In the last 48 hours, the crypto market has suffered a significant loss. With a few exceptions (tether and NEM), all crypto curves in the top 20 are clear in the red. The market value of the entire crypto market has fallen by about $ 100 billion. The following article discusses possible causes of the crash.
The total market value has fallen from over $ 460 billion to just over $ 350. Thus, the entire market has lost about a quarter of its total price.
Possible causes of the collapse
As often as it appears, the significant price falls are due to various reasons. All in all, they probably led to strong uncertainty about the market and its investors.
Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash
As much as $400 million in cryptocurrencies was sold in the past few months by the bankruptcy trustee of the now-defunct Japanese bitcoin exchange Mt Gox. The details of the sale were published on March 7 by trustee Nobuaki Kobayashi, revealing that JPY 42,988,044,343 - an amount worth roughly $405 million at press-time prices - was generated. According to the creditor report, the trustee liquidated 35,841.00701 BTC and 34,008.00701 in bitcoin cash.
Read more: coindesk.com
Regulatory Measures by SEC
Bitcoin just tanked below $10,000 after SEC says crypto exchanges must register with agency. The SEC said in a statement Wednesday that online platforms trading digital assets that are considered securities need to register with the agency.
Read more: cnbnc.com
Binance Hack Rumors
Cryptocurrency market suffers on binance hack fears. Bitcoin sunk beneath the key $10,000 mark to a recent low amidst rumor-mongering of a Binance hack that compromised investor accounts. Rumors that apparently began with a Reddit thread questioning whether Binance customers where being hacked spread across the net resulting in an overall drop in the cryptomarket.
Read more: newsbtc.com
The Japanese Authorities Continue Against 7 Cryptio Exchanges
Japan punished seven cryptocurrency exchanges, ordering two of them to suspend business, in an effort to shore up consumer protection after a $530 million (381.93 million pounds) theft of digital money from Tokyo-based Coincheck Inc earlier this year.
Read more: reuters.com
