{"id":2431,"date":"2018-10-12T09:07:28","date_gmt":"2018-10-12T08:07:28","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2431"},"modified":"2019-09-09T16:32:27","modified_gmt":"2019-09-09T15:32:27","slug":"cryptocurrencies-plunge","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/cryptocurrencies-plunge\/","title":{"rendered":"What causes cryptocurrencies to plunge these two days? Is it temporary?"},"content":{"rendered":"

2 min read<\/span><\/i><\/p>\n

\"What<\/p>\n

Cryptocurrencies plunge in the past two days. Financial markets around the world saw big declines over Thursday and Friday. Over $6 billion of value was wiped off global cryptocurrency markets in 24 hours led by XRP and ethereum as prices of digital coins continued to fall.<\/span><\/p>\n

According to Coinmarketcap.com, the entire market capitalization or value of cryptocurrencies had plunged $6.72 billion in 24 hours as of about 11:32 a.m. HK\/SIN time on Friday. <\/span><\/p>\n

On Thursday it was noticed that something is happening. A sharp sell-off across the board erased billions of dollars of value in a matter of hours.<\/span><\/p>\n

The cryptocurrencies plunge was led by XRP, which was trading at around 39.13 cents at 11.32 a.m. HK\/SIN time, marking a 7.9 percent drop from the day before. It fell as low as 37.89 cents. Ethereum also fell to around $191.07, dropping 7.4 percent from the day before.<\/span><\/p>\n

But, bitcoin largely stabilized at around $6,278.61, falling just under 0.8 percent on the day.<\/span><\/p>\n

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