Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge
This Post was originally published on www.cnbc.com
Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.
I understood the importance in principle of public key cryptography but it’s all moved much faster than I expected. I did not expect it to be a mainstay of advanced communications technology.
– Whitfield Diffie
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.