Things are not looking good for investors in various cryptocurrencies, from the numerous scams that have hit the scape to various heists that have seen millions of dollars in cryptocurrency lost to hackers. The most recent bad news is the wiping off of over 100 billion dollars from the cryptocurrency market in the past 24 hours.
At 9:30am this morning, CNBC reports that the value of all cryptocurrencies trading around the world stood at $405,241,490,138 according to Coinmarketcap.com. As beautiful as that number looks, this was a shave of $112.6 billion from the previous day.
Bitcoin has been going through a rough patch lately. The coin has fallen down to below $9,000, Ethereum is currently below the $1000 mark and both coins have fallen by 6.49% and 18.07% respectively, in just 24 hours.
So far, the biggest blow to cryptocurrencies has been Coincheck’s hack, just the other week, that saw over $500 million worth of cryptocurrency stolen by hackers, making this the largest heist yet. This hack prompted the Japanese government to order all cryptocurrency exchanges in the country to submit a report on their system risk management, leading to a tank in prices.
In Kenya, the Central Bank of Kenya has warned the public that Bitcoin is a bubble and it will burst. “If you want to invest in those things, know that it is a bubble of a kind. Be ready to lose all your money. It is dangerous,” said CBK Governor, Dr Patrick Njoroge.
This kind of message has been echoed all over the world with the world’s third richest man (according to 2017 Forbes 400 list), Warren Buffet claiming that the cryptocurrency investment will come to a bad ending.
However, there are those that believe that the current low prices of cryptocurrency present a great buying opportunity as it is alleged that Bitcoin could hit highs of $100,000 in 2018.