After stratospheric rise, crypto currencies have taken a hit. The prices of all of the top-10 crypto currencies by market capitalization has plummeted in the previous 24 hours. And, this has been the story for almost a month now. Is this the end of crypto currencies?
According to the information available on CoinMarketCap, the crypto market is worth $483 billion. At the start of 2018, the total market cap of crypto currencies was nearly $600 billion and was expected to grow. On the contrary, it has slowed and descended barring the first week of January.
In an interview with CNBC, the billionaire investor Warren Buffett said, “I can say almost with certainty that crypto currencies will come to a bad end.” Charlie Munger, his longtime partner at Berkshire Hathaway, had similar opinion on cryptos.
Addressing a conference at the University of Michigan’s Ross School of Business, Munger had said, ” I think it is perfectly asinine to even pause to think about them. It’s bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insight or work. ”
Also read: 5 Reasons behind Crypto plunge
Despite continuously losing its market dominance, Bitcoin makes one-third of the crypto market. However, the rise of Bitcoin, which dipped below five digits and is currently trading at $9,595, does not look likely as the investors have lost confidence and are cashing out.
The revival of Bitcoin depends how the regulations end up, and at the present moment, the announcements from the regulators seem to cripple the virtual currency concept further. A wave of scams and schemes emerging online have made regulations even stronger to put breaks on the Bitcoin market mania.
Also read: India wants to kill Bitcoin: Jaitley