Cryptocurrency markets are seeing red in style while the ongoing route has wiped out billions of dollars.
As reported by CoinDesk on Wednesday, the collective market capitalization for all cryptocurrencies touched a new low for the year – the overall market size is about $ 225 billion, representing a significant decline from over $ 800 billion billions registered at the beginning of January of this year.
Among the developments that drive the market turmoil: the fact that the Securities and Exchange Commission of the United States (SEC) decided to bet a decision on a proposed bitcoin exchange fund.
According to data compiled by CoinDesk, up to $ 51 billion of market capitalization has been lost over the last seven days. The CoinMarketCap figures indicate that up to $ 30 billion or more has been paid in the daytime market share.
This amount indicates a decline of more than 18% within that time period.
But data on market capitalization tell only part of the story.
Perhaps most indicatively, all the first twenty cryptocurrencies (indicated on sites like CoinMarketCap and OnChainFX) showed significant drops in the last 24 hours, with an average loss of over 14% during that period.
For bitcoins, even the past few days have not exactly been forgiven.
The cryptocurrency has seen losses for ten of the last eleven days – a series of events that have not occurred since September 2014.
Today's low represents a depreciation of 26.28 percent borne during the downward stint. As a result, more than 80% of the recent bitcoin annual minimum rally has evaporated.
In summary, the price of bitcoin rose by $ 2,705 from June 24 to July 24, over $ 2000 of which has since disappeared, according to data from Bitfinex.  Image via Shutterstock
This article is intended as a news item to inform our readers of various events and developments that influence, or could affect in the future, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and does not provide, sufficient information to form the basis for an investment decision, and you should not rely on such information for this purpose. The information presented here is accurate only at the date and has not been prepared by a research analyst or other investment professionals. You should look for more information about the merits and risks of investing in any cryptocurrency before deciding to buy or sell such instruments.
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