Here’s Why Crypto-Market Shed $700 bln Since January

Here’s Why Crypto-Market Shed $700 bln Since January

The entire market of cyber-coins lost almost $700 billion since the beginning of 2018. At present, the crypto-ecosystem is going through a massive sell-off, led by the bitcoin’s dip. As the media outlets highlight, the reason for the correction lies in the growing investors’ fear over potential regulatory oversight and turmoil after bitcoin cash split. 

Market Plunging Deeper Than Ever Before in 2018

As of writing, the total crypto market cap makes up $137.6 billion. This is $685.8 billion less than what the market was in January this year ($82.4 billion), according to CoinMarketCap info. This is also the lowest rate not only within the past week but since September 2017.

Our top trading bots

Altcoins Going Down

Apart from bitcoin, which lost 75% of its value this year, other currencies suffered the dip. For instance, the second most valuable coin XRP, emitted by Ripple, went down by 6.7% on November 23, and right now is trading below the margin of $0.40. Ether, in its turn, decreased by 7% and as of writing is worth $122.

Reasons?

The market went down by 80% as the first cryptocurrency in the world — bitcoin — also lost a significant part of its value. As of writing, the «big daddy» is trading at $4,277, the lowest rate this year. Crypto-prices were hit, according to CNBC, by the recent schism in the blockchain of bitcoin’s «son» — bitcoin cash. 

The latter appeared last year August and now split into two coins — «Bitcoin ABC» and «Bitcoin SV». As it is known, hard forks take place when there’s discord on how to scale the crypto to deal with the higher scope of trading. 

Another trigger for the intense selloff could be the regulatory scrutiny. A few days ago Bloomberg reported that the US Department of Justice is inquiring whether crypto-traders used coin tether and trading platform Bitfinex to maintain the price of BTC. 

Image Source: Flickr

Amex CEO hints at exploring ways to allow credit card holders to redeem points for crypto
American Express credit card holders may one day be able to redeem points for cryptocurrencies, but the company has no immediate plans to issue a crypto-linked...
Singapore bars crypto service providers from advertising in public spaces
The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, barring them from marketing their services...
US city sets up Bitcoin ATM in airport after crypto payment adoption
North Dakota’s City of Williston continues its exploration and adoption of the cryptocurrency industry with the installation of a crypto automated teller...
Former Comptroller Brian Brooks gets a new gig as Bitfury CEO
Former Comptroller of the Currency and Binance.US CEO Brian Brooks has been announced as the new CEO of crypto (BTC) mining firm BitFury. According to a...
Valve removes blockchain games, tells users not to publish content on crypto or NFTs
Video game corporation Valve has informed users no content related to cryptocurrencies or nonfungible tokens will be allowed through its Steam marketplace.As...
Rocket Pool delays launch after vulnerability discovered by rival
Eth2 staking provider Rocket Pool has postponed its launch after a possible exploit was identified in the protocol’s code.On Oct. 6, Rocket Pool announced...
TikTok embraces NFTs with creator-led collection
Social media platform TikTok has announced its first foray into the nonfungible token, or NFT, market with a new collection inspired by its leading trend-setters.On...
Additional compensation available for Cryptsy victims, court notice says
Last week, some former users of the now-defunct cryptocurrency exchange Cryptsy received a notice informing them of a new turn in the ongoing class settlement...
Cryptocurrency mining under proposed US policy changes
The regulatory scrutiny of blockchains and cryptocurrencies is increasing. From the cryptocurrency mining ban in China to President Joe Biden’s Working...
Here’s 2 ways clever pro traders spot crypto and stock price reversals
Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to...
NBA’s Portland Trail Blazers to wear crypto logo for next five years
The Portland Trail Blazers, an American professional basketball team competing in the National Basketball Association (NBA), is moving into the cryptocurrency...
Peak fear? Bitcoin funding rates crash to lowest levels in 7 months
The funding rate of Bitcoin (BTC) has dropped to levels not seen since September 2020 as the price of Bitcoin plummeted below $52,000 on April 18. Quant...
The perils of suing crypto exchanges after ransomware attacks
In October 2019, unknown hackers infiltrated a Canadian insurance company by installing the malware BitPaymer, which encrypted the firm’s data and IT systems....
Return of the oracles: Band Protocol, API3 and DIA price soar to new highs
Nonfungible tokens (NFTs) have been the talk of the town over the past few months, but as the start of the second quarter gets underway for the global financial...
Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India
An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst...