- The six largest cryptocurrencies have all lost value in the last 24 hours.
- Bitcoin was down 4.6%, Ethereum was down 4.6%, and Ripple’s XRP was down 6.3%.
The six largest cryptocurrencies, including the flagship bitcoin, have all sunk in the last 24 hours, according to data from Markets Insider, following a major cyberattack against a Japanese cryptocurrency exchange last week which resulted in the loss of $US400 million.
Bitcoin, which still makes up 33% of the entire digital currency market cap, was down 4.6% at the time of writing. Ethereum and Ripple’s XRP token, the second and third largest cryptocurrencies, were down 4.6% and 6.3% respectively.
Smaller coins with market caps of less than $US1 billion had also taken a hit.
Bitcoin cash, the rival that split from bitcoin in August 2017, was down 4.3%, giving the offshoot a market cap of $US399 million.
There was only one speck of green in the sea of red Monday morning: Neo. The Chinese Ethereum spinoff is up 3.1% in the last 24 hours – and up a staggering 153% in the last month.
Cryptocurrency markets are struggling to match their stellar 2017. Threats of crackdowns in China and South Korea, as well as increased scrutiny from regulators in the US, have sent chills through price charts which previously seemed to only move up.
In an interview with Bloomberg TV, Deutsche Bank’s head of wealth management warned that crypto investments could eventually result in total loss. “It’s only for investors who invest speculatively,” Markus Mueller told the network. “There is a realistic risk of total loss.”