$10bn cryptocurrency devaluation in 24 hours, Bitcoin hit hard

$10bn cryptocurrency devaluation in 24 hours, Bitcoin hit hard

Cryptocurrency investors have suffered heavy losses following a dramatic drop in the price of Bitcoin and Ethereum in recent days.

Bitcoin fell to around $1,863 and Ethereum to around $133 over the weekend – 38 percent and 67 percent off their all-time high respectively. Bitcoin, in particular, suffered heavy losses since hitting a high of $3,018 on June 12.

By Monday, Bitcoin had recovered slightly to $2,129 while Ethereum also rose to $176.

The decline appears to be part of a wider trend across the market, with trade publication Coindesk reporting Sunday that the worth of all publicly traded digital currencies had fallen by a total of $10 billion in 24 hours over the weekend.

First Moscow restaurant accepts #bitcoin payment https://t.co/j28bAvxcZd

— RT (@RT_com) June 28, 2017

Writing for VentureBeat,, analyst Anupam Varshney put the fall down to market manipulation and amateur investors with little experience of the stock market panicking after seeing their first losses.

“The cryptocurrency market is as unregulated as it can get,” Varshney wrote. “Things that would result in jail time on the stock market are legal here. In such a scenario, it’s no surprise that big players are manipulating the markets for their own gain.”

He added that “amateur investors, on the other hand, want to make quick profits. Once the price starts falling, these investors tend to panic sell.”

Those who bought $BTC to get rich overnight. $strat$eth$etc$lbc$pivx$chc$ltc#segwit#wtf#cryptocurrencypic.twitter.com/6xlG7GFIMA

— Ali Hassan (@Ali_Ha55an_) July 16, 2017

Meanwhile, Mark Karpeles, the head of the failed Japan-based Bitcoin exchange Mt. Gox, pleaded not guilty to charges of embezzlement at the opening of his trial in Tokyo earlier this month.

The exchange was shut down after it reportedly lost 850,000 bitcoins worth $500 million. Mt. Gox blamed hackers for the loss. Japanese authorities later charged Karpeles with accessing the exchange’s computers and inflating his own account.

Karpeles denies the charges.



Add Comment

all comments

  Other news

more
Love Island winner Amber Davies has been bought a new bed to sleep with her partner Kem Cetinay in by her MUM

Love Island winner Amber Davies has been bought a new bed to sleep with her partner Kem..

27-Jul, 09:40

The Love Island pair, who recently bagged £50,000 of prize money...

Denying husbands sex is abuse, Malaysia MP says

Denying husbands sex is abuse, Malaysia MP says..

27-Jul, 03:41

A Malaysian lawmaker has come under fire for saying that women denying...

Signal may be from first 'exomoon'

Signal may be from first 'exomoon'..

27-Jul, 16:22

Astronomers have discovered an object that could be the first known moon...

TOWIE star Lucy Mecklenburgh sizzles in a red mini dress as she makes her way to a make-up launch in London on her own

TOWIE star Lucy Mecklenburgh sizzles in a red mini dress as she makes her way to a make-up..

27-Jul, 09:40

The brunette beauty sizzled in a red dress showing off her toned bronzed...

Faye Dunaway speaks on Oscar's best picture fiasco

Faye Dunaway speaks on Oscar's best picture fiasco..

25-Apr, 04:10

Actress Faye Dunaway says she thought co-presenter Warren Beatty was...

What happened on last night's episode of 'Game of Thrones'?

What happened on last night's episode of 'Game of Thrones'?..

24-Jul, 17:20

On season 7, episode 2 of "Game of Thrones," Daenerys, Cersei and Jon...

Poll: Most young people say gov't should pay for health care

Poll: Most young people say gov't should pay for health care..

05-Apr, 06:40

Most young Americans want any health care overhaul under President Donald...

FDA advisers review data on potential 1st US gene therapy

FDA advisers review data on potential 1st US gene therapy..

12-Jul, 12:10

Cancer experts who advise government regulators are reviewing what could...