Over $100 billion USD has been lost from the cryptocurrency market in the last 24 hours as rumors swirl about bitcoin pricing.
All major cryptocurrency coins have tumbled in price in the last 24 hours amid rumors the bitcoin price was manipulated by major exchange Bitfinex. According to CoinMarketCap, the total market capitalization of all cryptocurrencies fell by $112.6 billion from the day before. Bitcoin has dropped below $9,000 as traders rushed to sell. Other major coins including Ethereum and Ripple also lost serious value in the last 24 hours of trading. The massive falls have been linked to several overlapping sources.
But despite cryptocurrencies continued poor form and lack of trust with the industry, some financial experts believe holding tight will pay off eventually. Tom Lee, from Fundstrat, said the low was a good opportunity for investors to get into the cryptocurrency market. He described the $9,000 price as a "major low" and "the biggest buying opportunity in 2018." Kay Van-Petersen, a Saxo Bank analyst and longtime supporter of cryptocurrencies recently told online media that they believe bitcoin could hit between $50,000 and $100,000 this year.
Source:
https://interestingengineering.com/cryptocurrency-markets-lose-100-billion-in-value-in-24-hours
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