Oct 12, 4:15 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Ranjitha Shastry 10/12/18 AT 1:39 AM The cryptocurrency market saw all major tokens fall by almost 5 percent Thursday, wiping out about $13 billion from the market cap. Bitcoin was trading at $6,595 at 7:45 p.m. EDT and fell to $6,300 by 10:30 p.m. EDT, a sudden drop in its price after being stable for almost three weeks. The slide of bitcoin led most other cryptocurrencies and tokens to also fall. Ethereum fell by 11 percent, XRP (ripple’s cryptocurrency token) by 12 percent and other currencies in the top 10 ranking — by market cap — fell between 7 to 10 percent, as tracked by CoinMartketCap.The overall market cap was $217 billion at 7:32 p.m. EDT and fell to $204 billion by 10:15 p.m. EDT. Interestingly, this fall came after an overnight drop in stock values in Wall Street.David Thomas, director and co-founder of GlobalBlock, a cryptocurrency brokerage firm in the United Kingdom, suggested this kind of volatility in the cryptocurrency market could indicate that more “seasoned investors” with wider portfolios are getting into cryptocurrencies and are using similar equity strategies to manage their positions.“Having seen global stock markets take a battering in the last 24… Read full this story
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