28 May 2020, 12:36 PM (GMT)

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Bitcoin with other major cryptocurrencies hits a major drop by more than 5%

Author at TechGenyz Bitcoin
Bitcoin Price

Since November bitcoin’s values have dropped to its lowest level. The market has lost over $9 billion over the past 24 hours as the valuation of the market dropped to $233 Billion. Cryptocurrencies including Bitcoin, Ripple, Bitcoin Cash, and others have dropped by more than 5%.

Bitcoin the best-known virtual currency has been stuck in a downward trend for most of 2018 since last year's November after the interest fizzled. According to cryptocurrency trader Ran Neu-Ner, it's likely to go even lower. Recently hackers of cryptocurrency exchange of Asian markets have been encouraging investors to exit since it has seen a major drop to as low as $5,774 BTC=BTSP on the Bitstamp exchange.

In 2018 bitcoin price has collapsed up to 60 percent after soaring 1,300 percent last year. It has seen a major fall of 70 percent after its December peak. The other cryptocurrencies which include Ethereum, Ripple, etc. have also witnessed a slid on Friday.

The second biggest valued cryptocurrency slid by 4 percent to $416. Ripple which also dropped by 4 percent to $0.44 as according to Coinmarketcap.com.

Will Hobbs, Head of Investment Strategy state that “None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset" and so he would continue to advise investors with extreme caution.

It is found that the total market capitalization of cryptocurrencies has fallen from a peak of around $800 billion to approximately $230 billion in January. The Bank of England warned the other banks that they should be wary of cryptocurrency as they are currently volatile and highly vulnerable to fraud.

After all the drops seen by the market there, this market is money still being plowed into the sales that nearly doubled the amount raised for the whole of 2017. There are still hopes that the cryptocurrency market might find encouraging investors to invest in.

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28 May 2020, 12:24 PM (GMT)

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