The total valuation of cryptocurrencies – the crypto market cap – has plummeted by almost $100bn since the beginning of Monday.
Starting Monday at $388.8bn, the market cap actually rose by over $10bn to be worth $398.9bn: just shy of $400bn. Since then the cryptocurrency market has taken a downward trajectory and experienced sudden drops on Monday afternoon and throughout Wednesday. The market reached a low of $309bn early on Thursday morning, its lowest since the 6th of February, over a month ago, where it fell beneath the $300bn mark.
This means that the crypto market cap has experienced a 23% drop of $89.9bn since Monday. As of 15:00 GMT, the market cap has an estimated worth of $330.6bn.
Among the heaviest losers are NEM (XEM), which has experienced a 21.8% drop in its value over the past 24 hours, and Cardano going from $0.21 at 15:00 on Wednesday to $0.17 at the same time today: a fall of 16.58%. This comes after the coin’s value had increased markedly following the announcement that the Japanese exchange Coincheck would begin reimbursing users who had had their NEM funds stolen in a successful $500m cyber heist that took place in late January.
Predictably the gold-backed DigixDAO (DGD) has experienced a significant upswing in its value going from just over $280 at 18:00 yesterday to $416.80 presently, an increase of 38.45%. Following the last slide in February, the value of DGD shot up by 54% in little over a day.
Google’s announcement on Wednesday to follow Facebook and ban cryptocurrency and ICO advertisements on its server has been partly attributed to the recent slide in value. Alphabet Inc., Google’s parent company, said that the ban would come into effect in June of this year. Google is the world’s biggest digital advertiser.
Similarly, a trustee of the now-defunct Japanese cryptocurrency exchange Mt.Gox has been selling large amounts of Bitcoin (BTC) to pay back creditors. Bitcoin went below the $8,000 mark this morning, down by nearly $2,000 since market open on Monday.
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