Global cryptocurrency market capitalization fell 4.74% to $1.36 trillion amid a bloodbath that enveloped all major coins on Thursday night.
What Happened: The apex cryptocurrency, Bitcoin (CRYPTO: BTC), traded 2.51% lower at $32,445.18 over 24 hours at press time. For the week, BTC declined 3.74%.
Ethereum (CRYPTO: ETH) plunged 9.15%, barely clinging to the $2,000 levels at $2,075.52. The cryptocurrency traded 2.47% lower for the week.
See Also: How To Buy Ethereum (ETH)
The meme universe was not spared, with Dogecoin (CRYPTO: DOGE) trading 8.71% lower at $0.1994. The Shiba Inu-themed cryptocurrency has nosedived 18.77% in a seven-day trailing period.
DOGE traded 5.08% lower against BTC but managed 1.47% gains against ETH.
On Thursday night, the coins that traded in the green included KuCoin Token (CRYPTO: KCS), Theta Fuel (CRYPTO: TFUEL), and Stacks (CRYPTO: STX).
KCS was the top gainer in the list put together by CoinMarketCap. The profit-sharing token associated with the eponymous cryptocurrency exchange traded 5.94% higher at $12.42 over 24 hours.
See Also: What’s Up With KuCoin Token (KCS) Today?
KCS has shot up 74.19% for the week. The coin was up 7.56% and 14.98% against BTC and ETH respectively.
Over 24-hours, TFUEL traded 4.14% higher at $0.36, while STX was up 1.45% at $1.12 in the same period.
Why It Matters: Bitcoin continues to face regulatory pressures. On Thursday, Fan Yifei, the deputy governor of the People’s Bank of China, said, “Global stablecoins may bring risks and challenges to the international monetary system,” reported CoinDesk.
Yifei reportedly said that the Chinese central bank was already taking measures against cryptocurrency.
Europe and West African countries are also putting cryptocurrencies under the scanner. As per CoinDesk, several European countries are proposing an agency that could crackdown on cryptocurrencies that have the potential to be used for money laundering and terrorist financing.
Last month, Sen. Elizabeth Warren (D-Mass.) asked Congress to take a more direct approach in handling cryptocurrencies’ risks.
“Regulators can’t continue to hide out, hoping that crypto will go away. It won’t. It’s time to confront these issues head-on,” said Warren.