Cryptocurrency price CRASH:

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27 Feb 2018, 08:21

BITCOIN, Ripple and Ethereum are all crashing today with the cryptocurrency market losing some $102billion over the past 24 hours. By why are cryptos falling today?
All the world’s major digital currencies, includeing bitcoin, Ripple and Ethereum, are in the red today (Friday, February 2) as the crypto market continues to slide back towards pre-December prices.
The global market capitalisation sat at $382billion this morning - about $102billion less than 11.25am yesterday and a staggering $445.7billion less than its all time high of $835.7billion last month.
Experts have pointed to a number of possible causes for the crash, which first started on January 8, including threats from governments to limit crypto trading and a spate of recent security breaches.
The market is also still reeling from revelations that cryptocurrency Tether may have been manipulated, after the Bitfinex exchange was subpoenaed by the US Commodity Futures Trading Commission.
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Bitfinex was hit by the subpoena a month ago although the news did not reach investors until this week, which could have prompted the mass sell-off.
Tether is fixed to the US dollar, so $1 buys one Tether token.
Investors now fear that Tether Limited does not have the reserves of USD needed to support its $2.17billion market cap and that Tether has flooded the market without being propped up by the dollar at all.
Mati Greenspan, a market analyst with eToro told Business Insider: “The claim is — and the claim has been growing lately — that they're not holding those reserves.
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Bitcoin climbed back above $10,000 Thursday for the first time in two weeks
"They haven't been incredibly transparent about where they're holding them and how much they're holding in different places."
This has not been confirmed but, if true, could see the Tether price crash dramatically and could in turn drag other cryptos down with it.
A recent report suggested bitcoin could plunge by as much as 80 percent if the allegations are correct. has approached Tether Limited for comment.
Cryptocurrencies received another blow yesterday when the Indian Finance Minister suggested he wanted to “eliminate” the use of digital assets for payment purposes.
He said: “The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.
Cryptocurrency price chart: Bitcoin, Ripple and Ethereum have led the crypto market's decline
“The Government will explore use of blockchain technology proactively for ushering in digital economy.”
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of India (BACC), has clarified the situation somewhat, arguing that cryptocurrencies have not been banned in India.
Speaking to Your Story, he said: “There has been no indication by the government that it is banning exchanges. Neither does it stop people from holding a cryptocurrency.
“It is just saying that the government doesn’t recognise cryptocurrency as money, which no country in the world does except Japan.”
Despite a number of major setbacks, Ripple - the world’s third biggest crypto - has announced a number of new deals with established financial institutions, and many experts are confident that bitcoin will soon bounce back.
Ran Neu Ner, founder of ONchain Capital went as far as to say bitcoin.

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27 Feb 2018, 08:45

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