Cryptocurrencies lost 42 billion USD in market value over the weekend

June 11, 2018 1:55 pmComments Off on Cryptocurrencies lost 42 billion USD in market value over the weekendViews: 11

CryptocurrenciesThe sale of crypto-currencies continue in 2018, after just last weekend they lost 42 billion USD in market value. This in turn has further increased the depreciation of the Bitcoin, which lost 50% of its value since the beginning of the year. According to some analysts, the decline last week is linked to a hacker attack on South Korea’s crypto-currency exchange, but others are on oppinion that it is due to continued sanctions against platforms in China.

The crypto-currency platforms have been under increasing pressure in many places around the world in recent months due to a number of issues related to theft, market manipulation and money laundering.

From Friday afternoon in New York City, the Bitcoin lost 12% of its value and during the afternoon trading in Hong Kong on Monday its price was 6,765 USD. Thus the depreciation of the currency since the beginning of the year is 53%.

Most of the other crypto-currencies also declined, with the market capitalization of the global crypto-assets dropping to a nearly two-month low of 298 billion USD. At the peak of the world’s crypto-currency obsession in mid-January, their total value was about 830 billion USD.

Their enthusiasm has evaporated partly due to a series of theft, including a 500 million USD from the Japanese stock exchange Coincheck at the end of January. Although the latest attack on the South Korean Coinrail platform is much smaller, the news pushed investors to sell.

According to the analysts, the market is worried about similar thefts, as “if this can happen to A, it will happen to B and it will happen to C”. The decline could also be related to low market liquidity over the weekend.

In a statement on their website, Coinrail said part of the digital currency was stolen by hackers, but no details are specified. According to the platform, 70% of the tokens it holds are secured without Internet access. The stolen amount was in NPXS, NPER and ATX coins.

Meanwhile, China has made it clear that the government will continue to fight the illicit raising of funds and the risks associated with interbank finances, according to a representative of the Shanghai branch of the central bank. In his words, the clearing of primary coin offerings and Bitcoin platforms is almost complete.

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