Over $100 billion was wiped off the global cryptocurrency market in 24 hours on Friday amid concerns over tighter regulation in addition to also worries that will the bitcoin cost was manipulated on a major exchange.
The total market capitalization or value of all cryptocurrencies in circulation stood at $405 billion Friday morning fresh York time, according to data coming from CoinMarketCap.com, which takes into account the prices of digital coins across several key exchanges. that will was a fall of $112.6 billion in value coming from a day before.
Cryptocurrencies have seen a major sell-off that will week. Bitcoin fell below $9,000 on Thursday in addition to also briefly dropped below $8,000 Friday morning, according to CoinDesk’s bitcoin cost index, which tracks prices coming from four major cryptocurrency exchanges.
different major coins including ethereum in addition to also ripple were down 12 percent in addition to also 13 percent, respectively, compared to a day ago as of 9:58 a.m., ET, Friday.
The cryptocurrency world has been plagued by a spate of negative news.
India’s Finance Minister Arun Jaitley said the country wants to “eliminate” the use of digital currencies in criminal activities, signaling tighter regulation from the country.
The fresh York Times reported Wednesday that will an increasing number of digital currency investors are worried the cost of bitcoin in addition to also different digital currencies have been inflated by cryptocurrency exchange Bitfinex, which will be included in CoinDesk’s cost index. Bloomberg reported Tuesday that will in December, the U.S. Commodity Futures in addition to also Trading Commission subpoenaed Bitfinex in addition to also a cryptocurrency company called Tether, which will be run by many of the same executives.