Over $60 Billion Wiped Off Value of Cryptocurrencies in 24 Hours
Prices of major cryptocurrencies have seen a sharp downward slide over the past 24 hours heading into Thursday afternoon. Scroll Down for More
Much of the downturn has to do with talk of closer regulatory scrutiny and Google's announcement that it plans to ban all advertising related to the sector via its AdWords platform. Suspicions regarding the later were reported earlier in the week.
Large selling from a trustee of now-defunct cryptocurrency exchange Mt.Gox has also been partially to blame for the dropoff.
By 4.00 a.m ET the bitcoin price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion. The price was still volatile as of Thursday afternoon Eastern Standard Time.
From CNBC.com:
The market capitalization or value of all the world's digital coins stood at $310.4 billion early on Thursday morning, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges.
Bitcoin, the world's largest cryptocurrency by market cap, traded as low as $7,676.52 on Thursday, the lowest since February 8, according to CoinDesk data. However, by 4.00 a.m ET the price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion.
Cryptocurrency prices slip once again from CNBC.
- Aaron Goldstein, Gambling911.com
