More than $200 Billion Wiped Off Cryptocurrency Market Cap

More than $200 billion has been wiped off the value of global cryptocurrencies at the peak of the recent sell-off, which extended into Wednesday morning.At around 7 a.m. London time on Tuesday, the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of cryptocurrencies by taking into account the prices across different exchanges.This was when the sell-off began to take hold. As the price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that market cap declined by Tuesday evening to a low of $450.5 billion. The market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.

Source: Bitcoin, ripple, ether prices fall: $200 billion wiped off cryptocurrencies – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.