Cryptocurrencies’ $600 billion crash hits a new low

[Shyamthakur3]

Cryptocurrencies’ $600 billion crash hits a new low
A broad selloff in cryptocurrencies of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November

Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Eric Lam, Bloomberg
Hong Kong: The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the US Securities and Exchange Commission dented enthusiasts’ hopes for an exchange-traded fund backed by Bitcoin.

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading

[FlamingFingers]

Posting a link to the original article would have been nice. I would like to know whether the author stated that $4 trillion U.S. Dollars have been wiped out from the global stock markets in a week after just 8 days of 'record high' values. The formal stock market has been around for 200 years; Cryptocurrencies market is almost entering its first decade, so it is still an infant. Our current value fluctuations shouldn't be a surprise for such an immature market.

[IgorShumilo]

I bought bitcoin a year ago at a price of 1 800 - 2 000 dollars, now it costs about 6 500, it has increased more than 3 times. I do not understand you guys, why do you cry and write these messages. I see absolutely nothing wrong with what's happening right now. Look in the media, a year ago everyone said that bitcoin is a bubble and it will burst, now I do not hear these words and it's really very cool!

[alex_kir]

This is really very scary, I do not understand why the price for crypto currency is falling rapidly, what will happen to bitcoin and how circumstances will develop further, because it seems to me that the market may come to an end

[karramov]

I think the article is not complete . The numbers may not be accurate. The source is also not clear

[cryptohunter]

Anyone who thinks even 100B of REAL investment has come into crypto has rocks in their head

Most of the top 20 have huge fake caps.

[vederfreds]

Anyone who thinks even 100B of REAL investment has come into crypto has rocks in their head

Most of the top 20 have huge fake caps.

Wait if new money doesn't come in how can the market cap go up?

Market cap = Suppy of tokens x Price.

How are they faking this?  Very interesting as I know from looking at the trading and situation that something doesn't pass the test.  Interested to hear your thoughts. 

[Muhammad Muneeb]

Cryptocurrencies’ $600 billion crash hits a new low
A broad selloff in cryptocurrencies of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November

Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Eric Lam, Bloomberg
Hong Kong: The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the US Securities and Exchange Commission dented enthusiasts’ hopes for an exchange-traded fund backed by Bitcoin.

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading

don't panic just at 230bn$ market cap btc and alts will bleed more than this i think the bottom of btc is 5300$.. the thing is  we have seen the btc at 20000$ and  we want btc to stable its price at 20K but this will never happen every year pattern will repeat it self and new investors will keep entering in crypto.. i am disappointed too and waiting for market to recover but this is not going to happen any soon..

[cryptohunter]

Anyone who thinks even 100B of REAL investment has come into crypto has rocks in their head

Most of the top 20 have huge fake caps.

Wait if new money doesn't come in how can the market cap go up?

Market cap = Suppy of tokens x Price.

How are they faking this?  Very interesting as I know from looking at the trading and situation that something doesn't pass the test.  Interested to hear your thoughts.  

If I create a project with a billion tokens and sell a few to my pals back and forth for 10 bucks each on some exchanges the market cap just went up another 10BN

The inception of the ICO just made it all too easy to fake and inflate

No doubt some projects are not totally fake but these inflated caps and talking of 600 billion crash in crypto is laughable

BTC and long period POW issued coins are much harder to give huge inflated and fake caps.

It is all to do with the initial distribution.... the only trustless way to distribute is POW ...once a project has required any period of trust it can never be trustless ever again that applies to all icos

[tk808]

All this information was already known by those who understand digital currencies. There are several threads that explain why certain coins have unreasonably high valuations (ex ripple hitting 3usd) and etc.

Pay attention to the people who understand crypto and how the market works, instead of the puppet dummy accounts and most bounty hype machines.

[hemendrachauhan19]

Cryptocurrencies’ $600 billion crash hits a new low
A broad selloff in cryptocurrencies of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November

Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%. Photo: Bloomberg
Eric Lam, Bloomberg
Hong Kong: The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the US Securities and Exchange Commission dented enthusiasts’ hopes for an exchange-traded fund backed by Bitcoin.

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading

This year is getting bearish with every passing month. Many people bought bitcoin and many shifted there positions from altcoin to btc in regards to ETF getting approved but now that seems to be a passed factor and people starting to worry. That very reason is causing this market dip right now

[petloer]

This is really good, crypto currency price is stable now. So I think bitcoin and other circumstance will develop soon. It seems to me that market may expand.

[Karisma Black]

This is really very scary, I do not understand why the price for crypto currency is falling rapidly, what will happen to bitcoin and how circumstances will develop further, because it seems to me that the market may come to an end

No it's not scary. It's just how it is. If you don't believe in the whole bitcoin thing, don't come here and sell.
People are such pussies.

[elncrow]

Don't create panic. i think still all are in normal condition. The Price of btc goes down i think because of etf decision, just take patience hopefully it will come back on its track shortly.

[kma.deno]

i suggest you not to be hyper.the situation of crypto market and market condition of bitcoin are not ok at all. hopefully after the end of the month all problems will be solved.

[Brezz]

can you be kind enough to add links so we can read and learn more from this report? The market keeps going under some sort of sell pressures due to one news or the other which keeps coming up against the security and safety of their investment funds. The market will recover in time hopefully and all of this will be old news.

[BQ]

Wasn't the latest sell-off due to this ETF(?) thing that people was "buying the news" for, but it was postponed?

[CryptoSimmonds]

I personally believe that what's happening with bitcoin is quite normal but why people are taking it otherwise I dont understand. Crypto's main  nature is that it is volatile. So, there's nothing to worry about what's happening right now. Again bitcoin's price will rise very high.

[Owee1989]

This is really sad that the price of cryptocurrency is again falling. I hope the investors do not start to sell out of panic as this will make the situation worse. I am hopeful the price will recover soon and will not hit any new low.

[Letre]

It will be helpful if you provide the link to the article from where you have collected this data, What I think is very natural and nothing to be worried about the current situation, there were so many changes in this market in this year. We just need to be hopeful, it will get back to its position soon.