After recording a significant increase over the past month, the crypto market has lost about $200 billion in market value within 24 hours. Specifically, CoinMarketCap data revealed that the value of the crypto market fell from $1.1 trillion on the 10th of January to about $900 billion the following money.
The massive decline in the crypto market may be tied to the recent pullback in the price of Bitcoin. Despite recent significant gains, the price of Bitcoin has been falling.
At press time, Bitcoin had dropped 15.99% in the last 24 hours to $32,880.76.
Although other altcoins joined Bitcoin in its recent rally, the assets are also currently recording losses. The second-largest digital asset Ethereum (ETH) is down 22.60% to $998.18. Also, Ripple’s XRP is down 11.69% to $0.2795. In addition, Litecoin (LTC) has plunged 24.18% to $127.76.
As cryptocurrencies dip and the crypto market losses value, the UK Financial Conduct Authority warned:
“If consumers invest in these types of products, they should be prepared to lose all their money. As with all high-risk speculative investments, consumers should make sure they understand what they’re investing in.”
In a report, Forbes noted that the price plunge began on Sunday after Sunday Times revealed that HSBC has begun preventing transfers from crypto exchanges.
Image Credits: Pixabay
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