Nearly $13 billion wiped off of cryptocurrency market as major coins plunge

[Recursion]

Source: CNBC

The price of major cryptocurrencies plunged on Thursday with nearly $13 billion of value being wiped out in a matter of hours.

At around 10:23 a.m. HK/SIN, bitcoin had fallen nearly 5 percent to $6,303, while XRP and ethereum both tanked over 10 percent, according to data from Coinmarketcap.com. It's not unusual to see bitcoin lead other digital tokens lower.

In just three hours, nearly $13 billion of value had been erased from the entire cryptocurrency market.

The drop comes amid fresh warnings from financial authorities about the rapid growth of digital coins and the potential threat to the economy.

Read more: https://www.cnbc.com/2018/10/11/bitcoin-price-nearly13-billion-wiped-off-cryptocurrency-market.html

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Will be interesting to see if the banking and insurance institutions have any previously undisclosed exposure to crypto

[Historic NY]

1. Suckers............

[Blue_Tires]

8. +1

[SWBTATTReg]

2. Really. And I hope it goes to zero. W/ no accountability and apparently the favorates of ...

criminals everywhere, I wish these types of currencies be priced out or priced to zero dollars in value. Not until they get some accountability and respectability as a currency. And that they quit consuming so much in electricity to figure out.

[Thekaspervote]

3. My checking account was hacked $5k over the summer by a crypto currency.

So, yes I hope they fall into oblivion. Did get my funds back.. all the same.. go away. Good riddance

[skypilot]

4. ???

How does cryptocurrency employ actual non-crypto currency? I know next to nothing about cryptocurrency except that it's used by criminals and radical libertarians. I've heard about cryptocurrency being hacked but I've never heard about it hacking traditional currency.

[LAGC]

5. Hackers steal traditional money and convert it to crypto to launder it.

Once dollars are converted to Bitcoin and "tumbled" it becomes nearly impossible to trace.

The crypto can then be converted back to dollars at some later point, with no way to know whether it was stolen in the first place.

[skypilot]

6. Thanks.

I just thought that cryptocurrency was a thing all to itself. But yeah, it makes sense that someone would do what you described.

[FakeNoose]

7. You've just explained why it's all a scam

Crypto-currency is an elaborate pyramid scheme, and many people are being ripped off.
If they haven't been cheated yet, they will be.