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Bitcoin, the world’s largest cryptocurrency by market capitalization, struggles after the United States Justice Department seized $2.3 million crypto ransom paid to hackers that attacked Colonial Pipeline this week.
However, the oldest cryptoassts surged 2.3% on Friday but has since reversed the gain, falling more than 4.2%, now trading at $35K. Total market capitalisation of all cryptocurrencies assets had peaked at $2.4 trillion after Elon Musk whoop sentiment with a tweet.
The total crypto market volume over the last 24 hours is $98.59 billion, which makes a 3.75% increase. The total volume in DeFi is currently $7.59 billion, 7.70% of the total crypto market 24-hour volume.
The volume of all stable coins is now $75.93 billion, which is 77.01% of the total crypto market 24-hour volume. At the press time, Bitcoin’s dominance is currently 43.91%, a decrease of 0.14% over the day.
It has been a roller-coaster experience for the leading digital asset. The United Stated official said Bitcoins paid to hackers that attacked Colonial Pipeline was seized, the announcement pullback the market. However, on the positive side, El Salvador adopted of the largest digital asset as legal tender.
The price of bitcoin had climbed from $36,038 to $37,536 Friday, a 4.1% gain on some rocky trading patterns. Bitcoin price however tumbled to $35.886.
Also, Ether, the second-largest cryptocurrency by market capitalization, was trading around $2,397 Friday but has increased $2,433 according to CoinMarketCap.
Ether slipped from $2,492 at Thursday to $2,377 Friday. It’s been a rollercoaster week for Bitcoin: tumbling on the news that the U.S. has seized $2.3 million that was paid to the Colonial Pipeline hackers, then winning an unexpected bounce on the back of El Salvador’s legalization.
A brutal sell-off ensued on Tuesday following news that the Justice Department had just recovered and seized around $2.3 million in crypto ransom in a bid to crack down on the country’s most disruptive hackers.
A few months ago, people would have said that 2021 was looking to be a banner year for digital assets after Bitcoin topped $60k, but a recent plunge has since cut prices almost in half and shaken confidence in the market.
The latest news didn’t help – investigators seized the 63.7 Bitcoins that Colonial Pipeline paid when a hack of its systems led to severe shortages at East Coast gas stations.
But there is good news amongst the bad. Bitcoin got a much-needed boost of 11% this week after El Salvador made a milestone in monetary history by becoming the first country in the world to formally adopt Bitcoin as legal tender.
You can even pay taxes with it. Given that around 70% of El Salvador doesn’t have access to traditional financial services, the hope is that Bitcoin can increase financial inclusion in the country.
It could have a major worldwide impact – Venezuela and the Bahamas are already rumored to be jumping on the crypto train.
Analysts said as nation states and central banks exploring digital currencies, it is not surprising to see places that have historically relied on the dollar or folks who have experienced hyperinflation exploring the potential merits of digital currency.
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