Minus 7 billion in 20 minutes: cryptocurrency capitalization drops
The cryptocurrency market entered the drop wave after the news on Chinese government suspending all ICOs and ordering businesses to cease all related activities. Last Friday, on 8 September 2017, the market lost 7 billion U.S. dollars just in 20 minutes and continued to drop after that. Additional rumors appeared that the People’s Bank of China plans to close cryptocurrency exchanges as well.
That Friday was just the beginning, it turns out. Saturday was volatile, with occasional ups and downs, and then, at the end of the day, the market cap of cryptocurrencies dropped once again, losing 10 billion in the process.
After this happened, the capitalization started to slowly grow back. We have yet to see what this day (Monday, 11.09.2017) brings, although in the morning (05:12 UTC) there were signs the capitalization can drop again.
The drop can almost certainly be connected to the decision of the People’s Bank of China, as the market capitalization is the total price of company assets, or, as in our case, the total value of companies and organizations operating with Bitcoin, Ethereum and other altcoins. When the oil prices dropped due to the shale gas revolution, the oil market cap dropped as well.
Back to the list