This Friday was not a great day for Bitcoin loyalists as the cryptocurrency plunged to a dismissal two-week low value. Some other prominent digital currencies also met a similar fate during the same time period.
Bitcoin once again proved its unpredictability and volatility as the currency was down 1.95 percent. It was valued at 7,386.70 USD on the Bitfinex crypto exchange on this Friday as opposed to a higher value of 8,281.80 USD just last week.
The fate of other cryptocurrencies was also not good like Bitcoin, though their overall prices were marginally lower. The market cap for coins was valued at 262 billion USD on Friday as opposed to 269 billion USD on Thursday.
Incidentally, Ethereum, which is the second most popular cryptocurrency after Bitcoin in terms of market capitalization, saw a slight increase of 0.33 percent to 412.85 USD on the Bitfinex. The third biggest digital currency, Ripple, rose by 1.58 percent to 0.43971 USD, but Litecoin was also down by 0.45 percent at 75.799 USD.
German Stock Exchange Joins Cryptocurrency Bandwagon
In other news, Boerse Stuttgart, a stock exchange in Germany, has plans for providing digital asset services soon. The announcement was made by the German exchange on Thursday among much fanfare and enthusiasm.
It is Germany’s second-biggest stock exchange and plans to provide a robust end-to-end infrastructure. The exchange will offer a platform for ICO (Initial Coin Offering), cryptocurrency custody services, and trading venue. Boerse Stuttgart’s services will also comprise of trading popular virtual currencies such as Bitcoin and Ethereum.
Meanwhile, the Union Bank of Switzerland opines that there is a likelihood of Bitcoin replacing the money supply of the United States. However, the bank feels it is only possible when the coin’s price touches the magic figure of 213,000 USD. Besides, the processing capabilities of its network should enhance drastically.
According to Investing.com, the bank mentioned in one of its reports that their findings indicate that Bitcoin is limited and too unstable in its present form. These drawbacks are preventing it to emerge as a viable payment mode for worldwide transactions or being embraced as an asset class in the mainstream.
The post Bitcoin Dropped To New Two-Week Low Value appeared first on OWLT Market.
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