CoinMarketCap has heralded on
Tuesday that total market cap of bitcoin has dropped to $104 billionfrom $170
which has been declined by 28% this month only. On the contrary, ethereum has
been improved and its market cap escalated by 42%. This sanguine sign makes
ethereum future more promising in Crypto-world. This sanguine increase of
ethereum market cap made Roberts assert that next year,s expectant paramount
digital currency will be ethereum. He also stated that in order to pass the
bitcoin’ market cap they will keep measuring volatility in dollars and make
ethereum the largest digital currency.
Benjamin Roberts, co-founder and
CEO of an ethereum based Citizen Hex, has imputed sudden drop of Crypto-Market to
two factors; firstly, dubiousness of bitcoin’s ability to enhance efficiency of
trading coins. Secondly, uncertainty of ethereum’s future progress. Ethereum permits
developers to construct applications on top of it with blockchain technology
being in the foundation.
While addressing the Senate
Banking, Housing and Urban Affairs Committee on Tuesday, U.S. Treasury
Secretary Steven Mnuchin wanted to assure that money launderers don’t get
privilege of anonymity of cryptocurrencies. Mnuchin also said, “I also
want to make sure that consumers understand the issues around cryptocurrencies”.
Crypto-Analysts are unable to
detect particular trigger for this widespread decline this late Tuesday
morning. To counter these sudden drops, Financial Service Commission of South
Korea informed CNBC that new measures have been imposed in order to ban
anonymous trading accounts. Moreover, U.S. Securities and Exchange Commission
declared that it had gained legal order to block the assets of an initial coin
offering that had cumulate $600million. Bloomberg reported that U.S. Commodity
Futures Trading Commission issued a writ last week commanding Bitfinex to
appear in court for not complying with commission. According to report, another
digital currency, tether, was also subpoenaed which affirm strongly that it is
supported by Government-backed currencies. CNBC plea for comment on the matter
has not been catered immediately by companies and commissions.
CoinMarketCap data shows that the
value of second largest digital currency, Etereum, has fallen to $1073 which is
down by 9% and ripple also declined to $1.19 by 10% which claimed to be the
third largest digital currency .Stellar, the sixth largest cryptocurrency, also
had the severe hit of this market-stumble and its price has declined to 17% to
49 cents and moved to the 8th place by market cap.
Price data shows that, as of
press time, the price of bitcoin is trading at $9,817 as of 1:19 p.m. ET,
representing a decline of roughly 9.9%. Overall, the price of bitcoin is down
more than $1,100 since Tuesday’s session began.
The price of bitcoin declined
more than 12% on Tuesday, having slipped below $10,000, amid wider weakness in
the cryptocurrency market, according to CoinDesk’s Bitcoin Price Index (BPI)
which follow prices from major cryptocurrency exchanges such as Bitstamp,
Coinbase, itBit and Bitfinex.
According to CoinMarketCap, whole
cryptocurrency market has been down as 20 largest cryptocurrencies has shown
significant drop in their prices on Tuesday.