Crypto-currencies crash this week

Updated: Dec 23, 2019

We all know that trading all the cryptocurrencies are very volatile, volumes aren't comparable to historically known stocks, indices, ETFs et,al traditional assets. Crytpocurrencies (Bitcoin, Ethereum, Ripple etc. in order of descending marketcap) started 2018 with skyrocketing prices taking the total market capitalization of $815 billions making it an asset class that cannot be ignored just as such.

$300 billion worth value was lost in just last 36 hours!! Recent ban in trading of cryptocurrencies in Asia (China and South Korea to name a few) and shut-down of crypto-exchanges is attributed to be most influential factors for this sharp fall in crypto-prices this week. Here's the heatmap of various cryptocurrency performance (source newslink) :

Apparently 80% of total cryptocurrency mining in the world happens in Asia (mainly China). Some other factors include lack of sophisticated and robust trading tools for crypto-currencies including base currencies as well as more recently introduced derivatives like bitcoin futures on CBOE. This all looks likes a maze! however cryptos have made sudden riches is also a true fact. And now there are first two blockchain based ETFs launched. Follow this link for more details.

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#Blockchain #Cryptocurrencies