The cryptocurrency has seen the lowest value since lowest posted on December 4th. In early January this year, the market posted a whopping total market value of $830 billion raising confidence and rush to acquire the coins. Today, as data from CoinMarketCap indicates, a combined total value for all cryptos hit $366 billion, representing a 50% fall.
For the past four days, the market is inundated with 4-digit declines aggravated by negative news and new buyer fatigue. The negative news has been fueled by the rush by some governments desiring to regulate and some have gone ahead to introduce tough regulations aimed at reigning in the cryptocurrencies.
China has been very tough, implementing regulations meant to regulate ICOs and cryptocurrency exchanges from operating in the country. It has banned sponsored cryptocurrency related adverts on Baidu and social media site Weibo. There are also reports of major banks banning customers from buying cryptocurrencies using credit cards. JP Morgan, Lloyds Bank, Citi Group, and Bank of America have all taken this bold decision.
But with all these, the figures are not dim yet, as the market is still up by 1,800 percent from a meager $19 billion in early 2017. This indicates that the buyers could still be taking the negative news positively, striding on regardless of the market slump. As observed on Friday, the market was still trading over $355 billion in total. This was the same period the market reported a four-digit decline!
However, with all the strains of positive reporting, the overall observation is that the cryptocurrency market is nose-diving at a very fast rate, with the different cryptos registering lows day in day out.