Bitcoin price CRASH sees ‘cryptocurrency billionaires’ suffer HUGE hit in financial value | City & Business | Finance

The prestigious Forbes list includes all the biggest names in the cryptosphere including investors the Winklevoss twins and the head of the popular exchange – Binance.

The US publication did admit that the figures are estimates and liable to change on an hourly basis given the volatile nature of the assets.

However they also said that each entrants’ wealth had been verified, with some providing detailed proof to aid in the investigation.

Although the personal wealth those on the list has fallen, none of them are likely to be particularly concerned.

Many of them enjoyed a 14,409 average per cent rise to the coins in their wallets in 2017.

The news has come as last week saw a mass sell-off of cryptocurrencies, leading prices to drop to their lowest levels for several months.

The news has come as last week saw a mass sell-off of cryptocurrencies, leading prices to drop to their lowest levels for several months.

Bitcoin has more than halved in value since its December peak.

The digital currency has had a torrid start to 2018 after it saw its price plunge from an all time high of nearly $20,000 in December 2017 to a low of less than $6,000 on February 6.

However, the cryptocurrency began to show signs of a steady recovery over the last few days with its price climbing to more than $9,000 on Saturday morning, representing a 5 per cent rise in value over 24 hours.

However, any signs of a Bitcoin recovery were quickly quashed as the digital money then saw its price once again drop.

It is presently worth $8,231.

The failure of Bitcoin’s price to continue rising as it pursues to once again reach the value of December 2017 adds credit to the theory that the cryptocurrency was in a bubble due to burst.

Throughout 2017 Bitcoin’s value increased by more than 1,500 per cent.

This year digital currency prices have dropped dramatically, partly due to fears that regulators and banks are now concerned enough to take action against them.

The dramatic drop in the price of Bitcoin began after some countries announced their intention to introduce new laws surrounding cryptocurrencies.

Up until now the online money has been unregulated, adding interest to digital currencies because of its freedom.

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