In El Salvador the “Bitcoin Week ” took place, showing the world quite interesting projects. On the other hand, China and Hilary Clinton attacked the cryptocurrency market, which had its worst week in the last six months.

Most assets in the cryptocurrency market had their worst week in the last six months, with corrections that have exceeded up to 20% of their value. Bitcoin, after a bullish rally and a rather optimistic outlook that led it to reach new all-time highs exceeding $68,000, has lost up to 20% of its value in the last week, this being one of the most important corrections in recent times for the father of all cryptocurrencies. It should be noted that assets related to the development of metaverses (virtual worlds), such as MANA (Descentraland) and SAND (The Sandbox), have gone unnoticed in the face of this correction, with price increases that reached over 30% in recent days .

What factors could have driven to this crash? Did the big investors start taking profits? Well, although a market correction was imminent, the government of China gave a little push to the crypto market to fall in this way, since the National Development and Reform Commission (NDRC), reported that it will start to monitor that state companies do not carry out activities related to cryptocurrencies, as they are considered illegal. As if that were not enough, the former presidential candidate of the United States of America, Hilary Clinton, spoke out against cryptocurrencies at the event Bloomberg’s New Economy Forum, which was held in Singapore. Hilary mentioned that the growth of Bitcoin along with the other altcoins could have a negative impact on the global financial system, having the potential to overcome and destroy legal tender currencies that countries use as reserves, which could destabilize countries and their economies. On the other hand, not all of it is bad news, since the so-called “Bitcoin Week” (in which the Smartrader team was present) took place in El Salvador, in which nearly two thousand experts in the cryptocurrency and blockchain industry participated. At this event, the president of El Salvador, Nayib Bukele, announced the construction of the world’s first “bitcoiner” city, called “Bitcoin City”. This project creates a city powered by geothermal energy, which will be practically exempt from income related taxes, which could be quite attractive for foreign private investors. Quite a good strategy to bring foreign capital into his country. Bitcoin is above $ 58,000 after breaking a rather interesting support zone. However, it seems that it is not being able to continue below that price. BTC/USDT 1D (TradingView Chart). MANA is approaching $4, bouncing off a zone that appears to have formed quite interesting support. Corrections? Metaverses seem to be quite bullish currently. MANA/USDT 1D (TradingView Chart). Although it has been a hard week in results for the cryptocurrency market, there are quite interesting projects and initiatives that generate a very positive outlook for the future for the world of crypto assets, so remember not to panic and always stay informed  in order to make the best decision taking care of your pocket. Without further ado, we wish you an excellent start to the week.