The six largest cryptocurrencies, including the flagship bitcoin, have all sunk in the last 24 hours, according to data from Markets Insider, following a major cyberattack against a Japanese cryptocurrency exchange last week which resulted in the loss of $400 million.
Bitcoin, which still makes up 33% of the entire digital currency market cap, was down 4.6% to $11,297 at the time of writing. Ethereum and Ripple’s XRP token, the second and third largest cryptocurrencies, were down 4.6% and 6.3%, respectively, at $1,184 and $1.30 per token.
Smaller coins with market caps of less than $1 billion had also taken a hit.
Bitcoin cash, the rival that split from bitcoin in August 2017, was down 4.3% to $1,677, giving the offshoot a market cap of $399 million.
There was only one speck of green in the sea of red Monday morning: Neo. The Chinese Ethereum spinoff is up 3.1% in the last 24 hours to $157 — and up a staggering 153% in the last month. Neo currently has a market cap of $10.57 billion
Cryptocurrency markets are struggling to match their stellar 2017. Threats of crackdowns in China and South Korea, as well as increased scrutiny from regulators in the US, have sent chills through price charts which previously seemed to only move up.
In an interview with Bloomberg TV, Deutsche Bank’s head of wealth management warned that crypto investments could eventually result in total loss. "It’s only for investors who invest speculatively," Markus Mueller told the network. "There is a realistic risk of total loss."
What do you do in times of a free fall? Do you panic sell? Do you HODL? Have you strengthen any of your positions on the dip?
Me personally, I've HODL'd through the decline. I refuse to call it a crash and I don't want to spread any FUD.
Until next time, guys and ladies. PEACE LOVE UNITY & RESPECT!