It spent nearly $ 170 billion on the cryptocurrency market

It spent nearly $ 170 billion on the cryptocurrency market

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images News | Getty Images

Guangzhou, China – Bitcoin And other digital currencies on Monday, which wiped out about $ 170 billion from the entire digital currency market.

The market cap, or market cap, of the cryptocurrency market reached $ 959.53 billion at 12:10 PM Singapore time, down from $ 1.1 trillion the previous day, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell more than 11% from the previous day to $ 35,828.06, at around 12:15 pm SGT. ether, The second-largest company, down 15% to $ 1,126.72.

Cryptocurrency selling comes after a big rally and may indicate some profit taking from investors. Bitcoin has been rising more than 340% in the past 12 months Last week it achieved an all-time high of just under $ 42,000.

Bitcoin’s rise has been attributed to a number of factors including More buying from large institutional investors.

It has also been likened to “digital gold”, a potential asset as a safe haven and hedge against inflation. In a recent research note, GB Morgan said Bitcoin could reach $ 146,000 In the long term, gold is competing as an “alternative” currency. However, investment bank strategists note that bitcoin must become significantly less volatile to reach this price. Bitcoin is known for its wild price fluctuations.

But some bitcoin critics – like David Rosenberg, economist and strategist at Rosenberg Research – Bitcoin has been described as a bubble.

However, the long-term bullish trend around Bitcoin remains intact. Last week, Chamath Palihapitiya of Social Capital said bitcoin could exceed $ 100,000.

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“It is possible that it will reach 100 thousand dollars, then 150 thousand dollars, then 200 thousand dollars,” Palihapitiya told CNBC.Half time report. “How long? I don’t know. [Maybe] Five or ten years, but she will go there. “

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