News

Nearly 170B Wiped off Cryptocurrency Market in 24 Hours

KEY POINTS

Bitcoin and other digital coins tanked on Monday wiping off some 170 billion from the entire cryptocurrency market.
Bitcoin, the largest cryptocurrency, fell over 11 from a day earlier to 35,828.06, at around 1215 p.m. Singapore time.
The selloff in cryptocurrencies comes after a huge rally and perhaps signals some profittaking from investors.

GUANGZHOU, China  Bitcoin and other digital coins tanked on Monday wiping off some 170 billion from the entire cryptocurrency market.

The market capitalization or value of the cryptocurrency market was 959.53 billion at 1210 p.m. Singapore time, down from 1.1 trillion a day earlier, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell over 11 from a day earlier to 35,828.06, at around 1215 p.m. Singapore time. Ether, the secondlargest, was down around 15 to 1,126.72.

The selloff in cryptocurrencies comes after a huge rally and perhaps signals some profittaking from investors. Bitcoin is still up over 340 in the last 12months and last week hit an alltime high just below 42,000.

Bitcoins resurgence has been attributed to a number of factors including more buying from large institutional investors.

And it has also been likened to digital gold, a potential safehaven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit 146,000 in the long term as it competes with gold as an alternative currency. The investment banks strategists noted, however, that bitcoin…

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News