Entire Crypto Market Depreciated By $13 Billion Within Just Three Hours

Entire Crypto Market Depreciated By $13 Billion Within Just Three Hours

The total market cap of cyber assets lost around $13 billion just in a few hours as the prices of top virtual coins plummeted on October 11. 

Media outlets emphasize that correction happened against the background of the newly cautions coming from financial watchdogs. The latter is concerned about the speedy growth of crypto-assets that may pose a threat to the world’s financial system.

$13 Billion Of Crypto-Value Vanished

As per the data represented on Coinmarketcap.com, at approximately 10:30 HK/SIN major digital coins saw a significant plunge. In particular, at that moment the «big daddy» BTC plummeted by around 5% to the margin of $6,303, whereas ETH and XRP fell by 10% each.

Just in a matter of three hours, the entire market cap lost approximately $13 billion of value. As CNBC singles out, the correction occurred at a time of growing concerns of financial regulators regarding the probable threat to the economy on the basis of the sprawling of virtual assets. 

Particularly, in a fresh report, the IMF concluded that the speedy development of cyber coins could lead to novel weaknesses in the global financial industry. 

2018 Not As Bright As Expected

A plethora of crypto-bulls expected current year to be more perspective and friendly concerning crypto-growth but the reality appeared to be twisted in a different direction. They also hoped for the support of regulators over digital currencies that would open the doors for crypto-ETFs — novel financial products which could enter the trading market. In fact, the American SEC gave them red light.

In the meantime, many governments took a hardline stance on cryptos. The most prominent example is China which last year banned trading on cyber-money bourses and ICOs. Moreover, 2018 established itself as a year of major hacks of crypto-trading venues. 

Finally, the most known coins, including bitcoin, have not shown positive trends in recovering. Bitcoin, for instance, has never gone back to its 2017 record of $20,000 per unit.

Image Source: Flickr