The shocking week for Bitcoin and other cryptocurrencies is about to be over, and crypto prices seem to have stabilized a bit. However, the bottom for most of these digital currencies still remains elusive.
Bitcoin has spent most of yesterday trading sideways.
Ranging anywhere from $7,900 to $8,400.
At the time of this writing, Bitcoin was trading at $8,575, up 3.57%.
Unsurprisingly, the prices of 8 of the top 10 cryptocurrencies all took a nosedive as a result. Only two virtual coins, Ethereum Classic and Ontology, managed to hang tough during the selloff this week.
The total market capitalization of the cryptocurrency industry, meanwhile, fell to $309 billion early on Thursday, dropping from $400 billion on Monday.
The selloff in the market is attributed to several factors, led by Google placing an advertising ban on all cryptocurrencies related content. That said, the prices had stagnated before the announcement, following the SEC ruling on crypto exchanges and reports of a whale with Mt. Gox.
The next few days, however, are equally important.
Finance ministers and central bankers of the Group of 20 major economies are set to meet in Argentina this weekend and discuss policy on cryptocurrencies. Positive news there is sure to lift the market, but we’ll just have to wait and see how the G20 reacts to cryptocurrencies.
We do know for a fact that France and Germany are expected to issue a joint proposal calling for Bitcoin to be regulated.
Most analysts expect crypto to be regulated like any other asset class in the future, and be the key trend driving crypto and ICO valuations this year.