Discussion: Over $200 billion wiped off the value of cryptocurrencies why ?

[hugeblack]

More than $200 billion has been wiped off the value of global cryptocurrencies at the peak of the recent sell-off, which extended into Wednesday morning.[1]

At around 7 a.m. London time on Tuesday, the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of cryptocurrencies by taking into account the prices across different exchanges.[2]

This was when the sell-off began to take hold. As the price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that market cap declined by Tuesday evening to a low of $450.5 billion. The market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.[3]

Why?  South Korea?  China?  Jan?  something else?
Source: https://www.cnbc.com/2018/01/17/bitcoin-ripple-ethereum-prices-fall-200-billion-wiped-off-cryptocurrencies-value.html

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[whirlcoin]

More than $200 billion has been wiped off the value of global cryptocurrencies at the peak of the recent sell-off, which extended into Wednesday morning.[1]

At around 7 a.m. London time on Tuesday, the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of cryptocurrencies by taking into account the prices across different exchanges.[2]

This was when the sell-off began to take hold. As the price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that market cap declined by Tuesday evening to a low of $450.5 billion. The market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.[3]

Why?  South Korea?  China?  Jan?  something else?
Source: https://www.cnbc.com/2018/01/17/bitcoin-ripple-ethereum-prices-fall-200-billion-wiped-off-cryptocurrencies-value.html

Because of China and South Korea ban it creates panic situation all around the world that cryotocurrency may be banned in their countries too so people are selling their holdings for heavy losses But I think this is just a trap from whales so they can but their desired cryotocurrency for cheaper and then the price will increase again.

[JC btc]

More than $200 billion has been wiped off the value of global cryptocurrencies at the peak of the recent sell-off, which extended into Wednesday morning.[1]

At around 7 a.m. London time on Tuesday, the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of cryptocurrencies by taking into account the prices across different exchanges.[2]

This was when the sell-off began to take hold. As the price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that market cap declined by Tuesday evening to a low of $450.5 billion. The market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.[3]

Why?  South Korea?  China?  Jan?  something else?
Source: https://www.cnbc.com/2018/01/17/bitcoin-ripple-ethereum-prices-fall-200-billion-wiped-off-cryptocurrencies-value.html

Because of China and South Korea ban it creates panic situation all around the world that cryotocurrency may be banned in their countries too so people are selling their holdings for heavy losses But I think this is just a trap from whales so they can but their desired cryotocurrency for cheaper and then the price will increase again.

Although, I am not panic right now I am still respecting those people who sold their bitcoin because of panic, we cannot blame them especially those people that are just relying here or this is their main source of income, let us just respect each others decision, if bitcoin price again for sure they will come back.

[stompix]

More than $200 billion has been wiped off the value of global cryptocurrencies at the peak of the recent sell-off, which extended into Wednesday morning.[1]

Nothing has been wiped off.
Those 200 billions were never there.
The total trading volume was just 50 billions and the market cap went down 200.

This is why I've said it probably one hundred times, looking at the market cap is pointless.
And it's super annoying when so called "journalist" are doing the same.

Why?  South Korea?  China?  Jan?  something else?

Can we stop talking, at least in 2018 about China?

[krishnapramod]

Reddit and media outlets are coming up with different theories behind this recent crypto correction, more of a crash, from rumors regarding cryptocurrency trading ban in South Korea to a possible further crackdown on mining in China, to Bitcoin futures and Lunar New Year. Yeah, the South Korean regulatory concerns might have triggered a panic sell-off, but again IMO the crypto market was heavily inflated, the prices soared within a matter of days, what we are seeing is just the pattern repeating itself, investors looking to cash in on the significant gains, FUD, weak hands panicking.