The cryptocurrency market began December on a low note. Last week, the market´s total capitalization was of $138 billion USD, but on Thursday it reached its lowest point at $117 billion, losing $21 billion dollars over 7 days.
On December 6, 2017, there was a total capitalization of $371 billion USD and showing signs of taking off. A year later, the market has just the half of that amount.
Are we on the verge of taking a completely different direction from last year?
Now, there is red all over the cryptocurrency top 10, with the exception of two virtual coins that are surprisingly bucking the trend.
One of them is Theter, currently 7th, which gained 0.71%; the other is Bitcoin SV in 8th place, after adding 12.51%. In addition, there is a new member this week in the cryptocurrency Top 10, TRON, in 10th place.
Among the Top 5, Bitcoin was at $3,671 USD, losing 4.02%. XRP kept the 2nd place with $0.327511, a loss of 4.43%.
On the other hand, Ethereum kept losing ground: Its price fell to $97.68 USD, losing 7.36%. Stellar stayed in 4th place with a total value of $0.128900 (losing 9.74%), while Bitcoin Cash ended in 5th place after losing 15.63%, for a value of $115.74 dollars.
We should also mention the international summit for governments and central banks from developed and emerging economies, the G20, aimed at tackling issues related with the global financial system.
The G20 leaders met in Buenos Aires, Argentina, last weekend. Donald Tusk, President of the European Counsil, and Jean-Claude Juncker, President of the European Commission, represented the EU during the summit hosted by the Argentine leader, Mauricio Macri.
On the G20 final statement “Building consensus for fair and sustainable development”, the members praised digital coins as a technologic development with high potential to become an important element of an open and resistant financial system, which is an important topic in favor of sustainable growth.
However, besides recognizing the importance of the digital financial system, the G20 leaders underscored the need to develop measures against money laundering, and financing of terrorism in line with the Financial Action Task Force (FATF).
“We will step up our efforts in fighting terrorist and proliferation financing, and money laundering. We urge the digital industry to work together to fight exploitation of the internet and social media for terrorist purposes”, said the G20’s final statement.
For the time being, the group said it will respect and won’t intervene in a cryptographic regulation; however, the G20 did suggested taxation for cryptocurrencies by calling for a tax system for transnational electronic payment services.
By Omar Cortés