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Market Turmoil Pushes Cryptocurrency Market Cap Below $100 Billion

Via CoinMarketCap

The total value of all cryptocurrencies below $100 billion this morning amid new developments out of China.

That figure dropped to as low as $98.95 billion, down from $179 billion just two weeks ago – a fall of 47.7 percent, according to CoinMarketCap data. That loss has been driven by broad declines across the top-10 cryptocurrency markets, with ethereum classic, litecoin and bitcoin cash being hardest hit among those in the top-10 list. Each of those markets is showing 24-hour declines in excess of 15 percent.

Since that slide below $100 billion, the market has recovered somewhat, hovering around $108.8 billion at press time.

Of course, most eyes are on bitcoin today, the news is not good.

Having topped out at a spectacular all-time high of $5,013 on September 1, prices have since continued to drop amid likely profit-taking by traders and, more recently, the crackdown on cryptocurrency exchanges by the People’s Bank of China and other authorities in the country.

Already two China-based exchanges – BTCC and ViaBTC – have announced they will close this week in compliance with the authorities’ statement, and a new document revealed this morning suggests that all other exchanges in the country will have to follow suit.

With China being a major location for bitcoin trading globally, this all is having a strong affect on prices, and today saw a five-week low of $2,951, having started the session at $3,226. At press time, bitcoin’s price had recovered, rising back to $3,291.00 according to the BPI.

Bitcoin’s market capitalization has also fallen as a result, now sitting at roughly $53 billion – down from $81.9 billion on September 2, according to CoinMarketCap.

Image via Shutterstock; Graph via CoinMarketCap

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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Written by Nikolai

Nikolai is a Canadian writer currently living in Singapore. His started writing on Blockchian and bitcoin since 2017, he do Reviews and Analysis on Coins, ICOs. He holds a Master in Business Management and have keen interest in Computer Since, Blockchain and love to write on latest trends in Blockchain space.

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