All three major cryptocurrencies bitcoin, Ethereum and Ripple have plummeted in value amid fears of a collapse as the top 10 digital currencies lose more than $100billion following attempts by China and South Korea to clamp down on the digital currencies.
he top 10 digital currencies had collectively lost $108billion in 24 hours by 3pm GMT today.
Bitcoin has fallen and was worth $10,624 at 22.44pm. This morning it was valued at $12,771.
Ripple has fallen below a dollar to $0.984, that is 66 percent down from new year.
And Ethereum is now at $905.05 from $1,159 earlier today.
Bitcoin surpassed tulip mania to become the biggest ever bubble the world has ever seen.
Bitcoin and others have usually bounced back from such high falls, however, the cryptocurrency environment is slightly different now. Competitor cryptocurrencies have now flooded the market.
These new altcoins have all helped to take attention away from the big three.
Other well known cryptocurrencies such as Bitcoin Cash is down 31 percent, Litecoin is down 29 percent, Dash is down 24 percent, and Monero is down 30 percent.
It comes as South Korea considers a ban on trading in cryptocurrency completely and implementing new regulation on the cryptocurrency market.
China is toying with the idea of cutting off domestic access to cryptocurrency platforms and exchanges that enable people to trade digital currencies.
Lukman Otunuga, research analyst at FXTM in the UK said: “With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be on the cards (for bitcoin) in the near term.
“The sharp depreciation witnessed in bitcoin today should remind investors on how explosively volatile and unpredictable the cryptocurrency can be.”
Read more at:
www.express.co.uk
