cryptocurrency

Crypto Prices Tumble Almost 20% in Market Meltdown


© Reuters.

Investing.com – Bitcoin and other major digital coin prices tumbled on Friday in Asia, reporting double-digit 24-hour losses in a sudden market meltdown. The crypto market cap dropped to US$122 billion, losing around US$17 billion, or 13%.

plummeted 12% to $3,576.4 by 10:40 PM ET (03:40 GMT), losing its grip on the US$4,000 level that it had kept during the first week of this year.

Meanwhile, lost 18.9% to $125.20, dropped 17.1% to $0.32244, and lost 19.7% to $32.321.

While there is no clear catalyst for today’s sell-off, some cited more calls for tighter regulations worldwide as possible headwind for crypto prices.

14 out of 21 South Korean crypto exchanges failed government security checks, according to local media reports.

South Korea’s Ministry of Economy and Finance said these crypto exchanges are “vulnerable to hacking attacks at all times because of poor security” due to “insufficient establishment and management of security system such as basic PC and network security.”

This further supports the financial watchdog’s call for a bill to regulate domestic crypto exchanges, the reports said.

In July, the Financial Services Commission said the bill was needed to address loose security, which resulted in hacks causing losses of more than US$70 million from exchanges such as Coinrail and Bithumb.

Meanwhile, in China, blockchain platforms must now censor content and give authorities access to data and user identity, according to the Cyberspace Administration of China. The new rules will take effect next month.

To trace user identity, real-name registration via a national ID or telephone number is required. Failure to comply with the rule will result in fines or prosecution.

The country is known for being crypto-unfriendly. Since 2017, it has been banning digital coins, initial coin offerings and domestic operation of local crypto exchanges.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.