Shocking loss: crypto markets lose over $300 bln in Q1 2018
Major media outlets, including even some TV channels, are now rapidly sharing the news about the giant losses the market of digital currencies has had since the beginning of 2018. The first quarter ended with a $350 billion loss. This greatly varies with the previous, fourth quarter of 2017 when Bitcoin has reached its maximal value of $20,000.
The capitalization of the market was $610 billion at the beginning of this year, and now its slightly bigger than $250 bln. Of all the negative events of this month, the hack of Coincheck was likely the most unpleasant one for investors. As a reminder, over 400 millions of dollars have been stolen due to the successful hack of this Japanese organization. This event has served as a catalyst for Japanese regulators to scrutinize other exchanges. Japan is one of the major hubs of the crypto economy with one of the most liberal laws towards related business, many even consider anonymous Satoshi Nakamoto a Japanese.
Another large-scale reason of the market downfall is that the growth witnessed during the autumn had to stop. Opinions on the current dynamics vary: while professor Nouriel Roubini might think that he was right about Bitcoin falling to zero after all, the advice made by investor Brian Kelly, when applied in this situation, can indicate that the next quarter will be bullish instead.
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