Cryptocurrency Market : More than $100 billion wiped off within 24 hours

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Cryptocurrency Market : More than $100 billion wiped off within 24 hours

On Friday more than $100 billion was wiped off within 24 hours in the global cryptocurrency market. There were concerns that the strict regulation regarding the bitcoin was manipulated on the major exchange.

According to data from the Coinmarketcap.com, the total market capitalization means the value of all of the digital currencies stood at total $405,241,490,138 London Time. This takes into account the digital coins’ prices across a number of key exchanges. This was quite a fall from the $112.6 billion from a day before.

There has been a major sell-off of cryptocurrencies. As per CoinDesk’s bitcoin price index,which tracks the prices from the different cryptocurrency exchanges bitcoin fell even below $9,000 on Thursday.

On Friday, the other major coins likes ethereum and ripple were 22% and 32% down respectively compared to the progress of day ago.

It was reported by New York Times on Wednesday, that a rising number of digital currency investors were concerned regarding the bitcoin price and the other cryptocurrencies being manipulated by Bitfinex, a cryptocurrency exchange and is also included in the CoinDesk’s price index.

The Finance Minister of India, Arun Jaitley said that India wishes to remove the use of digital currencies in the criminal activities that implies a tighter regulation to be carried out in the country. The cryptocurrency market is surrounded with a lot of negative news.

Japanese exchange Coindesk was broken into last week and hackers were able to run off with more than $500 million worth of cryptocurrency called NEM. The key business leaders are not too optimistic about cryptocurrency. The renowned investing legend Warren Buffet said recently in an interview that bitcoin will come to a bad ending. While some see the long term potential of bitcoin and other digital currencies.

Tom Lee is the only major Wall Street strategist who had issued formal price targets on bitcoin. He said about two weeks ago that the $9000 came as a major blow for bitcoin and it is one of the major buying opportunities in the year 2018.