Major Bitcoin Plunge, Crypto Market Suffers

Cryptocurrency is unstable and its dubious nature is the main reason that economists and watchdogs are hesitating to adopt the concept in the mainstream. In the recent news, the price of the major cryptocurrencies plunged on October 11 with nearly $13 billion of value being wiped out in a matter of hours. The market faced a major dip as Bitcoin fell nearly 5 percent to $6,303, while XRP and Ethereum both tanked over 10 percent.

Traditional banking sectors strongly believe that the cryptocurrency concept is uncertain and there is no credibility. In a matter of few hours, nearly $13 billion of value had been erased from the entire cryptocurrency market.

Time and again, the watchdogs have been issuing warnings of the rapid growth of the cryptocurrency and the danger it poses to the economy. Bitcoin and other major cryptocurrencies have no authentic value and therefore, it is facing a major backlash from financial experts.

“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system,” the International Monetary Fund said in a recent report, as stated in CNBC. The concept is garnering a lot of negative criticism as it promoting n number of frauds and high-profile scams in the market.

Ethereum co-founder Vitalik Buterin officially predicted that a financial crisis will take place sometime between now and 2021” on Twitter. The industry disruptor clarified that his prediction was coming not because”he had some “special knowledge,” but just to have a small chance to be later recognized as “a guru who predicted the last financial crisis”.

As per Cointelegraph, virtually all the top 100 cryptocurrencies by market cap have suffered major declines at press time, with 19 out of the 20 top coins by market cap seeing significant losses over the past 24 hours. While many crypto enthusiasts hoped that 2018 will prove to be lucrative, however, unfortunately, the crypto market tanked.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Divya Pandit is a copywriter as well as a content writer, and she specializes in writing blogs, product descriptions and articles. Working in an entertainment company as a content editor has more than 2.5 years of experience. A writer by day and a reader by night has a flawless writing skill and loves to pen her thoughts in words.

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