Bitcoin Market Cap Passes Deutsche Bank’s Amid Loss Reversal

2017-05-26 01:25 PM

William Suberg

Bitcoin Market Cap Passes Deutsche Bank’s Amid Loss Reversal

Bitcoin’s market cap is now $2 bln higher than that of Deutsche Bank, as an upwards price correction takes it over $40 bln once more.

Data uploaded to Reddit shows Deutsche Bank’s market cap at €35 bln ($39 bln) and trending downwards, while Bitcoin has mostly recovered from yesterday’s losses, CoinMarketCap shows.

In another more unusual reversal, Bitcoin’s market cap dominance has also begun climbing after hitting a low of 45 percent earlier this week.

The figure currently stands at 48 percent, still short of a majority thanks to continued presence from Ethereum, which currently controls 20.5 percent.

Deutsche Bank continues to face pressures to account for its possible role in funneling funds out of Russia which could be linked to $300 mln in loans given to Donald Trump before he became US president.

Meanwhile, media attention is also refocusing on Bitcoin once again in a more negative light.

The virtual currency’s $400 slump on Thursday turned glowing reports from outlets such as CNBC into harsh critiques, with Business Insider CEO Henry Blodget saying on air that Bitcoin “has no intrinsic value.”

CNBC’s quoted analysts are now eyeing the short-time price for Bitcoin to be anywhere between $1,470 and $6,000.

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