Bitcoin fell as low as $7,923, while Ethereum and Ripple fell by 23% and 31%, respectively.
(CCM) — Cryptocurrencies dived on Friday, with many of the largest traders dipping more than 20% and Bitcoin dropping below $8,000. The sudden fall resulted in the worst week for cryptocurrencies since 2013. The slump in prices made many investors hurriedly sell their shares and caused the total market value of cryptocurrencies to plunge below $385 billion.
According to a report by Coinmarketcap.com, the total market value of cryptocurrencies has now reached half of where it stood in January. Bitcoin fell 12% on Friday, bringing it to a two-month low of $7,910 on the Luxembourg-based Bitstamp exchange. Overall, Bitcoin is down to more than 30% this week. Similarly, other virtual currencies such as Ethereum and Ripple have fallen by 23% and 31% respectively in just one day.
Cryptocurrencies have been acting as a safe haven for retail investors, who were pouring significant investments into the medium. However, the fickle nature of cryptocurrency market is now making regulators think about what to do with the major losses. Many countries — like India, China, and South Korea — have begun passing acts barring cryptocurrencies. Facebook has also announced this week that it would ban all the cryptocurrency advertising on its platform.
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