Bitcoin Breaks Down $10,000: Cryptocurrency Sell-Off Continues

On Wednesday the leading digital currency slid 12 % reaching $9,800, according to CoinMarketCap. The total market value of bitcoin is $170 billion at the current moment, down about 28 %.

The bitcoin rivals Ethereum, Ripple and Stellar have taken hits as well.

The second largest cryptocurrency Ethereum was trading about 6 % lower around $1,100. Ripple dropped more than 9 % to $1,15.

Some experts mentioned the facts that caused market crack down. They also pointed that Facebook’s ban of cryptocurrency adds influenced the market.

On Tuesday the US Securities and Exchange Commission announced about obtaining a court order to freeze the assets of an initial coin offering and claimed to have raised $600 million.

Steven Mnuchin, a US Treasury Secretary wants to make sure the cryptocurrencies are not used for money laundering.

“I also want to make sure that consumers understand the issues around cryptocurrencies,” Mnuchin said.

The co-founder and CEO of Citizen Hex Benjamin Roberts, attributed the sell-off to uncertainty around bitcoin’s ability to improve transaction efficiency and the future development of ethereum.