Crypto Prices Plummet Sharply, With Significant Losses Across the Board
Almost all of the top one hundred cryptocurrencies by market cap have seen significant losses within the space of just a few hours today.
Almost all of the top one hundred cryptocurrencies by market cap have seen significant losses within the space of just a few hours today, June 22, as data from Coin360 shows.
Market visualization from Coin360
Total market capitalization of all cryptocurrencies has dropped to just under $268.4 billion at press time, dropping a hefty $16 billion on the day.
Total market cap of all cryptocurrencies from Coinmarketcap
Bitcoin (BTC) is trading around $6,386 at press time, down 7.2 percent over the 24-hour period. The leading cryptocurrency has now reversed a flash three day rally, which saw its price recover to as high as $6,792 June 19.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) has been hit with an even harder loss over the past 24 hours, dropping 8.2 percent and trading around $492 to press time. The leading altcoin briefly recovered June 18-21 to reclaim the $520-540 range, but today again dipped below the round $500 figure and is trading only just slightly higher than its intra-weekly low of $485.
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
All of the top ten cryptocurrencies by market cap have lost between 4 and around 10 percent over the 24-hour period, according to Coinmarketcap, with EOS dropping most sharply, trading at $9.45 to press time, down 10.08 percent.
Earlier this week, EOS block producers preemptively acted to prevent theft, freezing seven accounts compromised by the registration process through phishing scams. The action led to a backlash from commentators, including high-profile crypto industry players, Nick Szabo and Charlie Shrem:
In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol you must trust a "constitutional" organization comprised of people you will likely never get to know. The EOS "constitution" is socially unscalable and a security hole. https://t.co/WusEqBMGBp— Nick Szabo⚡️ (@NickSzabo4) June 19, 2018
“Protecting” “punishing”. No. No one gets to decide those things. You are hair swapping 1 nation state for another one, albeit a digital one. This is the point of crypto, no one should have that power. If you do, then we should just stop wasting everyone’s time. https://t.co/yCh6IIPGqp— Charlie Shrem (@CharlieShrem) June 18, 2018