Cryptocurrency Drop Down Cleans From Market About $100 Billion
Since Thursday Bitcoin and other digital currencies have lost over $100 billion in value. This amounts about 20 % of total crypto market.
Currently, the total market value of all digital currencies consists about $402 billion.
On Friday, all major cryptocurrencies fell from 15 to 30 %. It happened a day after India’s Finance Ministry announced the country wants to “eliminate” the use of cryptocurrencies in criminal activities.
Since November, Bitcoin fell below $8,400 for the first time. The digital altcoins Ethereum and Ripple dropped 21 % and 31 % accordingly.
On CoinMarketCap‘s list almost all cryptocurrencies were trading lower, besides one. DigixDAO was the only exception, with the digital currency trading 40 percent higher. Its growth is reminiscent of the ‘pump-and-dump’ strategy, which many will be familiar with from the movie, ‘The Wolf of Wall Street’. Investors are promised large returns under the strategy. After prices peak, the owners and early investors quickly sell as many shares as possible, while the others lose.