Breaking News

Crypto Prices Tumble Almost 20% in Market Meltdown

Cryptocurrency NewsJan 11, 2019 04:54
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - Bitcoin and other major digital coin prices tumbled on Friday in Asia, reporting double-digit 24-hour losses in a sudden market meltdown. The crypto market cap dropped to US$122 billion, losing around US$17 billion, or 13%.

Bitcoin plummeted 12% to $3,576.4 by 10:40 PM ET (03:40 GMT), losing its grip on the US$4,000 level that it had kept during the first week of this year.

Meanwhile, Ethereum lost 18.9% to $125.20, XRP dropped 17.1% to $0.32244, and Litecoin lost 19.7% to $32.321.

While there is no clear catalyst for today’s sell-off, some cited more calls for tighter regulations worldwide as possible headwind for crypto prices.

14 out of 21 South Korean crypto exchanges failed government security checks, according to local media reports.

South Korea’s Ministry of Economy and Finance said these crypto exchanges are “vulnerable to hacking attacks at all times because of poor security” due to “insufficient establishment and management of security system such as basic PC and network security.”

This further supports the financial watchdog’s call for a bill to regulate domestic crypto exchanges, the reports said.

In July, the Financial Services Commission said the bill was needed to address loose security, which resulted in hacks causing losses of more than US$70 million from exchanges such as Coinrail and Bithumb.

Meanwhile, in China, blockchain platforms must now censor content and give authorities access to data and user identity, according to the Cyberspace Administration of China. The new rules will take effect next month.

To trace user identity, real-name registration via a national ID or telephone number is required. Failure to comply with the rule will result in fines or prosecution.

The country is known for being crypto-unfriendly. Since 2017, it has been banning digital coins, initial coin offerings and domestic operation of local crypto exchanges.

Crypto Prices Tumble Almost 20% in Market Meltdown

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email