The Top Three Cryptocurrency Values Are Falling Steeply, And No One Knows If They'll Recover

Watch out cryptograbbers, it¡¯s all coming crashing down right now. The biggest cryptocurrencies in the world are floundering, thanks to recent uncertainty in the market

Bitcoin has fallen by about 15 percent in the past 24 hours, a massive drop to its current level of $11,813, or Rs 7,88,273. However, it¡¯s not the only one facing a backslide.

The other two major Bitcoin rivals are also looking at grim charts right now. Ethereum is down about 21 percent at $1,046, and Ripple is also at $1.3, down 29 percent.

While Bitcoin was doing well in 2017, peaking at an all time high of $19,600, it did slip 22 percent across four days in December, followed by another 40 percent drop over five days, though it eventually did recover most of its value. It¡¯s not particularly clear why this latest slide into the cheap seats is happening, but some experts believe it may be a reaction to the recent crackdown.

A lot of countries have been alarmed by the immense recent popularity of cryptocurrencies, and have been trying to set up precautionary measures. December¡¯s crash was when the South Korean government began considering a crackdown on cryptocurrency, worried by its volatility.

reuters

This latest drop may be because China could be taking further steps, despite having already banned cryptocurrency exchanges last year. Bloomberg reported just yesterday that China is pulling up other online and app-based groups that seem to offer trading services like cryptocurrency exchanges.

Whether or not Bitcoin can weather the current fall depends on if any other governments begin taking steps to limit the cryptocurrency. But if they all begin to take seriously the worries of a virtual currency¡¯s volatility, this might be a bad time for investors.