The major cryptocurrencies continued to lose, adding five days down on Sunday, with bitcoin trading below $28,000 a unit as of 6:00 p.m. Mexico City time.
The main cryptocurrency fell to $27,575 per unit, 9% less than on Sunday of last week, according to the CoinMarketCap site.
“Critics argue that bitcoin sell-offs during high-volatility crises, like March 2020, are a failing. However, selling during these periods is actually a sign that bitcoin is doing its job,” wrote Joe Carlasare, an investor specializing in the crypto sector.
“It is a relatively liquid market that operates 24/7. In uncertain times, bitcoin offers holders a reliable way to access cash when they need it most,” he added.
Over the week, ethereum, the second-largest cryptocurrency by market value, lost 12.1% to $1,861.12 per unit. Binance stablecoin BNB, the fourth largest digital asset, is down 4.96% on the week, while XRP, the sixth largest, lost 10.67 percent.
In market value, the sector lost 116,000 million dollars in the week, from 1,280 to 1,164 billion dollars.
Pierre Rochard, Vice President of Research at Riot Platforms, explained that bitcoin’s price movements are its main feature, a way in which the public can take “monetary policy” into their own hands.
