The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets head south
On Monday, crypto assets dived a bit since reaching a 2019 maximum last Wednesday, reacting to news that Visa is about to launch a crypto card with Coinbase.
The cryptocurrency market paused as traders would like to know if crypto assets are able to keep holding onto their momentum.
Besides this, last Wednesday, the overall crypto market capitalization reached a year-to-date maximum of $186 billion, before rebounding.
The upward trend began in April, right after Bitcoin prices leapt for an unknown reason and digital currencies seem to be holding on to those profits.
Eventually, Bitcoin decreased by nearly 1.2% for the last week hitting $5,144.10, notwithstanding rallying to a 2019 maximum of $5,372 on Wednesday.
For the last week, Ethereum decreased by 6.8% being worth $166.67, while XRP inched down by 8% ending up with $0.32581. As for Litecoin, it sank by 7.5% coming up with a result of $82.54.
The descending move showed up against the backdrop of news that the IMF as well as World Bank are launching a crypto asset to see how alternative currencies work and news that Visa is cooperating with Coinbase to offer a debit card for British users.
The debit card, issued by Visa, will enable Coinbase users to spend their Litecoin, Ethereum, Bitcoin balances. It works by converting crypto assets to fiat currencies when the card is utilized, with the merchant getting the local currency.
In addition to this, the IMF along with World Bank has come up with a so-called Learning Coin that the financial institution will utilize to realize the technology behind crypto assets. In fact, the crypto asset has no monetary value. What’s more, it’s going to be accessible only to the IMF as well as the World Bank.
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