Bitcoin & Other Crypto Currencies Looses More Than Half Their Value in Crypto Currency Crash Over The Weekend.
Bitcoin the most popular Crypto Currency over the weekend plunged below $8,000USD, a whopping 60 percent drop from its high less than two months ago, before rebounding slightly.
Bitcoin skyrocketed to a record $19,000 per Bitcoin in December; the digital asset has endured a series of steep drops.
Other Smaller crypto currencies were down, too, with Ethereum off more than 25 percent, Ripple down 30 percent and Bitcoin Cash down 24 percent at some points.
The crypto currency markets were joined by the U.S. stock market. The Dow Jones Industrial Average dropped more than 650 points on Friday, finishing its worst week in two years.
A growing regulatory backlash and high profile individuals speaking against digital coins has sent investors scrambling to sell this week.
Last year's explosive rise in the value of digital coins and the flood of new retail investors drawn to the market have rattled global regulators nervous about a sector used largely for speculation.
Officials have said crypto currencies are used by criminals to launder money.
Facebook said in a post on its website last week that it was banning all advertising that 'promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and crypto currency'.
It was not clear whether the ban would affect all crypto currency adverts on the social media site.
International regulators and governments are set to debate how to address the risks posed by the market at the next G20 meeting in March.
According to an article in a U.K Newspaper daily mirror online, The Bank of England governor Mark Carney said last week that the G20 needed to consider how easily digital coins should be converted into other central-bank issued currencies, as well as the role of anonymity, as 'a lot of the underlying use of these currencies has been illicit activity'.
This Morning The Crypto Currencies continues to fall, it is not certain as of yet what the future of this digital currencies will be and how they will pan out if they are going on free fall, or are going to rebound.
One thing is definitely for certain, it is currently unknown what the future of Crypto currencies are and what impact and how popular they will become, though some have predicted that it will someday replace money as we know it, while some have said that they are a bubble hat will bust soon.
The Crypto Market Is Currently Volatile. Image Credit:startminingbitcoin.com
Source : IWN Online Editor
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