Bitcoin suffers huge losses, hitting its lowest level in 13 months during the past week

Bitcoin recorded significant losses over the course of the week’s trading, recording its lowest level in 13 months at $ 5,300, abandoning the $ 6,000 psychological support level, and other major digital currencies also witnessed significant losses, these losses come with the increase in open selling of digital currencies and the continued exit of investment liquidity From the market, so far there are no clear and public reasons for these huge losses.

Over the course of last week’s trading, the bitcoin currency lost about 12.5%, recording the second weekly loss in a row, and it is the largest since last September. As for the total market value of digital currencies, it fell sharply, reaching a total of $ 175 billion, the lowest level since October / October 2017, the rate of decline in the market value of cryptocurrencies since the beginning of this year is more than 70%.

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Last week witnessed a sharp sell-off in the cryptocurrency market after more than two months of relative stability for most cryptocurrencies, as Bitcoin was trading between the $6,100 and $6,700 ranges.

Many digital market analysts see that the decline of Bitcoin below the psychological support level of $ 6000 is a cause for pessimism in the digital market, as it frustrates the morale of many investors.

There are some digital market experts attributing these losses to the uncertainty surrounding Bitcoin Cash, especially since Bitcoin Cash fell by more than 16% before the significant losses suffered by the majority of cryptocurrencies.

While some analysts believe that it is possible that the large sell-off in US stocks, especially technology companies, will have an indirect effect on the cryptocurrency markets, others say that it may take some time to clarify the real reasons for these large losses.

Last week, the government in Malaysia announced its plans to put in place sound and appropriate legislative regulations before launching the digital currency “Harapan”, which is expected to be the first political fundraising platform in the world. It opens up to us many important issues that must be taken into consideration.

Among the positive news published last week, the Swiss company X8 AG had obtained approval from Islamic scholars to trade the gold-backed X8 digital currency. This positive step comes in the context of expanding the company’s business in the Middle East.

Regulators in the US state of Colorado have announced that they have taken violent suspension measures against four ICOs: Clear Shop Vision Ltd, Bitcoin Investments, Ltd, PinkDate and Prisma.

“We want to protect the state’s stock market and the investors who work within it against what he calls unscrupulous actors who exploit this area for fraud,” said Gerald Roma, commissioner with the Colorado Securities Commission. Regulatory framework for the blockchain industry.

 

Mohamed Abdel Khaleq

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