The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Nearly all key crypto assets are currently down 90% from their all-time maximums
OnChainFX states that almost all key crypto assets have lost approximately 90% of their market value, steeply tumbling from their previous year’s maximums.
As a matter of fact, among the 15 leading crypto assets by circulating market cap, up to 11 of them have gone down by over 90% from their record maximums.
On Thursday, the number two crypto asset, Ripple’s XRP, was last seen at 0.34365, heading south by about 92% from its record maximum of $3.84 in January this year.
In addition to this, Ethereum managed to hit $104.1, decreasing by nearly 93% from its all-time maximum at $1,431.
Besides this, Bitcoin went down by approximately 81% since getting to the mind-blowing maximum of $20,000. Currently, the value of this digital coin accounts for $3,873.8.
Crypto assets have decreased drastically for recent weeks, following news of regulatory scrutiny as well as a hard fork in Bitcoin cash. All of this is considered to be key headwinds for the crypto world.
Earlier this week, is has been disclosed that members of the G20 made up their mind to work on international effort for the purpose of regulating crypto assets, which is in line with standards set by the Financial Action Task Force, an intergovernmental organization started in 1989.
The given move is considered to be an effort to tame tax evasion by crypto investors. By the way, crypto assets were included in the joint declaration of G20 members at the end of the summit.
Meanwhile, Thursday’s reports stated that Japan is all geared up towards urging crypto exchanges to disclose information on their users who have been suspected of tax evasion.
According to government sources, many individuals didn’t uncover their gains from crypto activieties and transfers.
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The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).