- Ripple's
- Most cryptocurrencies have
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Ripple's XRP tumbles to its lowest price in months
Cryptocurrencies haven't had a good week.
Ripple’s XRP cryptocurrency is tumbling alongside most major coins, falling more than 32% to a low of $0.742 early Friday morning, it’s lowest levels since December.
At the same time, bitcoin — still easily the largest and most well-known cryptocurrency — also fell to its lowest point in months, briefly falling well below $8,000.
In fact, the market value of all main cryptocurrencies in circulation has dropped from just under $500 billion to around $400 billion in the last 24 hours, as this chart from CoinMarketCap.com shows:
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Market capitalization is an inexact measure of cryptocurrenciesbut it at least gives a good idea of the scale of the current sell-off.
Neil Wilson, a senior market analyst with ETX Capital, says in an email: "The wheels are coming off the bitcoin bandwagon. The regulatory crunch appears closer than ever and sooner or later this market could be headed back down to earth. Selling pressure at the moment is intense as there has been nothing but bad news for bitcoin bulls of late."
This week began with news that major exchange Bitfinex and associated cryptocurrency company Tether had been hit with subpoenas from the US Commodities Futures Tading Commission back in December, and made worse when India’s finance minister spoke out against cryptocurrencies' use.
,” he told lawmakers in the country.
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