After going through a period of a minor recovery; the markets of crypto currencies have once again bounced down to the danger spot. Majority of the crypto assets listed over crypto currencies exchanges have registered a steep downfall in the prices.
The kingly crypto currency Bitcoin is the one to register the most severe downfall in the pricing, which at one point went down to the level of $ 8,607. However, it surged a little bit in the later hours and sat at the level of $ 9,224. On an overall basis, the statistics suggest that the total loss registered in Bitcoin stands at 2.43 per cent, in the previous one day.
If we calculate in totality, the market cap of the aggregated crypto assets has decremented from the level of $ 390 billion to $ 379 billion. The intraday lowest point, also underwent the level of $ 351 billion. Hence, a total of $ 11 billion have flown out of the crypto market in a span of twenty-four hours.
Ethereum, which is compared to silver in the world of crypto currencies, by contrasting it with the analogy of precious metals; too has lost 2.47 per cent value in the previous one day and is currently sitting at the level of $ 717.
In the earlier part of the ongoing week, which is on 6th of March, South Korean government, in a strange turn of events, has passed a diktat that nobody in the service of the government shall hold or trade in crypto currencies! Two days later, on 8th of March, another stricture came from the neighboring nation of Japan that the financial arm of its government has served notices of punishments to seven of its cryptocurrency exchanges. Not just this, but the operations of two of such exchanges has been halted till further information. Such coercive actions have been taken against the exchanges for the reason that hacking of the CoinCheck exchange took place a few days before which caused much mayhem among the traders as well as investors.