Bloody Week Sees Bitcoin & Co. Lose Billions Of US Dollars

Cryptocurrency, Business, Finance, Money, Wealth, Gold

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Weekly Summary

  • The cryptocurrency market looks to end the week at a total market capitalization of $1,876 trillion.
  • Bitcoin (BITCOMP) lost more than 9% in value in comparison to last Sunday.
  • Ethereum (ETH-X) is up 10% after a turbulent week with steep value oscillations.
  • Ripple's XRP (XRP-X) is down by more than 16% after major value loss.
  • Binance Coin (BNB-X) increased by more than 13% throughout the week.
  • The DeFi sector lost almost $5 billion from the total value protocols (TVL).

Cryptocurrency Trends for the Week of April 19-25, 2021: Performance and Analysis

The cryptocurrency market put an end to the bloodiest week of 2021 so far. After several weeks of optimistic value boosts, the market plummeted with major losses across the board. On Sunday, the bloodbath seemed to end with small recoveries from a handful of cryptocurrencies. The market capitalization dropped by more than 200 billion dollars over the week. As of the time of writing, it stands at $1,876 trillion.

Bitcoin started the week trading just below $60,000. However, it quickly went downhill as some investors decided that the “Hodl” game was not for them. By Tuesday, bitcoin was already trading as low as $52,000, and a series of positive news helped it regain some of its losses.

Firstly, PayPal’s (PYPL) mobile payment service, Venmo, allowed over 70 million users to buy, sell, and store cryptocurrencies. Some of the cryptos available on Venmo are Bitcoin, Litecoin (LTC-X), Ethereum, and Bitcoin Cash (BCH-X). Secondly, WeWork, one of the biggest providers of shared coworking space globally, announced that it would enable users to pay with cryptocurrencies.

It seemed that the bulls would get behind bitcoin again and push it beyond the $60,000 barrier for a couple of days. Unfortunately, the storm wasn’t over. And, news of U.S. President Joe Biden getting ready to tighten cryptocurrency regulations in the US hit bitcoin with formidable force.

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