Home News Cryptocurrency market lost over $100 Billion due to tighter regulations

Cryptocurrency market lost over $100 Billion due to tighter regulations

by Harikrishna Mekala

The total business capitalization or value of all cryptocurrencies inflow stood at $405 billion Friday morning New York time, according to data from CoinMarketCap.com, which carries into account the prices of digital coins over a whole of key exchanges. This was a fall of $112.6 billion in value from a day before.

Cryptocurrencies have seen a notable sell-off this week. Bitcoin fell below $9,000 on Thursday and temporarily dropped below $8,000 Friday morning, according to CoinDesk’s bitcoin price index, which tracks rates from four major cryptocurrency exchanges.

Other major coins including ethereum and ripple were down 12 percent and 13 percent, sequentially, compared to a day ago as of 9:58 a.m., ET, Friday.

The cryptocurrency world has been troubled by a spate of negative news.

India’s Finance Minister Arun Jaitley said the nation wants to “eliminate” the use of digital currencies in criminal movements, signaling tighter regulation in the country.

The New York Times stated Wednesday that an expanding number of digital currency investors are worried the price of bitcoin and other digital currencies have been expanded by cryptocurrency exchange Bitfinex, which is included in CoinDesk’s price index. Bloomberg reported Tuesday that in December, the U.S. Commodity Futures and Trading Commission cited Bitfinex and a cryptocurrency business called Tether, which is run by several of the same executives.

Representatives for Bitfinex and Tether did not immediately respond to a News request for comment.

And last week, Japanese exchange Coincheck was settled after hackers ran off with over $500 million worth of a cryptocurrency called NEM.

Key business managers have poured cold water over the cryptocurrency world. Investing story Warren Buffett told News in a recent conference that the sector “will come to a bad ending.”

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