S&P 500 and Bitcoin
Another way we can relate to the slump in cryptocurrencies is by comparing it to the rout in equities. The relationship between the two is fairly understandable. If we take a look at the chart below that compares the S&P 500 Index (SPY) and bitcoin, the end of January movement between the two seems quite coordinated. We see a revival after that and now the slump once again.
Although the trend in equities is global and may not be taking any cues from cryptocurrencies, the confidence in the financial markets, in general, could move the sentiment in bitcoin and the cryptocurrency markets. The longer-term relationship between the S&P 500 and bitcoin may or may not hold, but the overall sentiment in the market could have a substantial impact on both.
Top gainers and losers
The top gainers over the past 24 hours were Qtum, EOS, Request Network, and Dragonchain, rising 26.4%, 15.8%, 13.5%, and 13.2%, respectively. The top losers were Dentacoin, Byteball Bytes, SmartCash, and VeChain, falling 9.3%, 6.7%, 6.1%, and 5.1%, respectively. The overall market cap of cryptocurrencies (ARKW) together fell $331 billion.
The FTC (Federal Trade Commission) has created a Blockchain Working Group to examine the ways blockchain technology might impact its objectives. Its primary goal is to build its expertise of cryptocurrencies by involving outside experts. The FTC is also currently pursuing a lawsuit against operations regarding My7Network and Jetcoin for alleged fraudulent use of bitcoin.