It has been a rough week in the crypto market as terror and panic quickly spread. Today we bring you a summary of the most outstanding news of the week about cryptocurrencies so that you do not let anything happen to you.
TOP Crypto News of the week
The crypto market crashes, will it manage to regain the bull run?
As we reported in CryptoTrend throughout the week, most cryptos have staggered and tumbled over the past 7 days. In fact, few cryptocurrencies have not suffered a dramatic drop this week.
In this way, most cryptos have suffered a drop of between 40% to 50% during the last week. In particular, the crash occurred on May 19, in what many classified as “Black Wednesday.”
The price of Bitcoin hit lows that it had not seen since the beginning of the year below $ 40,000 and very close to $ 30,000. Hence, the leading crypto has fallen 27% over the past 7 days.
Then we have Ethereum, one of the altcoins that has suffered badly. The ETH price is down 43% throughout the week. Likewise, Dogecoin, Cardano and BNB that have suffered crypto terror by 44%, 45% and 57% during the last 7 days.
As we previously reported, a Chainalysis investigation ensures that it was not institutional investors who led the crypto terror. Rather, it was retail investors who made much of the sales.
Crypto terror unleashes opinions
As is often the case, during the days of greatest turbulence in the crypto market, be it for better or for worse, opinions about cryptocurrencies emerge from all angles.
In this sense, we will tell you some of the most outstanding comments that took place during the last 7 days.
First we have Changpeng Zhao, CEO of Binance, who during the day of greatest turbulence urged to remain calm as he reminded his followers that Bitcoin and crypto have not changed. In this sense, he reminded crypto users that there has always been fluctuation in the market.
Then we have Henrik Fisker, CEO of Fisker, who assured CNBC that Bitcoin was not a sustainable solution. Therefore, he assured that his company has no plans to accept the crypto leader. Also, this week in a note from Deutsche Bank it was assured that the future of the value of Bitcoin is uncertain.
But, as we have the negative comments, we also have Bill Miller and Anthony Pompliano, who assured not to feel worried about what is happening in the crypto market. In particular, Pompliano assured that Bitcoin remains an active store of value.
And, although it is not necessarily an opinion, the Bank of America conducted a survey in which the majority argued that Bitcoin is in a bubble zone.
China lashes out at cryptocurrencies
One of the main factors that led to the recent crash of the crypto market can be found in the comments made by China.
As Scott Melker pointed out on Tuesday, China seems to change its mind on cryptocurrencies over and over again. It all started on Wednesday when China imposed new crypto restrictions. Specifically, Beijing prohibited banks and payment companies from providing services related to cryptocurrency transactions.
Later, as we reported in CryptoTrend, China’s financial committee established during a meeting that Bitcoin mining should be supervised with the aim of “resolutely preventing and controlling financial risks.”
In a few lines …
- An investigation by Galaxy Digital Research showed that the banking system and the gold industry consume more energy than Bitcoin.
- Wells Fargo announced its entry into the crypto market with a product aimed exclusively at its large investors.
- The largest crypto exchange in the United States, Coinbase, announced a new extension for its wallet in Google Chrome.