ADVERTISEMENT

Cryptocurrencies were unable to pull out of the red after this week's bloodbath

It was a rough week for cryptocurrencies as more than $100 billion in value was erased.

Bitcoin and most other major cryptocurrencies had a rough week.

ADVERTISEMENT

The week began with a massive selloff — dubbed a bloodbath — which was fueled by rumors out of Russia, South Korea, and China that their governments may further crack down on cryptocurrency exchanges and mining.

Bitcoin was able to maintain its spot as the world’s largest cryptocurrency. The flagship coin bottomed out below $10,000 — a milestone it crossed in November — before climbing back above $11,000. It’s set to remain roughly 14% down Friday evening.

Here’s how the other large cryptocurrencies have fared this week:

ADVERTISEMENT
  • Ethereum
  • Ripple (XRP):
  • Bitcoin Cash
  • Litecoin

When all was said and done, global cryptocurrency market cap was down 21% Friday afternoon from Monday's highs, sitting at roughly $561.19 billion

"These governments in Asia are concerned about losses in crypto disrupting other areas of the market," Michael Arrington, who recently joined blockchain tech company Aelf as an advisor, told Business Insider.

He also said that countries on the continent see a huge opportunity in blockchain, and noted huge exuberance around the tech. "There's a rising level of enthusiasm and focus on the tech," he said.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT