Here are the reasons why crypto-currency is plunging
Crypto-currency market is falling way far than ever before. Bitcoin (BTC) which is known for having the best market cap has fallen 16.3% in last 24 hours and is now just valued at $8,234. And the same case is with Ethereum which decreased by 23% in same time interval leaving Ethereum to be valued at just $858.
Overall, the total market cap of all crypto-currencies combined is currently $389 billion, roughly 53 percent down from its Jan. 7 high of $835 billion.
This is likely to be due to various bad news hovering nowadays about crypto-currency. China has banned crypto-currency trading in September. South Korea implemented stricter crypto-currency trading rules this week. India’s finance minister said Thursday the country’s government will take measures against crypto-currencies being used as payments.
Weeks ago, hackers made away with more than $420 million worth of crypto-currency, stolen from Japanese exchange Coincheck. And a lot of prominent investors, from Warren Buffett to Peter Boockvar, recently expressed skepticism towards crypto-currencies.
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