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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 [1]

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [8]

Senior Market Analyst, UK & EMEA at OANDA [9]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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