In 24 hours, nearly $26 billion wiped off cryptocurrency market following massive cutback on oil prices reported CNBC. Cryptocurrency markets plummeted after witnessing gross reduction in oil prices and further sell-off in stocks.
As per the data from Coinmarketcap.com, market capitalization of cryptocurrencies was $26.43 billion from a day earlier at around 1:17 p.m. Singapore time. The sell-off went downhill as the day went on.
At around the same time, Bitcoin which is the biggest digital coin by value tumbled down by 10% in 24 hours
The aggressive sell-off in the crypto market comes as international oil benchmark Brent crude futures plunged to its lowest level since Feb 2016, 30% to $31.02 per barrel. That was ignited by Saudi Arabia slashing its official selling prices for oil after OPEC could not come to an agreement with production cuts. Many have concerns if this could trigger an oil price war. Brent has since pared some of its losses.
Several other big digital coins like ethereum, XRP and bitcoin cash, posted losses of double-digit percentage point. Regardless of the losses posted Monday, bitcoin has gained around 9% year-t till date.
Big movements in the prices of cryptocurrency is not new as digital coins as susceptible to volatility in crypto market. Some market players however believe that it could be a perfect opportunity to buy bitcoins.
