"Cryptocurrencies have no value and are not based on anything." - said Christine Lagarde (ECB). Bitcoin Has Decreased By 3.6%, ETH Gone Down By 5.8%, XRP And ADA Declined As Well | FxPro

The New York State And Law Banning Almost All New Bitcoin Mining Operations

Bitcoin is down 3.6% over the past week, ending near $29,900. Ethereum lost 5.8%, while other leading altcoins in the top 10 fell from 5.4% (XRP) to 9.2% (Cardano). The exception was Binance Coin (+3.3%).

By Monday, the cryptocurrency fear and greed index is down 4 points to 10

According to CoinMarketCap, the total capitalisation of the crypto market has changed little over the past seven days at 1.29 trillion, as the decline at the beginning of the last week was largely reversed by its end.

By Monday, the cryptocurrency fear and greed index is down 4 points to 10. Bitcoin has declined for seven consecutive weeks amid a sell-off in stock markets. Bitcoin is in its 13th day of trading through the $30K level.

Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70%

Over the weekend, we saw almost traditional buying by retail investors, but their strength only allowed them to bounce back from Friday's losses. If we look at Bitcoin as a leading indicator of risk demand rather than tailing off moves in the S&P500 or Nasdaq, we may well be in a situation where the tail rules the dog. Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70% with US Fed policy and a bearish trend.

Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM

Is Bitcoin leading or following global demand for risk?  - 1

Microsoft co-founder Bill Gates said he only invests in assets that "deliver returns". In his view, cryptocurrencies do not fall into that category. Billy Marcus, one of the creators of Dogecoin, said the cryptocurrency market is a mix of unhealthy optimism, FOMO, panic, scams, gambling, and widespread stupidity. He said he has not been involved in the DOGE project for more than 7.5 years but describes himself as a coin supporter.

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ECB head Christine Lagarde said that, unlike central bank digital currencies, cryptocurrencies have no value and are not based on anything. A group of G7 finance ministers pointed to the importance of accelerated legislation to regulate digital assets following the collapse of the UST stable coin and LUNA cryptocurrency.

The New York State And Law Banning Almost All New Bitcoin Mining Operations

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.