UPDATE (12:50 AEDT): The market seems to have laid back with fluctuations ranging from -2.5 per cent to +5 per cent over the past hour. Nevertheless, nearly all top cryptocurrencies have been struck hard by the drop, with Bitcoin down 17.40 per cent, Ethereum down 22.40 per cent and Ripple down 35.66 per cent over 24 hours.
UPDATE (11:23am AEDT): Various cryptocurrencies have bounced back solidly over the past hour with Ripple rising 25.81 per cent while Bitcoin and Ethereum rose 4.45 and 4.39 per cent correspondingly.
UPDATE (10:45am AEDT): The market has steadied after a impressive 24-hour plunge, with all of the top 50 cryptocurrencies experiencing minor upward trends from 9:45am to 10:45am (AEDT).
If you’ve bought Bitcoin, Ethereum, Ripple or any other variety of cryptocurrency, the news is negative.
Over the past 24 hours, the crypto market has crashed drastically with hundreds of currencies plummeting by double-digit percentages.
Bitcoin fell 24.25 per cent to US $10,541.18 at time of composing, while Ethereum fell 29.03 per cent to US $944.14.
Ripple was among the hardest hit by the market fall, crashing a devastating 46.32 per cent to a price of US $1.11.
The crash is so impressive that numerous cryptocurrency subreddits have started guiding users to suicide prevention hotlines.
Based on livecoinwatch.com, Tether is the only cryptocurrency in the top 200 to continue to be unchanged. Nevertheless, Tether is distinct in that it is pegged to the USD, which means it will always be equivalent to US $1.00.
How come the market plunged
Rumours are rife, but identifying a precise reason for the crash isn’t the easiest of projects This is partially as a result of the distinct nature of cryptocurrency and the uncertainness surrounding its fast growth.
The truth is, the bizarre growth of cryptocurrency over the past 12 months is apparently its main weakness as governments scramble to find techniques to regulate the market.
Some of the responsibility is being aimed at a Reuters review indicating China is on the edge of a key regulatory crackdown on cryptocurrency.
The review quotes a senior banking official as indicating, “The financial work conference clearly called for limiting ‘innovations’ that deviate from the need of the real economy and escape regulation.”
Business Insider accounts the condition has been made worse by lower volumes in Asian markets subsequent suggestions South Korea plans to prohibit cryptocurrency trading completely.
Having said that, other reports indicate an all-out restriction is not specifically on the cards.
There are still expectation that the volatility of the market reveals its likely to recover from the slump, just as it did after suffering a massive hit before Christmas last year.
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