NEW YORK. The cryptocurrency market is now under pressure. On Friday (2/2), the global market value of market cryptocurrency eroded more than US $ 100 billion within 24 hours. The situation comes amid fears of tighter regulation and concerns about the manipulation of bitcoin prices on the main exchange.
According to data from CoinMarketCap.com, the total market capitalization or value of all crypto in circulation reached US $ 405 billion on Friday morning New York time. That value fell US $ 112.6 billion from market value the previous day.
According to the Bitcoin CoinDesk price index, which tracks the prices of the four major crypto exchanges, cryptocurrencies have experienced a massive sell-off this week. Bitcoin prices fell below US $ 9,000 on Thursday (1/2) and had eroded below US $ 8,000 on Friday morning.
Other major coins - including ethereum and ripple - fell respectively 12% and 13%, compared to the previous day on Friday at 9:58 am local time.
Later, the world of cryptocurrency has been shaken by a spate of negative news.
Indian Finance Minister Arun Jaitley said his country wanted to "eliminate" the use of digital currency in criminal activity, which marks more stringent regulations on cryptocurrency in the country.
And last week, the Japanese Coincheck exchange was infiltrated by hackers who stole a cryptocurrency called NEM worth US $ 500 million.
In addition, a number of prominent business leaders are also cool about cryptocurrency. Investment legend Warren Buffett, for example, once told CNBC in a recent interview that the cryptocurrency market will end badly.