The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets extend their losses
On Friday, key digital coins kept trading in the red in Asia, extending their losses after a sudden soar the week before. Eventually, Bitcoin lost its grip on the $5,000 mark against the backdrop of bearish sentiment.
As a matter of fact, Bitcoin declined by 6.59% ending up with an outcome of $4,991.2. The most popular crypto asset had been staying above the $5,000 mark since it suddenly went up on April 1 and it even hit $5,299.4 on Monday.
Additionally, Ethereum headed south by 8.45% trading at $163.69. As for XRP, this crypto asset declined by 9.27% reaching $0.32176, while Litecoin lost 13.83% trading at $77.878.
Eventually, the cryptocurrency market capitalization dived from $184 billion to $169 billion at the beginning of this week, losing 8%.
This week the cryptocurrency market concluded on a low note in the face of a bearish outlook.
Digital coins have been recently criticized as disruptors shaking the world financial system. That’s what the Managing Director of the International Monetary Fund, Christine Legarde has told.
Talking to CNBC on Wednesday, Christine Legarde warned that crypto assets could act as a driver to shake up the banking as well s finance industries. She added that regulation is urgently required to address such crucial financial industry changes.
Meanwhile, in Asia, South Korea’s major cryptocurrency exchange Bithumb posted a net loss of $180 million last year because of a steep dive in the cryptocurrency market. In fact, the net loss marked a great setback from a net gain of $469 billion the year before.
By the way, two weeks ago Bithumb also suffered from a cyber attack. It lost nearly $13 million in the EOS crypto asset and nearly $6.2 million in XRP.
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Bears finally took over the cryptomarket and pulled the price for BTC down.
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.