum and cryptos..

in cryptocurrency •  5 months ago

Crédit photo © Reuters

Bitcoin, Ethereum and their acolytes have plunged back during the past week. The falls are quite brutal, the only survivor among the most popular digital currencies being the Tether, which floats with a slight increase of 1% over seven days.

The SEC, the policeman of the US financial markets, broke the mood by postponing its decision on Bitcoin ETFs. The mother of the crypto-currencies, Bitcoin, lost more than 13% on a week according to Coinmarketcap, which brings it back to 6,413 $. The BTC thus loses two thirds of its value since its historical peaks of December 2017.

The Ethereum has plunged 12% over a week to $ 361. The XRP was down 24% over seven days to less than $ 0.34. Bitcoin Cash has collapsed 17% on a week, the EOS 21% and the Stellar 14%. Finally, the Litecoin has dropped 18% over a week, while the IOTA lost ... one third of its value.

The context remains difficult for 'cryptos'. The market capitalization of Bitcoin drops to $ 110 billion today according to Coinmarketcap, against $ 37 billion for Ethereum or $ 13 billion for the XRP. The Bitcoin Cash weighs 10 billion dollars, the EOS about 5 billion dollars and the Stellar 4 billion dollars ...

It will have to wait for the ETFs

The SEC, US financial policeman, was to decide in mid-August on Bitcoin ETFs. The market authority's decision on this potential Bitcoin-indexed fund is eagerly awaited, since it could obviously still support prices and democratize digital currencies a bit more. Such a product would allow funds and investors to expose themselves to lower risk on Bitcoin. The Securities & Exchange Commission seems to have decided to take its time, according to this opinion on VanEck's Bitcoin SolidX ETF. The SEC prefers to defer its decision until September 30. In addition, the SEC still has the possibility to postpone its decision twice, at the end of December and the end of February.

Dimon 'bashe' still bitcoin

A few days ago, JP Morgan Chase's boss, Jamie Dimon, had already broken the mood by returning to the charge against 'cryptos' during an interview. Dimon confirmed last year's talk about Bitcoin. The boss considers that the BTC is only a "scam". Dimon says she does not have any interest in the queen of cryptocurrency (which does not prevent her from talking about it often!). According to him, governments, unable to control digital currencies, could finally ban them.

The false good news of the week

New at first glance comforting, Intercontinental Exchange, parent company of the NYSE (New York Stock Exchange), said consider the launch of a new company to allow consumers and institutions to buy, resell and spend digital assets on a homogeneous global network. Microsoft or Starbucks will be among the partners of the ICE, as part of these projects around digital currencies.

However, according to Ryan Taylor, CEO of Dash Core, this desire to better integrate 'cryptos' in the trade could actually be bad news ... digging a little. "If you really dig the question, the service would allow customers to convert their cryptocurrency when they make their purchases," says Taylor, quoted by Bloomberg. According to him, this project clarifies the fact that the companies involved do not intend to give in to the speculation of cryptocurrency, and will only accept dollars, as always!

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