Bitcoin, cryptocurrencies shed even more value this weekend

bitcoin andre francois unsplash

It must suck if you’ve bought Bitcoin any time this year. The cryptocurrency, along with a slew of its competitors and peers, crashed in value this past weekend.

This comes after a cryptocurrency exchange in South Korea dubbed Coinrail was hacked.

The hack only saw US$40-million in cryptocurrency lost — around 30% of the exchange’s value — but the implications were far reaching.

According to Coinmarketcap, the price of Bitcoin was hovering at the US$7400 mark late Saturday. By Monday morning, the price dropped to US$6700. Its market cap now stands at US$116-billion, but that itself is down from US$130-billion two days ago.

Bitcoin isn’t the only digital currency that’s suffering.

Ethereum lost 6.3% of its value within the past 24 hours, Ripple tanked 6.35% and Bitcoin Cash dropped more than 9% within the past day. Litecoin tanked by 11%.

Of the top 100 cryptocurrencies by market capitalisation, only three (namely Veritaseum, Bibox Token and Theta Token) have gained value within the past 24 hours.

Overall, in 2018, Bitcoin’s price has dropped more than 50%.

Feature image: Andre Francois via Unsplash

Andy Walker, former editor


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