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Over $60 billion wiped off value of cryptocurrencies in 24 hours as bitcoin slide continues
CNBC ^ | 03-15-2018 | Arjun Kharpal

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 ...


TOPICS: Business/Economy
KEYWORDS: bitcoin; btc; cryptocurrencies; cryptocurrency; russianpropagandists; russianpuppets; russianstooges; russiasucks
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I have never seen the attraction of investing in something that... umm... doesn't really exist. And that further this make believe product can apparently be stolen by some high school geek with a laptop sitting in study hall.
1 posted on 03/15/2018 7:53:45 AM PDT by NRx
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To: NRx

Its all a money laundry scheme, IMO. Or a way to fleece gullible investors...or both.


2 posted on 03/15/2018 7:58:01 AM PDT by Magnum44 (My comprehensive terrorism plan: Hunt them down and kill them)
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To: NRx

Those two guys thought were reinventing money...HAH!


3 posted on 03/15/2018 7:58:52 AM PDT by equaviator (There's nothing like the universe to bring you down to earth.)
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To: NRx

More like Extreme Barter.


4 posted on 03/15/2018 7:59:41 AM PDT by ImJustAnotherOkie (All I know is what I read in the papers.)
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To: NRx

The VIRTUAL “currency” will be VIRTUALLY WORTHLESS soon.


5 posted on 03/15/2018 7:59:42 AM PDT by Reno89519 (Americans Are Dreamers, Too! No to Amnesty, Yes to Catch-and-Deport, and Yes to E-Verify.)
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To: NRx

bookmark


6 posted on 03/15/2018 8:02:06 AM PDT by Huskrrrr
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To: NRx

They are reaching peak “greater fool”. This will sputter for a while, then, well, you know...


7 posted on 03/15/2018 8:02:19 AM PDT by robroys woman (So you're not confused, I'm male.)
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To: NRx

What would people say if the Dow fell from 20,000 to 8,000?


8 posted on 03/15/2018 8:04:00 AM PDT by robroys woman (So you're not confused, I'm male.)
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To: NRx
Over $60 billion wiped off value of cryptocurrencies in 24 hours as bitcoin slide continues

Not to worry, as My tulips appear to be coming up soon.

9 posted on 03/15/2018 8:04:04 AM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: NRx
I'm still holding on to all my Confederate money. It will make a comeback some day!
10 posted on 03/15/2018 8:06:18 AM PDT by Cowboy Bob ("Other People's Money" = The life blood of Liberalism)
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To: Cowboy Bob

At least Confederate money has collectible value. I am going to auction off a worthless chain of 0s and 1s when Bitcoin goes bust?


11 posted on 03/15/2018 8:09:37 AM PDT by C19fan
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To: robroys woman

“Goodbye, cruel world”?..................


12 posted on 03/15/2018 8:11:03 AM PDT by Red Badger (The people who call Trump a tyrant are the same people who want the president to confiscate weapons.)
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To: Reno89519

Bitcoin - and all other such “crypto currencies” emit the strong odor of Ponzi.


13 posted on 03/15/2018 8:11:24 AM PDT by JME_FAN
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To: Magnum44

+1


14 posted on 03/15/2018 8:13:23 AM PDT by NRx (A man of integrity passes his father's civilization to his son, without selling it off to strangers.)
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To: robroys woman

I would label it a stock market crash.


15 posted on 03/15/2018 8:14:34 AM PDT by NRx (A man of integrity passes his father's civilization to his son, without selling it off to strangers.)
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To: NRx

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.


16 posted on 03/15/2018 8:15:40 AM PDT by robroys woman (So you're not confused, I'm male.)
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To: robroys woman
This will sputter for a while, then, well, you know...

Yup. Things will get parted.

17 posted on 03/15/2018 8:16:37 AM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: C19fan
I am going to auction off a worthless chain of 0s and 1s when Bitcoin goes bust?


There are 10 kinds of people in the world.

Those that understand binary numbers and those who do not.

18 posted on 03/15/2018 8:17:46 AM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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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


19 posted on 03/15/2018 8:18:43 AM PDT by dsrtsage (For Leftists, World History starts every day at breakfast)
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To: dsrtsage

ping
saving link yup this thread for future laughs


20 posted on 03/15/2018 8:24:19 AM PDT by jjw
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