Over $100 billion was wiped off the global cryptocurrency market in 24 hours on Friday amid concerns over tighter regulation and worries that the bitcoin price was manipulated on a major exchange.
The total market capitalization or value of all cryptocurrencies in circulation stood at $405,241,490,138 at 6:30 a.m. London time (1:30 a.m. ET), according to data from Coinmarketcap.com, which takes into account the prices of digital coins across a number of key exchanges. This was a fall of $112.6 billion of value from a day before.
Cryptocurrencies have seen a major sell-off. Bitcoin fell below $9,000 on Thursday, according to CoinDesk’s bitcoin price index, which tracks prices from four major cryptocurrency exchanges.
Other major coins including ethereum and ripple were down 22 percent and 32 percent respectively compared to a day ago at 6.30 a.m. London time Friday.
The cryptocurrency world has been plagued by a spate of negative news.
India’s Finance Minister Arun …