Digital currency markets lose $384 billion in 10 days

The market value of cryptocurrencies has badly fallen in the last 10 days, with warnings of warnings of restrictions and bans from many countries, led by China and South Korea. According to economic analysis, virtual currencies lost 47% of their current market value, equivalent to about $384 billion.

 The market value of digital currencies yesterday was about 438.6 billion dollars a day, compared to $822.5 billion on Jan. 7. The huge market value losses came mainly from Bitcoin and Ripple. Of all cryptocurrencies, Bitcoin lost the most in 10 days – $102.7 billion, more exactly. On Jan 7, its market value was of $278.6 bn, and on the 17th of the same month it fell to $175.9 bn.

 This drop comes after Bitcoin’s price fell by 37%, reaching $10.466, rapidly dropping from $17.131. Ethereum, the second-largest cryptocurrency by market value, lost $16.2 billion, dropping from $106.3 billion to $90.1 billion. Its price per unit dropped by 15%, reaching $928 after previously staying at $1098.

 Ripple, the third largest market by market value, lost $82.3 billion, dropping to $41.3 billion from $123.6 billion previously, with its value going down by 67%, to $1.1, shortly after hitting $3.2.

 Bitcoin-Cash, the fourth-largest digital currency by market value, lost about $ 20.3 billion, with its market value falling from $48.7 billion to $28.4 billion. Its price fell by 42%, to $1.7 after reaching $2.9.

 Cryptocurrencies do not have serial numbers and are not regulated by any governments or central banks, such as the conventional currencies. Instead, they exist only through the Internet, without any kind of physical form. The head of the European Securities and Exchange Commission, Steven Major, warned that investing in electronic currencies could result in the total loss of the investment value. The deputy governor of the People’s Bank of China said that the authorities should prohibit cryptocurrencies trading and companies providing services related to this activity. Last week, the Korean Justice Ministry also passed a bill banning all currency trading in South Korea.

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