Last week was a difficult time for the world’s most valuable cryptocurrencies – Bitcoin dropped below the $10,000 mark and Ethereum, Ripple and Litecoin also considerably declined in value. The past seven days have seen fluctuations in the prices of the major cryptocurrencies, however, their current prices remain similar to this point last week – if not marginally lower.
Bitcoin, which suffered a beating last week, has not recovered from its fall in price. Whilst the world’s most expensive coin surpassed the $13,000 mark over the weekend, it has since proceeded to gradually fall in value – it stands at $11,266 at the time of writing.
Earlier this week, international payment platform Stripe announced that it would stop handling Bitcoin payments, citing volatility, slow payment times and high processing fees. Stripe joins other companies, such as digital distribution platform Steam, in no longer accepting Bitcoin – the companies’ rejection indubitably impacting the currency’s price.
Ethereum’s price has also fluctuated over the last week; though it reached just over $1,160 on Saturday (up from $1,030 last Thursday), it has since declined to $1,053 at the time of writing.
Litecoin experienced a similar trend in having its price increase over the weekend, only to subsequently fall in the days after it. The coin temporarily surpassed the $214 mark on Saturday – up almost 10% on last Thursday – before falling back down to its current price of $181 – a 7% drop since last week.
Owners of Ripple’s XRP will also not have been pleased with the third-largest cryptocurrency’s progress in the past seven days. Sitting at approximately $1.50 at this point last week, it briefly increased to $1.68 before hitting a weekly low of $1.17 on Monday. It has since climbed, reaching $1.34 today.
Cardano, Stellar and Monero have also fluctuated in price over the last seven days. Cardano’s present price is almost identical to that of last week, trading at $0.65 (despite hitting a weekly low of $0.53 on Tuesday). Monero, despite surpassing the $400 mark over the weekend, has declined in value by 5% since this point last week. Stellar’s XLM, on the other hand, is one of the few cryptocurrencies that experienced a minor rally in the last few days – it has increased from $0.51 last Thursday to $0.65 today.
IOTA and NEO saw a decline in their value since last week; dropping in price by 14% and 8% respectively.
The continued prohibitionist stance of some governments against cryptocurrencies has not been conducive to the coins’ recovery. Last week, China announced plans to totally abolish cryptocurrency trading and South Korea highlighted its intentions to further clamp down on digital currencies.
Indeed, earlier this week South Korea banned the use of anonymous bank accounts to trade cryptocurrencies. It has also announced its intentions to completely ban foreigners and minors from trading the digital currencies.
In continuing its restrictionist stance against the digital coins, the government announced earlier this week that it plans to tax cryptocurrency exchanges in South Korea at 24.2%, stunting the recovery of major coins.
The state’s decision on Wednesday to fine national cryptocurrency exchanges that are found to have severe privacy failures is another sign that the country plans to continue its scrutiny of all things crypto. Such regulatory measures will be of no surprise to speculators; South Korea has considered banning cryptocurrency trading outright.
Given that South Korea is said to be the world’s third-largest market for exchanging digital coins, the recent intensification of regulation in the country has played a large part in keeping the digital currencies’ prices down.