Recent Talks of Cryptocurrency Regulations Spur Market CorrectionsScroll Down
If there is one thing that is predictable about the cryptocurrency sector, it is that the market is unpredictable. But recently it seems that bets are relatively safe that cryptocurrencies will fall in value. Sure enough, following the most recent increase in value of several cryptocurrencies during the week leading to August 29, including the surprising but brief increase of Bitcoin (BTC) above the $7000 threshold, markets largely experienced corrections on Thursday, August 30. The top ten coins by market cap lost between 1.5%-5% on the day. Bitcoin (BTC) fell in the lower end of the spectrum losing 1.52% on the day to $6,942. The one day losses do not surpass the increase in 6% on the week for Bitcoin (BTC), but it does not compensate for the 15% loss on the month. Ethereum (ETH), although trading at $284 by press time and trading over 3% on the day, has also not offset its 39% loss on the month. Many other of the top ten coins came in at over 2% in losses including: Litecoin (LTC) which fell 2.41% to $60.50, Stellar (XLM) which fell 2.86% to $0.22, Ripple (XRP) which fell 2.96% to $0.33, EOS (EOS) which fell 3% to $6.05, and Bitcoin Cash (BCH) which is down 3.17% trading at $538.77. Among the harshest hit coins was IOTA (MIOTA) which fell 4.68% on the day trading at $0.71. This followed the optimistic response and subsequent growth after news broke earlier in the week announcing a partnership with the Japanese ICT conglomerate Fujitsu. Overall total market capitalization fell $8 billion to $225 billion at press time. Amidst this uninspiring performance from cryptocurrencies there is reason for more concern after regulators have suggested stronger transparency to the cryptocurrency market. Economic officials from each European Union member state intend to host a meeting in September to discuss potential regulations to the cryptocurrency sector. Meanwhile, news from Poland this week also announced a new bill clarifying their taxation policies towards cryptocurrencies. In another potential source of optimism or concern Yahoo Finance integrated trading with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).