Ripple CEO says the number of cryptocurrency and fintech companies are leaving the US

bitcoin - instaforex

Bitcoin fell 5.2% last week to close at $22,400. Ethereum lost 4.4% to $1570. Other leading altcoins in the top 10 fell between 2.9% (XRP) and 11.5% (Polygon).

The total capitalisation of the crypto market fell 5% over the week to $1.03 trillion, according to CoinMarketCap.

Bitcoin's most significant drop last week came on Friday amid reports of the possible bankruptcy of Silvergate, a bank that services major cryptocurrency companies. The bank announced the closure of its cryptocurrency payment service.

While BTCUSD has held up during furious sellers' attacks, it is in no hurry to bounce back from the bottom. Technically, the 50-week moving average continues to act as a valid resistance from which the selling intensifies. The Death Cross formed on the weekly timeframe makes for a cautious view of the near-term outlook and keeps the potential for a return to the $16.3-18.0 level.

SEC chief Gary Gensler has warned cryptocurrency exchanges against failing to comply with custodian status

According to media reports, global giant market-maker Citadel Securities plans to increase its stake in Silvergate Bank to help it out of its liquidity crisis. Other rumours suggest that Wells Fargo is a potential buyer.

SEC chief Gary Gensler has warned cryptocurrency exchanges against failing to comply with custodian status. He said that if an exchange collapses, "customer funds often become the property of the bankrupt entity".

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Brad Garlinghouse, CEO of Ripple, said that more and more cryptocurrency and fintech companies are leaving the US, which is stifling innovation in the country. Around 300 payment providers from 45 countries believe blockchain and cryptocurrencies can improve traditional finance, according to a survey conducted by Ripple.

The UK's Nationwide Building Society and HSBC have imposed restrictions on card purchases of cryptocurrencies.

bitcoin - instaforex

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.