This Week in Coins – Market Records Losses for the Second Consecutive Week
Most of the leading cryptocurrencies posted losses this week. The decline in prices appears to be a reaction to the recent developments surrounding the crypto-friendly bank Silvergate. The financial institution delayed filling its yearly 10-k report with the US Securities and Exchange Commission, causing its shares to drop by 57% as of Friday.
Since the news, several crypto companies have moved to cut ties with Silvergate. They include crypto exchanges Coinbase, Crypto.com, Bitstamp, and Gemini.
Price Analysis of Leading Tokens
Bitcoin declined by 3.1% in the past seven days, and as of this writing, it’s trading at $22,447. Meanwhile, Ethereum seems to have weathered the news better, as it only dropped by 1.6% to trade at $1,571, according to data from CoinGecko.
Several top tokens saw their prices decline by double-digit percentages. They include Cardano, which dropped by 11.2% to trade at $0.3385; Avalanche, which sank 15.8% to change hands for $16.54; Polygon, which declined by 14.2% to trade at $5.95; and Chainlink, which depreciated by 11.4% to sell for $6.88.
Solana did not lose much despite a major outage that caused the network to go offline for more than 20 hours on Monday. The token shed 8% of its value in the past seven days and is currently priced at $20.94.
Meanwhile, Filecoin dropped by over 21% after posting significant gains about two weeks ago. The digital asset is trading at $6.04 as of this writing.
It is worth highlighting that none of the leading tokens posted any significant gains this week.
Regulators Around the World Tighten Screws
Regulators have continued to make their presence felt in the crypto industry. On Tuesday, France’s National Assembly approved the adoption of European Union laws which would see tougher requirements on crypto firms wishing to enter the French market.
On the same day, Coinbase revealed it was planning to delist BUSD following a lawsuit filed against the stablecoin issuer Paxos by the Securities and Exchange Commission. Paxos is accused of violating investor protection policies.
The Commission also issued a subpoena to Robinhood this week in regard to the firm’s platform operations and supported cryptocurrencies.
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