Tanya Abrosimova
Independent Analyst
- Bitcoin and major altcoins have recovered from the recent lows.
- G7 finance ministers included cryptocurrencies in the list of priority issues.
The cryptocurrency market is in a tailspin as Bitcoin (BTC) and all major altcoins are deep in red, nursing double-digit losses. The total capitalization of all digital assets in circulation plunged to $250 billion from $291 billion this time on Tuesday. The total trading volume is registered at $79 billion, while Bitcoin's market share reduced to 66.2% from 66.6% the day before.
The carnage was unleashed by Facebook's hearings in Congress where the politicians grilled the company over its Libra project.
In the latest development, the finance ministers of G7 said that containing risks posed by Facebook’s Libra and other digital assets would be included in the list of their priorities.
According to the meeting’s host, Finance Minister Bruno Le Maire this issue will be discussed alongside the other important themes such as taxation, green finance and income equality and transparency.
“The red line for us is that Libra must not transform into a sovereign currency,” he added in the interview with the Italian newspaper Corriere della Sera.
Meanwhile, Bitcoin (BTC) is changing hands at $9,580, down 10% in recent 24 hours. Ethereum (ETH) has recovered to $203.00 though it is also nursing 10% losses as of now. Ripple's XRP is hovering marginally above $0.3000.
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