Bitcoin and other cryptocurrency lost over $100 billion in the last 24 hours amid concerns over tighter regulation and worries that the bitcoin price was manipulated on a major exchange.
The total market capitalization or value of all cryptocurrencies in circulation stood at $392,102,167,718 at 9:45 am London time, according to data from Coinmarketcap.com, which takes into account the prices of digital coins across a number of key exchanges. According to CNBC, this was a fall of over $123 billion of value from a day before.
The total market capitalization or value of all cryptocurrencies in circulation stood at $392,102,167,718 at 9:45 am London time.
Of late, cryptocurrencies like Bitcoin, Ethereum and Ripple have seen major sell-offs due to new regulations from several governments across the globe. The Indian government on Thursday express the country plans to "eliminate" the use of digital currencies in criminal activities, signalling tighter regulation in the country. Similarly, the South Korean government also disclosed its intention to ban anonymous bank accounts in cryptocurrency trading from end of last month.
According to The New York Times, an increasing number of digital currency investors are concerned that the price of bitcoin and other digital currencies have been artificially inflated by Bitfinex. The consequences were disastrous for Bitcoin and other cryptocurrencies. For instance, Bitcoin fell to a two-month low of $8,186 on Friday, according to CoinDesk.com.
Several global business heads have snubbed the cryptocurrency. Investing legend Warren Buffett told CNBC in a recent interview that the sector "will come to a bad ending."