According to Investopedia
Cryptocurrency markets were back in the red after days of sideways movement. At 14:22 UTC, the overall market capitalization of cryptocurrencies was $523.2 billion, down from a high of $567.1 billion earlier this morning. In the last 24 hours, they have shed approximately 5.3% of their total value.
NEM was the biggest loser among the top 10 most-traded cryptocurrencies, losing as much as 19% of its total value earlier this morning. At 14:29 UTC, it was trading at $0.78, down 16.7% from its price 24 hours ago. Withdrawals, deposits, and trading of the coin has been halted at Coincheck, one of the largest crypto exchanges in Japan.
Bitcoin was trading at $10,707.53, down 3.86% from its price 24 hours ago. Its utility has been the subject of much debate and discussion at the 2018 World Economic Forum in Davos, Switzerland.
Coincheck Halts Trading
Coincheck Inc. suspended withdrawals and deposits for all cryptocurrencies, except bitcoin, on its platform. It did not provide a clear reason for the decision and said it was preparing a “detailed announcement” regarding the matter.
Meanwhile, Reddit commenters are speculating that the exchange’s decision was triggered by a heft of NEM coins. Even if that wild rumor is true, the fallout may not be as drastic as that from the Mt. Gox crash in 2013. After legalizing cryptocurrencies last year, Japan instituted a system of licenses, which require capital controls and security provisions, for exchanges. Coincheck was the first exchange to be licensed.
