Since BitCoin saw a massive rise of more than 100% over a timeperiod of a month, the cryptocurrency saw a massive decline as well. The cryptocurrencies saw a decline with a total of $200 Bn in market value with BitCoin sharing the most part of this.
According to the data firm for Crypto – CoinMarketCap, the cryptocurrency market fell to $900 Bn from a high of $1.1 Tr. The main decline was of the major cryptocurrency BitCoin which fell 17% in last 24 hours wiping around $125 Bn in market value.
Ether, XRP and Litecoin also plunged with 21%, 16% and 25% respectively. The United Kingdom’s Financial Conduct Authority explained that, “As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in.” Issuing a start warning they further explained that, “If consumers invest in these types of product, they should be prepared to lose all their money.”
The major cause of the prince plunge was a report issued by United Kingdom’s Sunday Times, which put light on the fact that the enforcement measures banks are taking including HSBC, taking bar transfers from cryptocurrency exchanges in the country.