$60 Billion USD in Crypto Value Wiped out in 24 Hours
Has the cryptocurrency bubble burst?
With entities ranging from Amazon to the co-founder of Uber talking cryptocurrency and Google announcing plans to ban crypto ads, the discussion around digital currency has never been more heated. That doesn’t mean that crypto is stable by any means: in one day, the global value of digital currency dropped by over $60 billion USD according to coinmarketcap.com, which tracks prices based on different exchanges.
Google’s ban wasn’t the only possible factor leading to the value loss as liquid traders aiming to create future buy-back opportunities, a massive influx of Bitcoin from collapsed Japanese exchange Mt.Gox, and initial coin offering scams also harmed prices. Newer investors, frightened by the big drop, sought to sell off coinage to cut losses, furthering the market’s woes. Though the plummeting value has stabilized for now, digital currency is always in a state of flux: it suddenly dropped 40% back in December after weeks of growth.
Recently, John Oliver covered cryptocurrency in the latest episode of Last Week Tonight; check out the full episode below.
