London, (Business News Report)|| Bitcoin lost 5.5% of its value in a week, to reach the level of $ 29,533, after losing 0.4% on Saturday.
The price of the bitcoin currency fell 57% from its highest level reached on the tenth of last November at $68,992.
Bitcoin, the most popular currency, has fallen by 36% so far this year.
It is noteworthy that while the cryptocurrency world is experiencing another bout of turmoil, it seems clear that there is a need for stronger regulatory oversight of digital assets.
The European Union will soon introduce a specific regulatory framework for cryptocurrencies and markets.
The move comes at a time when the value of digital assets is falling and some of the world’s largest “stable currencies” are in crisis.
Cryptocurrencies are becoming popular regardless of the fact that there is very little or no oversight over them.
Whether these cryptocurrencies are fraudulent software, use a cover for money laundering, or stablecoins are tied to real assets, it is difficult for ordinary investors or users to tell the difference.
Where these currencies are located, how they are organized and who supports them is often a mystery. This ambiguity is really cause for concern.
Meanwhile, the prices of most cryptocurrencies fell, affected by the repercussions of the terraUSD crash and market turmoil.
The collapse of the Terra currency caused a decrease in confidence in the cryptocurrency market, which includes more than 19,000 currencies. Today the Terra Dollar storm is close to uprooting thousands of cryptocurrencies from their places.
Commenting on the recent crypto market earthquake, one cryptocurrency maker, Bertrand Perez, CEO of the Web3 Foundation says, “Like at the beginning of the internet, you were having lots of dotcom companies and lots of them were scams, and were not bringing any value and all that got cleared. And now we have very useful and legit companies.”
The cryptocurrency market also lost about 0.64% of its market value, which fell to $1.23 trillion, with a trading volume during the last 24 hours amounting to $58.27 billion.
During the trading of this May, digital currencies were subjected to a sharp wave of losses that exceeded 600 billion dollars, which began even before the collapse of Terra Luna and Terra stable.