Cryptocurrencies plunge by as much as 10% in 24 hours wiping billions off the market and sparking investor suicide fears
- Price of bitcoin on Tuesday dipped below $6,000 from £20,000 in December
- Ethereum fell by 10 per cent in just 24 hours to $250, its lowest price this year
- Suicide prevention messages are being shared among investors on forums
Suicide prevention messages are being shared among investors as crytocurrencies plunge in value.
The price of bitcoin on Tuesday dipped below $6,000- down massively from its December 2017 high of around $20,000.
Ethereum fell by 10 per cent in just 24 hours to $250, its lowest price this year.
Suicide prevention messages are being shared among investors as the value of Bitcoin and Ethereum plunges (stock image)
Fearing for investors’ mental health, people posted suicide helpline numbers on the popular r/cryptocurrency forum on Reddit.
Also shared were links for the US Suicide Hotline and the National Alliance on Mental Illness.
One post reads: ‘If you feel you might be suicidal, and live in the United States, I urge you to call the Suicide Hotline at 800-273-8255 or navigate to for a live chat and additional resources.’
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In early trading on Tuesday, bitcoin was down by as much as 4.5pc to $5,975. It has not hit that level since the end of June and, before that, November 2017.
Other cryptocurrencies were also suffering from a sell-off as Ethereum and Litecoin both sunk to near-11 month lows.
So far in 2018, Bitcoin is down 57 per cent, ether is down 67 per cent, bitcoin cash is down 80 per cent, and ripple is down a massive 87 per cent.
So far in 2018, Bitcoin is down 57 per cent, ether is down 67 per cent, bitcoin cash is down 80 per cent, and ripple is down an eye-popping 87 per cent
More than $600 billion has been wiped off the coin market in the last eight months.
Hussein Sayed, of online broker Forextime, blamed the sell-off on delays to a decision by US regulators on whether to allow bitcoin exchange-traded funds (ETFs).
The Security and Exchange Commission has since set a new deadline of September 30.
Sayed said: ‘If an ETF doesn’t see the light in the coming weeks, expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream.
‘A break below $5,770 will intensify selling pressure as it’s the only major support still standing.’
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