Reports this afternoon are highlighting the scale of the current market climate, by pointing out that in 24 hours alone, the markets have lost around $22 Billion. $22 Billion is a lot of money, in fact for the majority of us, that sort of money could sort us out for life.
This is a shocking statistic which is currently reflected by currencies that are decreasing in value by the minute. Here are the standings at the time of writing-
Bitcoin is valued at $6,384.49, down 5.97%
Ethereum is valued at $436.61, down 10.12%
XRP is valued at $0.44, down 6.12%
Bitcoin Cash is valued at $697.77, down 7.16%
EOS is valued at $7.45, down 13.30%
This steep negative trend continues further down the markets too, at the time of writing-
IOTA is valued at $0.96, down 10.66%
NEO is valued at $34.29, down 11.08%
Monero is valued at $123.18, down 10.13%
Ethereum Classic is valued at $16.68, down 10.26%
NEM is valued at $0.16, down 11.80%
We are now in the midst of a very deep decline indeed.
We can’t tell if this is a temporary blip, or a sign of something more significant just yet. There is a chance that this could just be a delayed effect as a result of some recent hacks, however this does seem quite unlikely, given that over the past few weeks we have seen the markets show resistance to this sort of news. For now, we will continue to watch the markets in order to really understand what might be going on here.