Crypto Market Loses Over $40B In A Week
The crypto market has lost over $40 billion over the last week, with bitcoin (BTC) dropping below $7,000 for the first time since May, a data platform CoinMarketCap shows.
The crypto market has been experiencing a downtrend over the last week, with major cryptocurrencies being in the red. Bitcoin has dropped to $6,930, at press time, losing more than 20% in the last seven days. Ethereum, the second-biggest cryptocurrency by market capitalization, dropped to $136 Monday morning, the lowest point since April, now settled at $143.There are different speculations over the reasons behind the recent fall.
Bloomberg reported Monday that China’s recent decision on cryptocurrency operations might be the cause of the downtrend.
Oliver Renick, Lead Anchor at TD Ameritrade Network, thinks that prices are down because people are starting to realize they “don’t need bitcoin.”
Reported by Benzinga