Cryptocurrency hits a new low, Price Index drops by 80%

cryptocurrencies

cryptocurrenciesPrices of several virtual currencies such as Bitcoin, Ether, and others have reported their biggest ever fall as the collective Price Index witnessed an 80 percent drop.

According to the industry reports, the fall has now surpassed the Nasdaq Composite Index’s 78 percent decline after the dot-com bubble burst in 2000. This drastic decline has spread a shock wave across the cryptocurrency investors who invested hugely on virtual currencies assuming its bright future.

On Wednesday’s the losses were led by Ether, the second-largest virtual currency. Ether fell by 6 percent to$ 171.15 at 7:50 a.m. in New York. Bitcoin did not see much change; however, the MVIS CryptoCompare index fell by 3.8 percent. According to CoinMarketCap.com, the value of all virtual currencies tracked by slipped to $ 187 billion, a 10-month low.

The virtual-currency experiences massive popularity in 2017, as Bitcoin prices inflated significantly and it was predicted that Bitcoin would become “digital gold”. It was expected that the blockchain-powered tokens would reshape all industries ranging from finance to food. However, the bubble of this hype soon bursts and soon the Bitcoin prices hit the rock bottom

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Elets FSI Virtual Conclave and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.