Crypto Market Continues to Struggle in Wake of South Korea Fiasco
The cryptocurrency markets continued to struggle this weekend against the setback caused by a false regulatory announcement from South Korea this past week, as the top 10 currencies posted losses in the mid-single digits to the mid-teens in the last 24 hours. Among the top 15 currencies, 11th ranked NEO managed to squeak out a 0.56% gain, while 15th ranked ICON Project managed a 15.56% rise.
While the market recovered shortly after the cryptocurrency trading ban rumors were refuted by the South Korean government and the Blue House, the executive office of President Moon Jae-in, on Jan. 12, the market suffered another major correction this weekend.
Among the top 100 cryptocurrencies, only 20 managed not to lose valuation in the last 24 hours, according to CCN.com.
Biggest Loss Among Top 10: Cardano
Among the top 10 currencies, fifth-ranked Cardano with $418.976 billion in market valuation took the steepest tumble with a 14.17% fall, followed by eighth ranked NEM ($11.43 billion market valuation) dropping 12,41%, and ninth-ranked Stellar ($10.253 billion) tumbling 12.01%.
The steepest loss among the top 100 cryptocurrencies was posted by SmartCash, the 20th largest currency with a $2.384 billion valuation, shedding 28.98%, followed by Autumncoin, with a $283 million valuation, which lost 24.93%, and Obsidian, with $30 million, losing 23.39%.
Bitcoin lost 7.07% while Ethereum fell 6.565%. Third-ranked Ripple lost 9.55% and fourth-ranked Bitcoin Cash dropped 9.32%.
The market continues to struggle following South Korea’s Justice Minister Park Sang-ki false claim on Jan. 11 that the government is drafting a law to effectively ban cryptocurrency trading.
The price of most major cryptocurrencies such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano plunged, recording over 10 percent in daily losses.
Currencies with their daily trading volumes heavily concentrated in the South Korean market such as Qtum, EOS, and Zcash fell by larger margins.
Also read: Cryptocurrency market suffers another major correction as bitcoin, ether, Ripple fall
Crypto Market Valuation Suffers Big
In the past 24 hours, the valuation of the cryptocurrency market fell from $742 billion to $683 billion, by nearly $60 billion. Bitcoin, Ethereum, Ripple, Cardano, Stellar, and IOTA recorded almost 10 percent in daily decline, while smaller cryptocurrencies such as Bitcoin Gold and Tron demonstrated larger losses in value.
In the South Korean market, the price of bitcoin fell by around 12%, while Ripple fell by 12.65%.