The digital assets market continues with a series of corrections due to the large amount of recent news that have shaken the capitalization reached until the last weekend.
On Saturday, March 24, the market had a capitalization of $343.582.000.000 USD, a slight recovery compared to the previous week. Even though all signs pointed toward a recovery, the market has been in red numbers since last Monday, when it began an unexpected downturn, bottoming out at $279.131.000.000 dollars, for a loss of $64.461.000.000 at the time of writing this post.
On the other hand, some of the main cryptocurrencies lost value at different ranges, compared to last Saturday.
- Bitcoin $8.985,80
- Ethereum $544,20
- Ripple $0,658412
- Bitcoin Cash $1.024,20
- Litecoin $165,61
- EOS $7,09
- Cardano $0,200531
- Stellar $0,245553
- NEO $68,12
- IOTA $1,41
We can make the comparison with the Coin Market Cap graphic from this Thursday, March 29:
Right now, the market is full of uncertainty and doesn’t seem to know how to react: either buying, selling or playing a waiting game until there is a recovery that pushes the market to an upward direction, something that has been expected since the end of January.
Millions of people are looking for answers to this instability, but there’s no doubt that the cryptoeconomic market is in the middle of the storm due to the threats of implementation of regulations and laws –and some market manipulation carried out by certain individuals or entities– that would place it under total control of the world’s central authorities.
In the face of these threats, some exchanges have been looking to settle in places with healthier regulatory framework. Such is the case of Bitfinex (one of the largest Exchanges in the world), which recently announced that it'd be relocating its headquarters to Switzerland.
"We are looking for a new domicile for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations,” said the company’s CEO, Jean-Louis van der Velde.
Likewise, Binance (another of the world’s biggest Exchanges) announced on its blog that it will stablish operations in Malta. The decision to invest there is due to its existing pro-Blockchain legislation and the stability it provides to financial technology companies with its more friendly regulatory framework.
Binance CEO & Founder, Zhao Changpeng said: “After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.”
Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Silvio Schembri, expressed his satisfaction over Binance’s decision to start operating there. “It is obvious that Malta has become a natural point of reference on the international sphere,” he said, adding that he is convinced Malta will become “The Blockchain Island.”
At the same time, the manipulative bans of the tech giants like Google, Facebook, Twitter and Yandex have influenced the slumping market causing an outrage in the digital market and the Blockchain itself.
That’s why, the Cryptocurrency Associations from Europe and Asia have filed a class action lawsuit against these companies, not only for banning digital coin advertising but to force a deeper investigation in order to find out if the officials within these companies have investments in digital assets and may be acting to manipulate the digital market in their favor.
Although this news have shaken the sector, they come with a light of hope, and even if there’s a chance the market continues to fall even further during the holiday weekend, there might be encouraging signs early next week after a slowdown lapse.
By Omar Cortés