10 Biggest Crypto-Currencies Lose Over $100 Billion in 24 Hours

admin

10 Biggest Crypto-Currencies Lose Over $100 Billion in 24 Hours Fortune 11 hrs ago Jeff John Roberts Click to expand Replay Video UP NEXT Why the A380 never really took off Airbus has said it will stop making its superjumbo if it does not get any more orders. BBC News Bitcoin tanks amid crackdown fears…

10 Biggest Crypto-Currencies Lose Over $100 Billion in 24 Hours Fortune 11 hrs ago Jeff John Roberts Click to expand Replay Video UP NEXT Why the A380 never really took off Airbus has said it will stop making its superjumbo if it does not get any more orders. BBC News Bitcoin tanks amid crackdown fears LONDON (Reuters) – Bitcoin tumbled 18 percent on Tuesday to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option drove fears grew of a wider regulatory crackdown. Bitcoin’s slide triggered a massive selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day, according to trade website Coinmarketcap, and the next-biggest, Ripple, plunging 33 percent. Wochit Business Americans don’t think media are doing their job, poll finds A new poll reveals what role Americans think the media is playing in the democratic process. Veuer 1 Cancel SETTINGS OFF HD HQ SD LO Cryptocurrencies plunge due to increasing scrutiny CNBC See more videos SHARE SHARE EMAIL What to watch next Why the A380 never really took off BBC News 1:38 Bitcoin tanks amid crackdown fears Wochit Business 1:06 Americans don’t think media are doing their job, poll finds Veuer 0:55 CVS to stop digitally manipulating beauty product ads Reuters America 1:13 How dirty money gets cleaned Newsy 2:21 Inside Florida’s solar-powered Babcock Ranch CBS News 4:06 Netflix is headed for a huge profit milestone in 2018 Business Insider 3:01 Cramer warns that a trade war with China is a top risk to the market CNBC 2:46 5 ways you can invest in gold GOBankingRates 0:44 What’s the best age for a child to get a smartphone? Fox Business 2:55 Bitcoin miners have extracted 80 percent of all the bitcoins there will ever be Wochit Business 0:42 Airbus tops Boeing in 2017 aircraft orders CNBC 1:53 Fiat Chrysler’s new US jobs could help it avoid big fees Newsy 1:00 One of the biggest diamonds ever has just been dug up Veuer 1:08 Honda Accord named North American Car of Year Associated Press 1:08 Hotels rethink ‘do not disturb’ policy to tighten security CBS News 3:08 UP NEXT Video by CNBC
Bitcoin and other digital currencies have always been volatile, so a big daily drop is not unusual.

That said, Tuesday was a particularly ugly day for crypto investors as every major currency fell by anywhere from 15% to 28%.
“> A back-of-the-envelope calculation by Fortune shows that the top 10 currencies had collectively lost $108 billon in 24 hours as of 3 pm ET on Tuesday.

To put this in perspective, that figure is roughly equivalent to a quarter of the value of Amazon or Berkshire Hathaway , or about the total value of McDonalds or Boeing , according to data from PWC.
The screen shot below, courtesy CoinmarketCap , shows how the pain was spread around. Bitcoin lost the most in terms of absolute value (about $39.2 billion) but only 16.7% of its overall market cap, while once high-flying Ripple dropped 27.

4% (a loss of $19.1 billion):
© Provided by TIME Inc. These 10 currencies account for the vast majority of the crypto-currency market’s overall value, though there are hundreds of smaller and more obscure currencies that are together worth tens of billions of dollars. Those currencies—with a handful of exceptions —likewise took a beating on Tuesday.

There doesn’t appear to be one single explanation for Tuesday’s drop in crypto-currency values, though reports of Chinese regulatory action may be a factor. More broadly, the market has been slumping for over a week following an upswing in early January.

While Bitcoin has weathered numerous crashes in the past, and always bounced back, the current situation may be different. That is partly due to the flood of other currencies, many of them with little pedigree or purpose, that have come into the market. It is also different in that the recent price speculative flurry has attracted a large number of traditional financial firms and ordinary investors, many of whom only learned about digital currencies in recent months..

Leave a Reply

Next Post

European stocks dip, bitcoin crashes below $10,000

Business European stocks dip, bitcoin crashes below $10,000 Virtual currency bitcoin meanwhile dives, falling below $10,000 for the first time in 6 weeks in what one analyst calls a 'cryptocalypse' that saw several digital units take a hammering Published 11:01 PM, 11:01 PM, January 17, 2018 BITCOIN DIVES. This file picture taken on February 28,…

Subscribe US Now