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Cryptocurrencies, which today accounts for upwards of 70% of all online gambling transactions in the North American market, lost approximately $6 billion of its value in a single day Thursday.
XRP and ethereum led the plunge as prices of many digital coins continued falling. Bitcoin stabilized, however, after seeing a big drop on Thursday. As of Friday morning, Bitcoin was trading just over $6200.
There was no obvious single catalyst for the cryptocurrency sell-off, but negative comments about cryptocurrencies have recently come from major economists and financial institutions, CNBC reported.
"Crypto is the mother or father of all scams and bubbles," Nouriel Roubini, an economist who predicted the 2008 financial crisist, old the U.S. Senate Committee on Banking, Housing and Community Affairs at a hearing on Thursday.
Financial markets overall have been taking a beating in recent days with the Dow falling more than 5% this week, its worst performance since March.
- Aaron Goldstein, Gambling911.com
