Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

-- The value of the entire cryptocurrency market fell over $26 billion on Monday.
-- Bitcoin, the biggest cryptocurrency by value, fell 10% in 24 hours.
-- Other big digital coins ethereum, XRP and bitcoin cash, posted double-digit losses.
-- The sell-off in digital coins followed a plummet in oil prices.

Cryptocurrency markets have plunged following a plummet in oil prices and further sell-off in stocks. The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on. Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.

The violent sell-off in the cryptocurrency market comes after international oil benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.

Meanwhile, stock markets in Japan and Hong Kong fell sharply while U.S. stocks are set for a steep drop at start of trading on Monday. The other big digital coins ethereum, XRP and bitcoin cash, posted double-digit percentage point losses. Despite the losses posted Monday, bitcoin is up around 9% year-to-date. Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.

“For those who have long term investment horizons, bitcoin is absolutely a buy during these dips,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told CNBC. “We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it’s key asset Bitcoin will be a winning strategy”

SOURCE: https://www.cnbc.com/2020/03/09/bitcoin-btc-and-other-cryptocurrency-prices-plunge-after-oil-drop.html

Play me Egungun

No where to hide

Rosabon Tenor Note (RTN) This is a fixed deposit account that guarantee higher interest rate and a flexible investment plan .Attractive interest rate guaranteed. No BVN required to access this fixed deposit account.

Let me introduce a short term investment that can give you as high as 12% on your return investment ,keeping your money in the bank wont increase your account balance and you can even take your upfront interest if you wish .

ABOUT US
Rosabon Financial Services is a subsidiary of the concept group- is one of Nigeria's. leading Financial intermediary and Equipment Leasing Firm .Licensed by CBN on April 22,1993 ,we have build a reputation for passionately ad professionally delivering innovative and superior Financial Services of our growing clientele.

For enquiry please conatact Elizabeth on e.awoniyi@rosabon-finance.net
or call /chat Elizabeth on 0 8 1 6 3 1 5 1 0 5 5