Skip to comments.Over $60 billion wiped off value of cryptocurrencies in 24 hours as bitcoin slide continues
Posted on 03/15/2018 7:53:45 AM PDT by NRx
Prices of major cryptocurrencies saw a sharp downward slide Thursday, amid closer regulatory scrutiny on the space and after Google announced plans to ban advertising related to the sector.
The market capitalization or value of all the world's digital coins stood at $310.4 billion early on Thursday morning, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges.
Bitcoin, the world's largest cryptocurrency by market cap, traded as low as $7,676.52 on Thursday, the lowest since February 8, according to CoinDesk data. However, by 4.00 a.m ET the price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion. Why did prices fall?
A number of factors have weighed on the price of cryptocurrencies.
The first major one was selling by the trustees of collapsed Japanese cryptocurrency exchange Mt.Gox. It closed in 2014 and filed for bankruptcy after losing around 850,000 bitcoins. Its founder Mark Karpeles, recently pleaded not guilty to charges of embezzlement.
A trustee of the now-defunct exchange has been selling large amounts of bitcoin that the exchange still owned in order to pay back creditors. This has been hitting the price of bitcoin.
Meanwhile, Alphabet-owned Google, the world's largest digital advertiser, announced it was banning cryptocurrency-related advertising, including initial coin offerings (ICOs), wallets and trading advice.
"The sell-off was triggered by a number of factors, notably, weariness over increased regulatory scrutiny of ICOs, the Mt.Gox bitcoin dump and what seems to be some heavily liquid traders pushing for future buy-back opportunities," Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Thursday.
"These bear signals have subsequently spooked many new crypto investors who are now looking to cut their loses."
(Excerpt) Read more at cnbc.com ...
Its all a money laundry scheme, IMO. Or a way to fleece gullible investors...or both.
Those two guys thought were reinventing money...HAH!
More like Extreme Barter.
The VIRTUAL “currency” will be VIRTUALLY WORTHLESS soon.
They are reaching peak “greater fool”. This will sputter for a while, then, well, you know...
What would people say if the Dow fell from 20,000 to 8,000?
Not to worry, as My tulips appear to be coming up soon.
At least Confederate money has collectible value. I am going to auction off a worthless chain of 0s and 1s when Bitcoin goes bust?
“Goodbye, cruel world”?..................
Bitcoin - and all other such “crypto currencies” emit the strong odor of Ponzi.
I would label it a stock market crash.
Yep. And the interesting thing is that everyone remembers the crash of October, 1929. But that was just the precursor to the BIG one of 1932.
Yup. Things will get parted.
There are 10 kinds of people in the world.
Those that understand binary numbers and those who do not.
But the moronials with their limitless years of knowledge and experience backed by the collective wisdom of thousands of years human knowledge said bitcoin was the greatest thing evah. (Well guess it was if you got in and out quick, before the pyramid scheme collapses under its own weight). I understand the desire to be able to make financial transactions without being tracked by the government, but if you think the government cant track it you are on crack. The only way to keep government out of your business is be paid under the table, keep your money in your mattress, and pay cash for everything, while not having any “account” anywhere you frequent
saving link yup this thread for future laughs
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