eToro
By eToro
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Daily Cryptocurrency Tracker 11.10.18: $13 billion wiped off crypto markets

The cryptocurrency market suffered one of its worst days recently, as the vast majority of crypto coins registered significant losses, including 3 top 10 cryptos registering double-digit declines and 3 more dropping more than 8%. Some of the price drops came within minutes, and overall, the market lost more than $13 billion over the past 24 hours.

The recent losses are attributed to a report by the International Monetary Fund (IMF), warning of the rapid growth in the crypto market. The report said: “Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.” The report caused quite a stir in the crypto community and prompted a sell-off by many mainstream investors.

Bitcoin also took a hit as part of the market-wide crash, albeit relatively smaller. The world’s top crypto by market cap was down just under 4% at the time of writing, dropping well-below the $6,500 mark and trading around $6,300.

Highly volatile investment product. This is not investment advice. Your capital is at risk.

XRP crashes 12%

Of the top 10 cryptos, it was XRP by Ripple that registered the largest losses. The world’s 3rd-largest crypto by market cap was down more than 12% at the time of writing, losing some $3 billion of its market cap in less than 24 hours. XRP has been on a downward spiral over the past week, losing more than 24% in the last 7 days.

Highly volatile investment product. This is not investment advice. Your capital is at risk.

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