Banking & Finance News

$13 billion in cryptocurrency lost in Market crash

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Last Thursday, top cryptocurrency bitcoin, XRP, and Ethereum collapsed, resulting in the loss of $13 billion in a mere three hours.

Bitcoin fell by 5 percent, but for cryptocurrency XRP, Ethereum and EOS went further on the way to a 10 percent drop according to coinmarketcap.

These drops can be attributed to mostly “whales”, individuals who carry large quantities of cryptocurrency or other assets, who then buy and sell huge chunks at below or above the market rate.

Mostly though, these whales which only one-third of them actually engage in trading would be buying during price declines.

Enthusiasts were expecting the year 2018 would be a fruitful year for digital tokens. Unfortunately, Countries like China have been concerned regarding the electricity consumption on machines whose sole purpose is to mine for tokens, which has been a great concern mostly in the US, but other countries are also affected.

Just recently, Japanese startup Tech Bureau reported its cryptocurrency exchange Zaif had been hacked, which cost them an estimated loss of $59.67 million.

Global regulators are still determined to provide an understanding of how to best limit cryptocurrencies in illegal activities and protect investors from sudden high losses while also trying to nurture the cryptocurrency industry.

You may also see: Singapore supports Crypto Startups in Opening Bank Accounts

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