Cryptocurrencies: The market closes the week in red

A closing crash for the cryptocurrency market this Friday, it can be said that it is the worst week of virtual money in so far this year

Photo: Photo by Dan Kitwood / Getty Images. / Getty Images

The fall of cryptocurrencies this week was remarkable, the one that fell the most did it almost in a 40 % in a cumulative of 7 days , while the one that fell the least accumulated in seven days a 15% less than its value at the beginning of the week.

We will mention some of the most talked about, let’s start with the most popular of the quote tables , the bitcoin that ends the week with a crash of almost 11% in just 24 hours, while in the week it accumulated a fall of almost 23%.

The Ethereum , with a drop in 24 hours of 17. 32%, while in seven days accumulated one loss of value of 40. 56%.

THE Binance Coin , recorded a drop in 31 hours of 22, 06%, and in seven days accumulated losses of 36. 49%. For its part, the dogecoin accumulated in the last seven days a loss of almost 24%, while in the latter 24 hours this crypto had a loss of 15 , 35%.

The reasons why This week was so negative for several cryptocurrencies there are several; first we came from previous days convulsed for the market, due to announcements and messages from the great promoter of coins such as dogecoin or bitcoin, Elon Musk. This began the week generating expectations and rumors, by hinting at the sale of its holdings in bitcoins.

The truth is that Musk himself has denied having said or hinted at anything about getting rid of his cryptocurrencies and continues to emphasize his credibility in virtual money. But his comments sent bitcoin off a cliff.

Later, came China’s announcement with the prohibition of cryptocurrencies in their financial institutions. At the time there was talk of a crash since the 10% until the 14% in various cryptocurrencies.

And the week closed with the announcement by the United States Department of the Treasury about “more closely” surveillance in the cryptocurrency market , to prevent illegal acts such as tax evasion from being incurred. This can be positive for cryptocurrencies.

The featured announcement of the Treasury Department is that “businesses that receive cryptocurrencies worth more than $ 10, 000 dollars will be required to declare it to the Internal Revenue Service (IRS) ”.

While the president of the Federal Reserve (FED), again made mention of the creation of a virtual dollar. Jerome Powell, the president of the FED reiterated again that “they are experimenting” with technology of digital money rather than implementation because the main thing is to guarantee a safe and efficient system.

For now, we could say that this is worst week cryptocurrencies have had so far d e 62880. The big ones on the list, mostly suffered corrections and at the end of the day, the whole table was red.