Crypto News | A Week of Bitcoin losses

Three and a half days, more than $3000 lost! On Monday, March 5, at 6 PM UTC, one Bitcoin was worth $11,649. On Friday, March 09, at 6 AM UTC, it was worth $8,383. Bitcoin losses are now at 28% in half a week! We already talked about the causes yesterday: the SEC regulation, the alleged Binance hack and the Tokyo-based whale selling off an insane amount of coins.

But even if we know what’s causing the downwards trend, when Bitcoin losses are so sharp, it is definitely something to pay attention to, especially if we consider the fact that BTC price today is the lowest it’s been in almost a month, ever since it started recovering from the horrible late January/early February slump. The crypto market is feeling it, too: the crypto market cap also fell to a monthly low at $352 billion, well below its most recent high at $518 billion.

In spite of these negative indicators, however, Jim Newsome, former Chair of the Commodity Futures Trading Commission, said that the so-called cryptocurrency bubble is unlikely to burst. In his view, the industry is still immature, and big investors are sitting on the sidelines, waiting for regulators to get rid of the uncertainty that has been plaguing the crypto space.

Who knows, maybe it will be another digital asset, that will finally prompt them to join in and ignore these Bitcoin losses. Stellar, for example, has been making some forward-thinking moves. The nonprofit made a big investment in Keybase, a startup created by the co-founders of online dating platform OKCupid. The main goal of Keybase is to improve end-to-end encryption, which could make it way easier and faster to make person-to-person payments. For that, Keybase would rely on Stellar and its minute transaction fees, as well as low energy consumption. With Keybase, cryptocurrencies could return to their roots and become a vehicle for people to easily send funds to each other. Ethereum, on the other hand, will be used in a pilot program in South Burlington, Vermont, where the first real-estate property in the US will be sold in its entirety through a blockchain transaction. With many speculating that all real-estate will be blockchain based in the near future, it is deals like these that remind us that there is more to cryptocurrencies and blockchain technology than flailing prices and market speculations.

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Author: Max Rothstein

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