There are growing concerns over how the prices of significant cryptocurrencies are falling. Starting with the Bitcoin, the cost of digital coins is dropping, which is negatively affecting the global cryptocurrency market. In less than 24 hours, market capitalization is sinking by over $100 billion. Financial analysts are now warning that this is the start. As many governments continue to tighten rules on digital coins. CNBC.com now says that over $112.6 billion is no longer on the list. The money is coming down fast. Trade digital currency anonymously at Binance.com
Why Is The Digital Currency Market Prices Dropping So Fast?
According to New York Times, currently, the market capitalization for all digital coins stands at $405 billion, which is after wiping of over $100 billion. The Wall Street Journal warns that if things continue this way, market capitalization will shrink further. The past couple of days are stable for Bitcoin Cash. But things are changing since Friday. The coin that is one time selling as close as $20, 000 is today trading at less $8, 000. Above all, this is so far the lowest in 2018. It is in November when the coin sells below $9000. According to CoinDesk, the price for the Bitcoin is $8, 000 on Friday. It does not improve from this low as the weekend approaches.
Litecoin, Dogecoin Ripple, And Ethereum Prices Are Falling
Bitcoin is not the only digital currency that is fading. Other significant cryptocurrencies are in this valley. The Litecoin, Dogecoin, Ethereum and Ripple too are suffering. They suffer price shakedown by 13 and 12 percent respectively on Friday. As things stand, the digital coin market is likely to face a spate of negative news in coming days. Starting with South Korea, several countries are speaking tough. China bans the use of digital coins in making any trade. As for South Korea, it is now official that you cannot conduct anonymous cryptocurrency exchange.
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Threats In India
Now, India is the latest to unleash threats. Through the Ministry of Finance, the government says it will impose strict rules. Arun Jaitley is the Minister for Finance. He says that his government wants to eliminate the use of cryptocurrency. The minister is quick to pint that it is not a complete ban but on criminal activities. He says that the government will not turn back on the matter. The New York Times reports last week that many investors are apprehensive. They now fear that they will lose all their saving. In recent days, the price of the bitcoin is going low each day.
Is Bitfinex Exchange Inflating Bitcoin Prices?
No one can believe that it is the same coin that trades at near $20, 000 in December. So many newspapers and financial analysts are talking about Bitfinex. They are saying how the exchange is inflating bitcoin prices. In December last year, Commodity Futures and Trading Commission warns Bittrex.com. Key business leaders, governments as well as government agencies are not happy. They are pouring cold water on the bitcoin and other cryptocurrencies.
It is just two weeks ago when a hacker manages to compromise a Japanese cryptocurrency exchange. The hacker walks away with NEM worth $500 million. These and other negative stories are sinking Bitcoin price even more.