Weight Of The World On Bitcoin Shoulders

Major coins continued to bleed Thursday evening as the global cryptocurrency market cap declined. Bitcoin traded over 2% lower; Ethereum was down almost 3%. Over a seven-day trailing period, Ethereum has lost about 10% of its value. In relevant global news, Russia’s central bank called for a ban on cryptocurrencies. Russia has been a top country for Bitcoin mining, so if the proposal passes, it could affect Bitcoin’s price. The declines in cryptocurrencies follow Wall Street losses on Thursday. The Nasdaq was down almost 5% this week, and the S&P 500 is into its third straight week of losses. Pseudonymous cryptocurrency analyst Kaleo took a dig at the detractors of cryptocurrencies, joking in a tweet that said “First the Chinese, then Gensler, now the Russians. Throw in the towel - it’s over.”