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

post image

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.

Our top trading bots

$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

Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According to the...
Mike Novogratz Predicts Institutional Piles to Flow in Cryptos Next Year
Bitcoin will not hit the margin of $10,000 this year, believes Mike Novogratz, a prominent cyber money supporter and investor. However, there is a possibility...
Bulgaria Launches One of the First Blockchain Master’s in Europe
As the hype over blockchain does not abate, more industries embrace this tech trend (or plan to do so). The adoption of DLT is sprawling to such spheres...
Mining in a New Style: New York State Regulators Approve Special Rate Scheme
New York state miners are seeing changes in the electricity rate scheme as the state’s regulators have permitted them to conclude contracts. Just some months...
Warren Buffett Roasted Bitcoin, Explaining Why It Isn’t An Asset
Bitcoin has always been subject to criticism due to the lack of value in it when it comes to investing. BTC’s adversaries have been emphasizing that there...
$1.6 bln Blockchain Fund to Support Startups With a 30% Inflow From Chinese Gov’t
It is tough for crypto-enthusiasts to survive in China, which has already shut local cyber money bourses as well as announced the taboo on ICOs. Neither...
Venezuela Says Petro Raised $735 mln in The First Day of Pre-Sale
Just a little bit more than 24 hours ago Venezuela finally instructions for purchasers as well as the manual on how to prevent money laundering. Also,...
Pantera Capital CEO Says Bitcoin Will Come Back to its Highs in a Few Weeks
After a week of drastic, preferably downward, gyrations, the king of all cyber assets ought to take precedence, reaching top rates, within the following...
Maduro Set Petro’s Pre-Sale Date. 5 Answers to Questions About Venezuela’s Crypto
Venezuela keeps struggling with economic crisis and extreme inflation. The country’s public currency bolivar sinks down breaking late anti-records, whereas...
Russian Sberbank to Trade Cryptos Abroad Amid Strict Bitcoin Regulation
Russian presidential candidate Boris Titov, who also holds a position of a Business Ombudsman in Russia, believes that the proposed draft law on cyber...
Nigeria’s Central Bank Governor Likens Bitcoin To a ‘Gamble’
Godwin Emefiele, the governor of Nigeria’s Central Bank has recently swollen the ranks of officials and government representatives, who express their concerns...
Morgan Stanley Follows The Lead of Goldman Sachs in BTC Futures Clearing
Things are becoming more exciting in the world of big investment. Maybe, the two bulls will butt the heads, as the prime worldwide financial services firm...
JPMorgan’s Jamie Dimon Accepts Being Wrong When Called BTC a “Fraud”
The Chairman and CEO of the US largest bank JPMorgan Chase – Jamie Dimon – five months after calling bitcoin a “fraud” decided to take it back. In a conversation...
The AI-startup Neuromation Attracted $50 million during ICO
Ukrainian ICO arena has a new record: The startup Neuromation with the Ukrainian CEO and the office in Kiev attracted $ 50 million for ICO. Moreover, all...
Why Bitcoin is No Longer Convenient for Transactions
Last year on December 17 bitcoin’s value reached an unprecedented rate of over $20,000, though the correction, which occurred a few days later, didn’t lead...