RATE Group | This Is Why Every Major Cryptocurrency Crashed on Wednesday
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This Is Why Every Major Cryptocurrency Crashed on Wednesday

11 Aug This Is Why Every Major Cryptocurrency Crashed on Wednesday

Posted at 01:20h in Cryptocurrency News by

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Cryptocurrencies had a tough day this Wednesday.

Every single digital coin among the 100 largest names, ranked by total market caps, were trading in the red at 5 p.m. EDT. Sorting through the best-known crypto names, bitcoin and Ethereum were down by a bit more than 8% in 24 hours, and Ripple had lost 15% of its market value. Ethereum Classic lost all of this Monday’s big gains and then some, falling 13% as of this writing. The strongest performance in the top 100 was the Tether coin, which was designed to follow the value of the U.S. dollar as closely as possible.

The cryptocurrency market is now worth a total of $219.3 billion, according to Coinmarketcap. That’s 13% below the market’s total value 24 hours ago. Digital currencies are prone to wild swings, but this one was an amazingly coordinated downturn of epic proportions even for this corner of the financial world.

So let me tell you what happened today.

Two cartoonish businessmen running away from several incoming meteors, each…

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