In the past few months, cryptocurrencies have witnessed quite a lot of problems and the times seem to have got tougher as compared to last year or even the beginning of this year. Owing to the serious frustration in case of the investors because the cryptocurrencies have actually taken off as payment methods recently, these are trading lower and not just by a small margin but by as much as 70 percent, as compared to the highs that were witnessed in January. This indeed is a huge problem for the people dealing with the cryptocurrencies.
Based on a report that was published recently in The Wall Street Journal, in this week it is for the first that the value of not just one but all of the digital tokens declined and plunged below $200 million. This is the lowest it has witnessed since November last year. According to CoinMarketCap, out of the total 100 cryptocurrencies, nearly 98 were trading lower.
In the case of Bitcoin, which is said to be the leading cryptocurrency for many reasons, it went below $6000 in this week making it the lowest since the month of June. The digital token which is at the second place in the cryptocurrency world, Ether, is down by nearly 17 percent and it all occurred in the time span of just 24 hours, according to the journal. One of the prime reasons that are causing all of this is said to be the regulatory approvals for the financial products which are mainly focusing on the bitcoin are falling short, and this seems to be majorly affecting the market.
Another thing that is actually worrying the investors is the increase in the number of hacks of these cryptocurrency exchanges that are taking place. Mark Grant, who holds the position of MD at the B. Riley FBR Inc., said that people have started to realize how dangerous all this stuff related to the cryptocurrencies is.
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