The beginning of strict regulation of the crypto market by the authorities of different countries, as well as price manipulation by the Bitfinex exchange and the Tether cryptocurrency company, reduced the rates of cryptocurrencies. The price of bitcoin, ethereum and ripple has fallen.
The total market capitalization of the cryptocurrency in circulation was $405,241,490,138 as of 6:30 a.m. London time (1:30 a.m. ET), according to Coinmarketcap.com, a website that tracks cryptocurrency prices on key exchanges. Compared to the previous day, the decrease in value amounted to 112.6 billion US dollars.
There is a panic sale of cryptocurrency. Bitcoin fell below $9,000 on Thursday, according to data from CoinDesk, a website that tracks prices on four major cryptocurrency exchanges. Ethereum fell in price by 22 percent, ripple by 32 percent compared to the previous day. The cryptocurrency world has been hit by a wave of negative news.
India's Finance Minister Arun Jaitley said regulators are looking to tighten regulation to "eliminate" the use of digital currencies in criminal activity.
On Wednesday, the New York Times reported that a growing number of digital currency investors are concerned that the price of bitcoin and other digital currencies has been inflated by the Bitfinex exchange, which is included in the CoinDesk price index. US media company Bloomberg reported on Tuesday that the US Futures and Trading Commission sued Bitfinex and cryptocurrency company Tether in December, both of which are run by the same executives.
Last week, hackers stole more than $500 million worth of NEM cryptocurrency from Japanese exchange Coincheck.
Major investor Warren Buffett told CNBC in a recent interview that things will not end well for the cryptocurrency market. Although many economic analysts still see long-term potential for bitcoin and other cryptocurrencies.
Wall Street analyst Tom Lee, who sets the official price target for bitcoin, said two weeks ago that $9,000 is the rock bottom for bitcoin and the best opportunity to buy it in 2018.
Kai Van-Petersen, an analyst at Saxo Bank who correctly predicted the rise in cryptocurrency prices early on last year, CNBC recently reported that the price of bitcoin this year could be between $50,000 and $100,000.
According to https://www.cnbc.com
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