Bitcoin records the largest weekly loss since the end of last March, to settle at $ 7,000

Over the past week, Bitcoin and other cryptocurrencies suffered extensive losses, as Bitcoin tumbled from above $8000 at the start of the week to reach $7000 amid growing fears of a slide below that level.

Over the course of trading last week, the bitcoin currency lost 14.5%, recording the first weekly decline in three weeks, and it is also the largest since the end of last March, and the bitcoin currency recorded during the past week the longest series of daily declines since last March.

These big losses come after the strong gains made by the bitcoin currency during the month of July, as it rose by 21%, which recorded the first monthly rise in the last three months, as the bitcoin rose to trade near the $8,500 level, supported by a wave of positive news and motive to buy digital currencies. Especially after news came that BlackRock, the world's largest financial asset management company, will begin evaluating investment opportunities in cryptocurrencies.


Bitcoin News

As for the total market value of digital currencies, it tumbled to the level of 252 billion dollars, its lowest level since mid-July, after it crossed the level of 300 billion dollars in the previous week, to reach its highest level since June 10, at 304 billion dollars.

These large losses are due to the expansion of cryptocurrency sales, in addition to growing investor concerns about regulatory measures in the United States and Japan.

It was reported last week that the US Securities and Exchange Commission rejected Winklevoss's grievance over acquiring a bitcoin exchange-traded fund (ETF), citing the reason for the refusal that the financial regulator has gone beyond its designated role as it focuses on the advantages of the actual market for bitcoin rather than From focusing on the derivatives that he wishes to include through the application submitted by him.

In Japan, reports indicated that the local association that works to regulate the trading of digital currencies, JVCEA, will force its members to introduce new regulatory measures on the trading activity of some clients.

Some news said that the local assembly will hold a meeting soon with the Financial Services Commission of Japan to approve some new measures and policies.

Bitcoin's losses come despite some positive news, as Northern Trust, a global asset management company, announced that it has started a digital asset custody service.

The Morgan Stanley Group also announced that it has hired a new head of digital asset management, and the new president has extensive experience in cryptocurrency trading with about 12 years.

In Japan, the SBI Financial Services Group announced its business results report, in which it revealed its plan to expand the crypto industry and cryptocurrency trading, especially after the company acquired a stake in Clear Markets, a leading company in the development of digital currency trading platforms.

Mohamed Abdel Khaleq

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