Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge


Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.

The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on. 

Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.

The violent sell-off in the cryptocurrency market comes after international oil benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.

Meanwhile, stock markets in Japan and Hong Kong fell sharply while U.S. stocks are set for a steep drop at start of trading on Monday.

The other big digital coins ethereumXRP and bitcoin cash, posted double-digit percentage point losses.

Despite the losses posted Monday, bitcoin is up around 9% year-to-date.

Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.

“For those who have long term investment horizons, bitcoin is absolutely a buy during these dips,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told CNBC. “We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it’s key asset Bitcoin will be a winning strategy”


One thought on “Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

  1. Do you see what is happening here you guys? Let’s just work with the stock market plunge bullshit. This is how these JOO scum bags get rich.

    They instill a false flag virus knowing that by intentionally making a big deal about people becoming ill, then buy down against the market.

    Its classic three card monte, by doing this, they wipe out your savings and steal your money. These pieces of shit will NEVER BECOME ILL THEMSELVES, but they are laughing all the way to the bank.

    People become sick everyday, have been for thousands of years, need I draw a picture here?

    At this point, anything that is a negative can and will work in their favor.

    This is all a manipulation to wipe your pockets clean of cash, ONLY THE COMMONERS GET SICK!!!! LMAO….

    Until we get rid of these parasitic scum, we will forevermore play this little game of taking from all of us, to make them fat with cash.

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