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 ...
Nice "Popular Delusions and the madness of crowds" reference!
“The bad news is what is behind the money you have in the bank is the same thing that is behind bitcoin. The intrinsic value of bitcoin and the US dollar are the same.”
true enough as far as it goes. but the big difference is that billions of people accept that the dollar is worth something whereas only a few hundred thousand accept bitcoin as worth something. it’s the same difference between major religions and small cults ... it’s all a matter of faith and how many people have that faith ...
Certainly: That being said I still think it will be to the upside. There is an ETF that will hold a dozen or so of the top Cryptos that will be launching in the next couple weeks. Once that happens anyone with a brokerage account will be able to buy crypto with the click of a button just like any other stock or ETF. One of the big holdups for investors is that crypto is still technically challenging to purchase for most people. Once it trades just like a stock it will be a game changer.
Especially if you compare it to Litecoin which is up 3,708.41% in the last year.
WE don't want them to know!
It is no different than saying you own land on Mercury and believe its worth $100.
At LEAST you get a ‘certificate’ here!
What else; other than the madness of the teenybopper crowd; can explain Justin Bieber?
It’s 2018, if you aren’t heavily invested in lead and food, you are are a moron.
In before “Those who got in for $100.00 aren’t complaining!”
People said the same before y2k.
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