With the market hitting an unexpected low, we take a look at the events that could have played a role
Key events:
- The rate of all cryptocurrencies jumped unpredictably throughout the week, reaching a $7,400 point at the start and then crumbling to $6,000 within a single day. This was prompted by initial reports of Goldman Sachs rejecting an idea of a crypto trading desk. Those claims were later rebuffed by the company. Ethereum dropped even further, surpassing the $200 mark while Monero initially rose by 20% at the start of the week on the back of positive predictions from analysts.
- Greek high court has approved the extradition of the “cryptocurrency king” Alexander Vinnik - who is suspected of countless illegal activities, to Russia. The attorney claimed that during the hearing, the defendant confirmed his desire to be returned to Russia.
- U.S. Security and Exchange Commission remains in the spotlight of the crypto community over its latest decision on bitcoin-ETF’s. CEO of Crypto Startup Abra claimed that the tool will be approved at the start of next year since there is much desire on the market for it. Meanwhile, another cryptocurrency friendly actor joined the commission in the form of Elad Roisman, who was appointed on September 5.
Bitcoin
Bitcoin (Bitcoin: BITCOIN) was restless throughout the week. Overall the first cryptocurrency lost around $1,000 in price last week, and on the eve of Monday the cryptocurrency was trading at just under $6,400
Bitcoin Cash
Bitcoin Cash (EXANTE: BCH.EXANTE) went into a freefall after September 5, declining from $627 to $497, and the trend only continued further after that. On Sunday, the digital currency was at around $480.
Ethereum
Ethereum (BITFINEX: ETH/USD.BITFINEX) towards the end of the week has dipped below the psychological mark of $200. On Sunday the cryptocurrency traded at around $201.
Litecoin
Litecoin (BITFINEX: LTC/USD.BITFINEX) has demonstrated a week-long low of $52,95 on Saturday, September 8. On Sunday it rebounded slightly to around $55.
ICO
Roughly 2,6 thousand people have lost their investments in a South Korean ICO called the Shinil Group. It claimed to have found a Russian warship ‘Dmitry Donskoy’ carrying tons of gold and created a token back by it.
Members of the European Parliament during a hearing on Tuesday have discussed the proposal to create a unified set of rules on conducting ICO in the EU. It was proposed to limit token sales to 8 million Euros and apply investor identification schemes alongside anti-money laundering schemes.